Joint communication and sensing allows the utilization of common spectral resources for communication and localization, reducing the cost of deployment. By using fifth generation (5G) New Radio (NR) (i.e., the 3rd Generation Partnership Project Radio Access Network for 5G) reference signals, conventionally used for communication, this paper shows sub-meter precision localization is possible at millimeter wave frequencies. We derive the geometric dilution of precision 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 software test bench to characterize the measurement errors when estimating the time difference of arrival and angle of arrival with 5G NR waveforms. The test bench is further utilized to demonstrate the accuracy of target localization and velocity estimation in several indoor and outdoor bistatic and multistatic configurations and to show that on average, the bistatic configuration can achieve a location accuracy of 10.0 cm over a bistatic range of 25 m, which can be further improved by deploying a multistatic radar configuration.