Mixed-Use Corner Duplex
For Sale
$595,000
123 & 121 New Rand Road, Garner, NC 27529
Two side-by-side rental homes on a corner site, currently zoned mixed use with convenient access near I-40.
Property Size1,790 SF
Lot Size0.87 Acres
Days on Market85
Property Features for 123 & 121 New Rand Road
General Information
Standard status
Active
Size
1,790 SF
Lot size
0.87 Acres
Property subtype
Mixed Use
Zoning
mixed use
Financials
Business Included
Yes
Opportunity Zone
Yes
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Building Details
Building Size
1,790 SF
Year Built
1948
Listing Agency:
Fathom Realty NC
Listed By:
Rhomni Williams · License #182491
(919) 306-2638
Source:
Dustinbennett
Added: Jun 16
Changed: Sep 8
Last Checked: Sep 8 at 7:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fathom Realty NC
Investment Insights
Based on property information with market context.
The property consists of two homes positioned side by side, currently operated as rental income units. The configuration includes 123 New Rand (3 bedrooms, 1 bathroom) and 121 New Rand (2 bedrooms, 1 bathroom), totaling approximately 1,790 square feet on a combined 0.87-acre parcel. The site is currently zoned mixed use, supporting flexible redevelopment or continued residential use consistent with the property’s zoning.
Located on the corner of Hwy 70W and New Rand Rd in Garner, NC, the property places you within about a mile of I-40. It is also within walking distance to downtown Garner and is near Wake Med Garner and the White Oak Shopping Center.
For tenants, buyers, or operators, the mix of two existing rental homes plus mixed-use zoning may fit those seeking a live-and-invest or redevelopment pathway on a corner lot with established residential improvements. Please note that the current homes are in a rental setting; do not enter the property without an appointment.
Located on the corner of Hwy 70W and New Rand Rd in Garner, NC, the property places you within about a mile of I-40. It is also within walking distance to downtown Garner and is near Wake Med Garner and the White Oak Shopping Center.
For tenants, buyers, or operators, the mix of two existing rental homes plus mixed-use zoning may fit those seeking a live-and-invest or redevelopment pathway on a corner lot with established residential improvements. Please note that the current homes are in a rental setting; do not enter the property without an appointment.
Key Highlights
- Two side‑by‑side rental homes on a corner lot totaling 0.87 acres
- Currently used as rental income properties and zoned mixed use
- Located on a corner of Hwy 70W and New Rand Rd, near I‑40 and within walking distance to downtown Garner
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
$20,668
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
3.47%
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%
$413,360
$413.4K
Cap Rate 7%
$295,257
$295.3K
Cap Rate 9%
$229,644
$229.6K
Market Conditions
NOI Build-Up for 1,790 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
$31.1K $17.40/SF
− Vacancy
−$1.6K −$0.90/SF
EGI
$29.5K $16.50/SF
− OpEx
−$8.9K −$4.95/SF
NOI
$20.7K $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%
$413,360
Cap Rate 7%
$295,257
Cap Rate 9%
$229,644
Alternative Uses
Best Use
Multifamily LT 5
$295.3K
$258.4K – $344.5K
NOI $20,668 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$261.8K
$229.1K – $305.4K
NOI $18,324 @ 7.0% cap · market cap 3.08%
Theoretical Best
Specialty Retail
$511.1K
$447.2K – $596.3K
NOI $35,776 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
469
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 side-by-side rental homes on a corner site, currently zoned mixed use with convenient access near I-40.
Where is this duplex located?
The property is located at 123 & 121 New Rand Road Garner, NC.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two side‑by‑side rental homes on a corner lot totaling 0.87 acres; Currently used as rental income properties and zoned mixed use; Located on a corner of Hwy 70W and New Rand Rd, near I‑40 and within walking distance to downtown Garner
