Duplex with Leased
For Sale
$622,500
Pending
128 Rainbow Court, Cary, NC 27511
MULTI_FAMILY - Cary, NC
Property Size2,624 SF
Lot Size0.39 Acres
Days on Market48
Property Features for 128 Rainbow Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
TRP
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 3
Subdivision
Rainbow Estates
Elementary school
Wake - Cary Elementary
Middle school
Wake - East Cary Middle
High school
Wake - Cary High
Standard status
Pending
APN
0764814829
Size
2,624 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo15 Rainbow Estates
Tax Annual Amount
5251
Legal Description
Lo15 Rainbow Estates
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1973
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Linoleum, Carpet
Building materials
Brick, Wood Siding
Roof type
Shingle
Listing Agency:
Compass -- Cary
(919) 769-1956
Listed By:
Annette Holt · License #231450
(919) 810-2203
Added: Jul 2
Changed: Aug 10
Last Checked: Aug 18 at 6:06PM
MLS# 10177740
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.
128 & 130 Rainbow Court is a duplex built in 1973, totaling 2,624 square feet on a 0.39-acre lot. The exterior is constructed with brick and wood siding, with a shingle roof. Interiors include carpet, vinyl, and linoleum flooring, and the property is served by public water and public sewer. Each unit has a private entrance and dedicated parking, supporting separate day-to-day access. Central heating and central air are also in place.
Both units are currently leased, with leases in place through March 2027 and June 2027, providing continuity for an investor seeking established tenancy. The property is zoned TRP.
Located in Cary, NC, the duplex is positioned for convenience to Downtown Cary and other area destinations, with access to major commuter routes including US-1, I-40, and NC-540.
Both units are currently leased, with leases in place through March 2027 and June 2027, providing continuity for an investor seeking established tenancy. The property is zoned TRP.
Located in Cary, NC, the duplex is positioned for convenience to Downtown Cary and other area destinations, with access to major commuter routes including US-1, I-40, and NC-540.
Key Highlights
- Two‑unit duplex totaling 2,624 SF on 0.39 acres
- Leases in place through March 2027 and June 2027
- Private entrances and dedicated parking for each unit
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
$30,292
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
4.87%
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%
$605,840
$605.8K
Cap Rate 7%
$432,743
$432.7K
Cap Rate 9%
$336,578
$336.6K
Market Conditions
NOI Build-Up for 2,624 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
$45.7K $17.40/SF
− Vacancy
−$2.4K −$0.91/SF
EGI
$43.3K $16.49/SF
− OpEx
−$13.0K −$4.95/SF
NOI
$30.3K $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%
$605,840
Cap Rate 7%
$432,743
Cap Rate 9%
$336,578
Alternative Uses
Best Use
Multifamily LT 5
$432.7K
$378.7K – $504.9K
NOI $30,292 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$397.5K
$347.8K – $463.7K
NOI $27,822 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$734.2K
$642.4K – $856.6K
NOI $51,394 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,325
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?
Duplex - Duplex on a 0.39-acre lot with two leased units, private entrances, and dedicated parking served by public water and sewer.
Where is this duplex located?
The property is located at 128 Rainbow Court Cary, NC.
What is the asking price?
The asking price for this property is $622,500.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,624 SF on 0.39 acres; Leases in place through March 2027 and June 2027; Private entrances and dedicated parking for each unit
