Brick Triplex on One-Point-Two-Acre
For Sale
$950,000
Pending
1208 Walnut Street, Cary, NC 27511
Residential Income, Cary, NC
Property Size3,657 SF
Lot Size1.20 Acres
Days on Market185
Property Features for 1208 Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
OIP
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 2
Parking features
Carport
Subdivision
Not in a Subdivision
Elementary school
Wake - Briarcliff Elementary
Middle school
Wake - East Cary Middle
High school
Wake - Cary High
Standard status
Pending
APN
077313140706000 0041900
Size
3,657 SF
Lot size
1.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Logreenwd By Deed For
Tax Annual Amount
4919
Legal Description
Logreenwd By Deed For
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1964
Floors in Building
2
Number of units
3
Flooring type
Tile, Laminate, Wood, Carpet
Building materials
Brick
Roof type
Shingle
Listing Agency:
Better Homes & Gardens Real Es
(919) 439-2168
Listed By:
Brandi Taylor · License #277919
(919) 606-4552
Added: Feb 16
Changed: Aug 19
Last Checked: Aug 20 at 9:06PM
MLS# 10146867
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.
1208 Walnut Street is a brick triplex on a 1.2-acre lot in Cary, Wake County, zoned OIP. The property is a 1,1? Wait—PropertySize indicates 3,657 SF and includes five bedrooms and five bathrooms based on the room breakdown provided. Built in 1964, the building features a shingle roof, electric heating, and cooling via central air plus window unit(s). Interior finishes include laminate, wood, tile, and carpet. Parking is provided with a carport.
The zoning is described as commercial, which may support flexibility for income, mixed-use, office, or redevelopment concepts; permitted uses should be verified by the buyer. The property also includes access to public water and public sewer.
This is an income-producing triplex that combines multi-family functionality with commercially zoned versatility on a Cary lot sized for long-term options.
The zoning is described as commercial, which may support flexibility for income, mixed-use, office, or redevelopment concepts; permitted uses should be verified by the buyer. The property also includes access to public water and public sewer.
This is an income-producing triplex that combines multi-family functionality with commercially zoned versatility on a Cary lot sized for long-term options.
Key Highlights
- Brick triplex on a 1.2‑acre lot at 1208 Walnut Street, Cary
- Commercial zoning: OIP
- Built in 1964 with shingle roof
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
$42,217
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
4.44%
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%
$844,340
$844.3K
Cap Rate 7%
$603,100
$603.1K
Cap Rate 9%
$469,078
$469.1K
Market Conditions
NOI Build-Up for 3,657 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
$63.6K $17.40/SF
− Vacancy
−$3.3K −$0.91/SF
EGI
$60.3K $16.49/SF
− OpEx
−$18.1K −$4.95/SF
NOI
$42.2K $11.54/SF
Area
Cary, NC
Vacancy
5.22%
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%
$844,340
Cap Rate 7%
$603,100
Cap Rate 9%
$469,078
Alternative Uses
Best Use
Multifamily LT 5
$603.1K
$527.7K – $703.6K
NOI $42,217 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$553.9K
$484.7K – $646.3K
NOI $38,775 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.02M
$895.3K – $1.19M
NOI $71,627 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Explore this area
Business Placement
Demographics for 27511, NC
32,786
Population
14,359
Households
2.3
Avg Household Size
42
Median Age
58%
College-Educated
93%
High-School Grad
11.7 sq mi
ZIP Area
2,802
Density / Sq Mi
$104,072
Median Household Income
$50,778
Median Earnings
$1,436
Median Rent
$416,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Brick triplex in Cary zoned OIP, built in 1964, with public water and public sewer and a carport.
Where is this triplex located?
The property is located at 1208 Walnut Street Cary, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Brick triplex on a 1.2‑acre lot at 1208 Walnut Street, Cary; Commercial zoning: OIP; Built in 1964 with shingle roof
