Joint communication and sensing allows the utilization of common spectral resources for communication and localization, reducing the cost of deployment. By using 5G New Radio (NR) (i.e., the 3rd Generation Partnership Project (3GPP) Radio Access Network for fifth generation) reference signals, conventionally used for communication, sub-meter precision localization is possible at millimeter wave frequencies. In this work, we derive the geometric dilution of precision (GDOP) of a bistatic radar configuration, a theoretical metric that characterizes how the target location estimation error varies as a function of the bistatic geometry and measurement errors. We develop a 5G NR compliant test bench to characterize the measurement errors when estimating the time difference of arrival and angle of arrival with 5G NR waveforms. We utilize the test-bench to demonstrate the accuracy of target localization and velocity estimation in several bistatic and multistatic configurations and show that on average, the bistatic location accuracy is 10.0 cm over a 50 m scattered signal path.