Partially Renovated Apartment
For Sale
$775,000
613 Bellhaven St, Garner, NC 27529
Apartment property with renovated units and additional space ready for occupancy.
Property Size4,624 SF
Price / SF$167.60
Days on Market23
Property Features for 613 Bellhaven St
General Information
Standard status
Active
Size
4,624 SF
Property subtype
Multi-Family
Building Details
Year Built
1943
Listing Agency:
Real Triangle Properties LLC
(919) 656-5843
Listed By:
Purvi Thakar
Source:
Rubyhenderson
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 31 at 6:38PM
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 Real Triangle Properties LLC
Investment Insights
Based on property information with market context.
This apartment building contains 4,624 square feet and was constructed in 1943. The property includes two fully renovated units, while three additional units are described as ready for occupancy. Two other units are leased on a month-to-month basis, providing existing occupancy alongside available space. The property is offered in as-is condition.
The building sits behind the Garner Performing Arts Center in Garner, North Carolina. It is approximately 3 miles from the Amazon warehouse, about 7 minutes from shopping and dining, and provides access to downtown Garner and Raleigh. The stated unit information includes multiple lettered and numbered residences within the building.
The building sits behind the Garner Performing Arts Center in Garner, North Carolina. It is approximately 3 miles from the Amazon warehouse, about 7 minutes from shopping and dining, and provides access to downtown Garner and Raleigh. The stated unit information includes multiple lettered and numbered residences within the building.
Key Highlights
- 4,624‑square‑foot apartment building constructed in 1943
- Two units are fully renovated
- Three units are ready for immediate occupancy
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
$47,334
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
6.11%
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%
$946,680
$946.7K
Cap Rate 7%
$676,200
$676.2K
Cap Rate 9%
$525,933
$525.9K
Market Conditions
NOI Build-Up for 4,624 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
$91.6K $19.80/SF
− Vacancy
−$5.5K −$1.19/SF
EGI
$86.1K $18.61/SF
− OpEx
−$38.7K −$8.38/SF
NOI
$47.3K $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%
$946,680
Cap Rate 7%
$676,200
Cap Rate 9%
$525,933
Alternative Uses
Best Use
Apartment 5plus
$676.2K
$591.7K – $788.9K
NOI $47,334 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.32M
$1.16M – $1.54M
NOI $92,419 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
535
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?
Apartment building - Apartment property with renovated units and additional space ready for occupancy.
Where is this apartment building located?
The property is located at 613 Bellhaven St Garner, NC.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 4,624‑square‑foot apartment building constructed in 1943; Two units are fully renovated; Three units are ready for immediate occupancy
