Renovated Triplex with Storage
New
For Sale
$439,000
3761 Wakefield Lane, Garner, NC 27529
Residential Income, Garner, NC
Property Size2,001 SF
Lot Size0.60 Acres
Price / SF$219.39
Days on Market1
Property Features for 3761 Wakefield Lane
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-20
Bedrooms
2
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bathroom 4, Basement, Bathroom 3, Bedroom 2, Bathroom 1
Parking features
On Street, Driveway
Patio and Porch features
Porch
Exterior features
Rain Gutters
Fencing
Chain Link
Basement
Finished
Subdivision
Not in a Subdivision
Elementary school
Wake - Aversboro Elementary
Middle school
Wake - East Garner Middle
High school
Wake - South Garner High
Standard status
Active
APN
161804534105000 0107531
Size
2,001 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lo10 Turner Farms Sub Rev Se3
Tax Annual Amount
1746
Legal Description
Lo10 Turner Farms Sub Rev Se3
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air, Wall Unit(s)
Building Details
Year built
1966
Floors in Building
1
Number of units
3
Flooring type
Tile, Wood
Building materials
Brick Veneer, Vinyl Siding
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Berkshire Hathaway HomeService · Berkshire Hathaway HomeServices
(919) 782-6641
Listed By:
George Patrick III
(919) 278-7420
Added: Aug 21
Last Checked: Aug 21 at 4:06PM
MLS# 10187875
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 three-unit residential property in Garner includes a 1,530-square-foot primary unit, a second apartment with a bedroom, bathroom, laundry, and kitchen, plus a studio with a full bathroom and kitchen. Renovations by current and previous owners have maintained the property in good condition. The improvements include brick veneer and vinyl siding, central air, wall-unit cooling, forced-air electric heat, tile and wood flooring, and a porch.
The 0.6-acre property consists of two parcels at the end of Wakefield Lane, with driveway and on-street parking. A 40x10 storage building is divided into three storage units. The site uses a septic tank and Aqua water service, with chain-link fencing and room for animals, equipment, or hobbies. Zoning is R-20. The property has a pipeline easement and a private road without a road agreement. It is listed as having 2 bedrooms because a septic permit is not in place.
The 0.6-acre property consists of two parcels at the end of Wakefield Lane, with driveway and on-street parking. A 40x10 storage building is divided into three storage units. The site uses a septic tank and Aqua water service, with chain-link fencing and room for animals, equipment, or hobbies. Zoning is R-20. The property has a pipeline easement and a private road without a road agreement. It is listed as having 2 bedrooms because a septic permit is not in place.
Key Highlights
- Three‑unit property with a 1,530‑square‑foot primary unit, one apartment, and one studio
- 0.6‑acre site comprising two parcels at the end of Wakefield Lane
- 40x10 storage building divided into 3 storage units
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
$23,105
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
5.26%
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%
$462,100
$462.1K
Cap Rate 7%
$330,071
$330.1K
Cap Rate 9%
$256,722
$256.7K
Market Conditions
NOI Build-Up for 2,001 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
$34.8K $17.40/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$33.0K $16.50/SF
− OpEx
−$9.9K −$4.95/SF
NOI
$23.1K $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%
$462,100
Cap Rate 7%
$330,071
Cap Rate 9%
$256,722
Alternative Uses
Best Use
Multifamily LT 5
$330.1K
$288.8K – $385.1K
NOI $23,105 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$292.6K
$256.0K – $341.4K
NOI $20,483 @ 7.0% cap · market cap 4.67%
Theoretical Best
Specialty Retail
$571.3K
$499.9K – $666.6K
NOI $39,993 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
41
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?
Triplex - Three-unit residential property with renovated interiors, a detached storage building, and septic service on a sizable lot.
Where is this triplex located?
The property is located at 3761 Wakefield Lane Garner, NC.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Three‑unit property with a 1,530‑square‑foot primary unit, one apartment, and one studio; 0.6‑acre site comprising two parcels at the end of Wakefield Lane; 40x10 storage building divided into 3 storage units
