Two-Home Mixed-Use
For Sale
$595,000
123121 123 & 121 New Rand Rd, Garner, NC 27529
Two rental residences occupy a corner parcel with mixed-use zoning near downtown Garner.
Property Size1,790 SF
Lot Size0.87 Acres
Price / SF$332.40
Days on Market55
Property Features for 123121 123 & 121 New Rand Rd
General Information
Standard status
Active
Size
1,790 SF
Lot size
0.87 Acres
Zoning
mixed use
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1948
Buildings
2
Listing Agency:
Fathom Realty NC
Listed By:
Rhomni Williams · License #182491
(919) 306-2638
Source:
Tcrnc
Added: Jul 26
Changed: Sep 12
Last Checked: Sep 16 at 11:51PM
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.
This multifamily property includes two adjacent rental homes totaling 1,790 square feet on 0.87 acres. The residence at 123 New Rand offers three bedrooms and one bathroom, while 121 New Rand has two bedrooms and one bathroom. Both homes were built in 1948 and are currently used for rental income.
The corner parcel sits at Hwy 70W and New Rand Rd in Garner, within one mile of I-40, Wake Med Garner, and White Oak Shopping Center. Downtown Garner is within walking distance. The property is zoned mixed use and identified as being within an economic opportunity zone.
The corner parcel sits at Hwy 70W and New Rand Rd in Garner, within one mile of I-40, Wake Med Garner, and White Oak Shopping Center. Downtown Garner is within walking distance. The property is zoned mixed use and identified as being within an economic opportunity zone.
Key Highlights
- Two adjacent rental homes on 0.87 acres
- 123 New Rand: 3 bedrooms and 1 bathroom
- 121 New Rand: 2 bedrooms and 1 bathroom
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
$18,324
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
3.08%
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%
$366,480
$366.5K
Cap Rate 7%
$261,771
$261.8K
Cap Rate 9%
$203,600
$203.6K
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
$35.4K $19.80/SF
− Vacancy
−$2.1K −$1.19/SF
EGI
$33.3K $18.61/SF
− OpEx
−$15.0K −$8.38/SF
NOI
$18.3K $10.24/SF
Area
Wake County, NC
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$366,480
Cap Rate 7%
$261,771
Cap Rate 9%
$203,600
Alternative Uses
Best Use
Apartment 5plus
$261.8K
$229.1K – $305.4K
NOI $18,324 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
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
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
211
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?
Multifamily property - Two rental residences occupy a corner parcel with mixed-use zoning near downtown Garner.
Where is this multifamily property located?
The property is located at 123121 123 & 121 New Rand Rd 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 adjacent rental homes on 0.87 acres; 123 New Rand: 3 bedrooms and 1 bathroom; 121 New Rand: 2 bedrooms and 1 bathroom
