Duplex with Updated
New
For Sale
$615,000
1109 Timber Drive, Garner, NC 27529
Residential Income, Garner, NC
Property Size2,550 SF
Lot Size0.31 Acres
Price / SF$241.18
Days on Market2
Property Features for 1109 Timber Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MF-A
Bedrooms
6
Bathrooms
5
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Dining Room, Bedroom 6, Bathroom 6, Bathroom 4, Bathroom 5, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1
Parking features
Driveway
Patio and Porch features
Porch, Deck
Interior features
Bathtub/Shower Combination, Breakfast Bar, Ceiling Fan(s), Chandelier, Double Vanity, Eat-in Kitchen, Granite Counters, High Speed Internet, Kitchen/Dining Room Combination, Laminate Counters, Open Floorplan, Pantry, Recessed Lighting, Smart Thermostat, Stone Counters, Walk-In Closet(s), Walk-In Shower
Exterior features
Rain Gutters
Fireplace
1
Appliances
Dishwasher, Disposal, Free-Standing Range, Free-Standing Refrigerator, Microwave, Oven, Range, Range Hood, Refrigerator
Subdivision
Heather Ridge
View
Forest
Elementary school
Wake - Aversboro Elementary
Middle school
Wake County Schools
High school
Wake County Schools
Special listing conditions
Real Estate Owned
Standard status
Active
APN
171013149500
Size
2,550 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lo1 Heather Ridge Sub Seone
Tax Annual Amount
4972
Legal Description
Lo1 Heather Ridge Sub Seone
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Fireplace(s)
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
deck
backyard
Building Details
Year built
1995
Floors in Building
2
Number of units
2
Flooring type
Carpet, Wood, Vinyl
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Gilliam Residential Realty
(919) 943-1098
Listed By:
Corey Gilliam
(919) 943-1098
Added: Aug 25
Last Checked: Aug 26 at 10:06AM
MLS# 10188602
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 2,550 square feet on a 0.31-acre lot and was built in 1995. Unit B has undergone a full interior renovation, including new LVP and carpet flooring, a redesigned kitchen with granite counters and updated cabinetry, and refreshed bathrooms. Both units feature primary bedrooms with walk-in closets and primary bathrooms with walk-in showers. Encapsulated crawlspaces add to the property’s improvements, while decks and a shared backyard provide outdoor space for each residence.
The property is located at 1109 Timber Drive in Garner, Wake County, with public water and public sewer service. Additional features include vinyl siding, asphalt roofing, central air, forced-air heating, fireplaces, driveways, and rain gutters. Zoning is MF-A.
The property is located at 1109 Timber Drive in Garner, Wake County, with public water and public sewer service. Additional features include vinyl siding, asphalt roofing, central air, forced-air heating, fireplaces, driveways, and rain gutters. Zoning is MF-A.
Key Highlights
- 2,550‑square‑foot duplex on 0.31 acres
- Unit B fully renovated with updated kitchen, bathrooms, LVP flooring, and carpet
- Both primary suites include walk‑in closets and walk‑in showers
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,444
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$588,880
$588.9K
Cap Rate 7%
$420,629
$420.6K
Cap Rate 9%
$327,156
$327.2K
Market Conditions
NOI Build-Up for 2,550 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.4K $17.40/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$42.1K $16.50/SF
− OpEx
−$12.6K −$4.95/SF
NOI
$29.4K $11.55/SF
Area
Wake County, NC
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$588,880
Cap Rate 7%
$420,629
Cap Rate 9%
$327,156
Alternative Uses
Best Use
Multifamily LT 5
$420.6K
$368.1K – $490.7K
NOI $29,444 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$372.9K
$326.3K – $435.1K
NOI $26,103 @ 7.0% cap · market cap 4.24%
Theoretical Best
Specialty Retail
$728.1K
$637.1K – $849.4K
NOI $50,966 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 27529, NC
54,250
Population
22,089
Households
2.5
Avg Household Size
39
Median Age
41%
College-Educated
93%
High-School Grad
57.7 sq mi
ZIP Area
940
Density / Sq Mi
$86,426
Median Household Income
$47,686
Median Earnings
$1,379
Median Rent
$325,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer private decks, updated crawlspaces, and public water and sewer service.
Where is this duplex located?
The property is located at 1109 Timber Drive Garner, NC.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 2,550‑square‑foot duplex on 0.31 acres; Unit B fully renovated with updated kitchen, bathrooms, LVP flooring, and carpet; Both primary suites include walk‑in closets and walk‑in showers
