Two-Single Family Rental
For Sale
$595,000
123 & 121 New Rand Road, Garner, NC 27529
Commercial Sale, Garner, NC
Property Size1,790 SF
Lot Size0.87 Acres
Price / SF$332.40
Days on Market95
Property Features for 123 & 121 New Rand Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CMX
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Interior features
Bathtub/Shower Combination, Ceiling Fan(s)
Appliances
Electric Oven, Electric Range, Electric Water Heater, Range, Range Hood, Refrigerator
Subdivision
Not in a Subdivision
Lot features
City Lot, Corner Lot, Partially Cleared
Standard status
Active
APN
171120804749000 0014194
Size
1,790 SF
Lot size
0.87 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo17 & 18 Sherman A Yeargan Sub Bm1946-00022 & lot 21-24
Tax Annual Amount
4417
Legal Description
Lo17 & 18 Sherman A Yeargan Sub Bm1946-00022 & lot 21-24
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Electric, Gas (Cooling), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Flooring type
Hardwood, Vinyl, Laminate, Carpet
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Shingle
Listing Agency:
Fathom Realty NC
(888) 455-6040
Listed By:
Rhomni Williams · License #182491
(919) 306-2638
Added: Jun 16
Changed: Sep 13
Last Checked: Sep 18 at 5:06AM
MLS# 10174354
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 offering features two side-by-side rental homes with separate addresses at 123 New Rand Road and 121 New Rand Road. The property includes 0.87 acres total and is currently used for rental income, with the site now zoned CMX (mixed use).
The homes are located on a corner of Hwy 70W and New Rand Rd. The listing notes the property is within a mile of I-40 and Wake Med Garner, and also within walking distance to downtown Garner.
For access and showings, the listing states not to enter the property without an appointment.
The homes are located on a corner of Hwy 70W and New Rand Rd. The listing notes the property is within a mile of I-40 and Wake Med Garner, and also within walking distance to downtown Garner.
For access and showings, the listing states not to enter the property without an appointment.
Key Highlights
- Two homes side by side used for rental income, on a corner lot at Hwy 70W & New Rand Rd
- 0.87‑acre property within a mile of I‑40 and close to WakeMed Garner, White Oak Shopping Center, and downtown Garner
- Mixed‑use zoning listed for the property
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
$24,702
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
4.15%
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%
$494,040
$494.0K
Cap Rate 7%
$352,886
$352.9K
Cap Rate 9%
$274,467
$274.5K
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
$43.0K $24.00/SF
− Vacancy
−$3.4K −$1.92/SF
EGI
$39.5K $22.08/SF
− OpEx
−$14.8K −$8.28/SF
NOI
$24.7K $13.80/SF
Area
Wake County, NC
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$494,040
Cap Rate 7%
$352,886
Cap Rate 9%
$274,467
Alternative Uses
Best Use
Mixed Use
$352.9K
$308.8K – $411.7K
NOI $24,702 @ 7.0% cap · market cap 4.15%
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two side-by-side rental homes on a corner lot, now zoned CMX for mixed use redevelopment or continued income.
Where is this mixed-use property 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 homes side by side used for rental income, on a corner lot at Hwy 70W & New Rand Rd; 0.87‑acre property within a mile of I‑40 and close to WakeMed Garner, White Oak Shopping Center, and downtown Garner; Mixed‑use zoning listed for the property
