Two-Unit Duplex with Granite
For Sale
$324,000
1204 Cornell Street, Durham, NC 27707
Residential Income, Durham, NC
Property Size1,325 SF
Lot Size0.10 Acres
Price / SF$244.53
Days on Market33
Property Features for 1204 Cornell Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Basement, Bedroom 1
Parking features
On Street
Basement
Crawl Space
Subdivision
Not in a Subdivision
Standard status
Active
Size
1,325 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2125
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Spring
Amenities
granite countertops
stainless steel appliances
Building Details
Year built
1935
Floors in Building
1
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Roof type
Metal
Listing Agency:
Northside Realty Inc.
(919) 784-0101
Listed By:
Stephanie Anson · License #270558
(919) 335-3048
Added: Jul 23
Changed: Aug 21
Last Checked: Aug 24 at 10:06AM
MLS# 10181978
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.
Built in 1935, this duplex contains 1,325 square feet across two one-bedroom, one-bath units. Each side includes granite countertops and stainless steel appliances, with hardwood flooring throughout. The property also includes a basement, metal roofing, vinyl siding, ductless heating and cooling, on-street parking, spring water, and public sewer. The current owner has operated the property as a short-term rental.
The duplex is located in Durham near downtown Durham, NCCU, Duke, RTP, RDU, and major highways. With two distinct residential units, the property offers a configuration suited to continued rental use or occupancy of one side alongside leasing the other, as supported by the existing layout.
The duplex is located in Durham near downtown Durham, NCCU, Duke, RTP, RDU, and major highways. With two distinct residential units, the property offers a configuration suited to continued rental use or occupancy of one side alongside leasing the other, as supported by the existing layout.
Key Highlights
- Two‑unit duplex with 1,325 square feet of total property size
- Each unit offers 1 bedroom and 1 bathroom
- Granite countertops and stainless steel appliances in both 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
$11,377
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
3.51%
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%
$227,540
$227.5K
Cap Rate 7%
$162,529
$162.5K
Cap Rate 9%
$126,411
$126.4K
Market Conditions
NOI Build-Up for 1,325 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
$18.3K $13.80/SF
− Vacancy
−$2.0K −$1.53/SF
EGI
$16.3K $12.27/SF
− OpEx
−$4.9K −$3.68/SF
NOI
$11.4K $8.59/SF
Area
Durham, NC
Vacancy
11.11%
Lease Rate
$13.80 /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%
$227,540
Cap Rate 7%
$162,529
Cap Rate 9%
$126,411
Alternative Uses
Best Use
Multifamily LT 5
$162.5K
$142.2K – $189.6K
NOI $11,377 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$142.3K
$124.5K – $166.0K
NOI $9,961 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$427.9K
$374.4K – $499.2K
NOI $29,950 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Explore this area
Business Placement
Demographics for 27707, NC
49,787
Population
23,528
Households
2.1
Avg Household Size
34
Median Age
57%
College-Educated
92%
High-School Grad
20.7 sq mi
ZIP Area
2,405
Density / Sq Mi
$72,432
Median Household Income
$45,803
Median Earnings
$1,364
Median Rent
$371,500
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?
Duplex - Two one-bedroom units feature stainless steel appliances, hardwood flooring, and separate living arrangements.
Where is this duplex located?
The property is located at 1204 Cornell Street Durham, NC.
What is the asking price?
The asking price for this property is $324,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,325 square feet of total property size; Each unit offers 1 bedroom and 1 bathroom; Granite countertops and stainless steel appliances in both units
