Building Details

Year Built 1973

Listing Agency: Spencer Enterprises

Listed By: Gerald Spencer · License #173261 Show Phone

Source: Livingnc

Added: Sep 1 Changed: Oct 3 Last Checked: Oct 7 at 5:43PM

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Investment Insights

Based on property information with market context.

This 1973 duplex includes one three-bedroom, one-and-a-half-bath unit and one two-bedroom, one-and-a-half-bath unit. Both residences are tenant occupied on month-to-month arrangements, with tenants interested in continuing occupancy. Improvements include HVAC systems installed in both units in 2021, a water heater replaced in the two-bedroom unit in 2022, and another replaced in the three-bedroom unit in 2023. The roof was replaced in 2017 with limited-lifetime shingles, and replacement windows were updated in 2016.

The property features a brick-and-siding exterior, a crawlspace with a vapor barrier and dehumidifier installed in 2015, and a large private fenced yard on a cul-de-sac. It is within walking distance of downtown Cary, a park, bus service, and shopping.

Key Highlights

• Two‑unit duplex with one 3BR/1.5BA residence and one 2BR/1.5BA residence
• Both units are currently tenant occupied on month‑to‑month arrangements
• New HVAC systems in both units installed in 2021

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,283

Cap Rate

4.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$565,660 $565.7K

Cap Rate 7%

$404,043 $404.0K

Cap Rate 9%

$314,256 $314.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,450 SF

Gross rent

$42.6K $17.40/SF

− Vacancy

−$2.2K −$0.91/SF

EGI

$40.4K $16.49/SF

− OpEx

−$12.1K −$4.95/SF

NOI

$28.3K $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 Rate 5%

$565,660

Cap Rate 7%

$404,043

Cap Rate 9%

$314,256

Alternative Uses

Best Use

Multifamily LT 5

$404.0K

$353.5K – $471.4K (±1% cap)

NOI $28,283 @ 7.0% cap · market cap 4.60%

Second Best

Apartment 5plus

$371.1K

$324.7K – $433.0K (±1% cap)

NOI $25,977 @ 7.0% cap · market cap 4.22%

Theoretical Best

Office A

$685.5K

$599.8K – $799.8K (±1% cap)

NOI $47,986 @ 7.0% cap · market cap 7.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Tenant-occupied two-unit property near downtown Cary, parks, bus service, and shopping.

Where is this duplex located?

The property is located at 133 Rainbow Ct Cary, NC.

What is the asking price?

The asking price for this property is $615,000.

What are key features of this property?

This property features: Two‑unit duplex with one 3BR/1.5BA residence and one 2BR/1.5BA residence; Both units are currently tenant occupied on month‑to‑month arrangements; New HVAC systems in both units installed in 2021