Duplex with Updated 1-Bed
For Sale
$345,000
Pending
213 Hargrove Street, Durham, NC 27701
MULTI_FAMILY - Durham, NC
Property Size1,235 SF
Lot Size0.12 Acres
Days on Market93
Property Features for 213 Hargrove Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-5
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1
Parking features
Driveway
Subdivision
Not in a Subdivision
Standard status
Pending
APN
105051
Size
1,235 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Prop-Rigsbee R H/Blk:D/Lt #07 E 45 Ft&Lt#08 W 10 F Pl:000012-000035
Tax Annual Amount
4567
Legal Description
Prop-Rigsbee R H/Blk:D/Lt #07 E 45 Ft&Lt#08 W 10 F Pl:000012-000035
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1938
Floors in Building
1
Number of units
4
Flooring type
Tile, Vinyl
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
Deaton Investment Real Estate
(919) 847-1117
Listed By:
Thomas Furlow · License #222598
(919) 412-3913
Added: May 15
Changed: Aug 10
Last Checked: Aug 15 at 11:06AM
MLS# 10167693
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.
Duplex at 213 Hargrove Street offers two 1-bed/1-bath units with approximately 560 SF and 675 SF. Both units have recently updated interiors, including LVP flooring, new countertops, stainless steel appliances, and updated fixtures. One unit is currently vacant, creating flexibility for immediate lease-up. The rented unit is on a month-to-month arrangement, and the owner pays water.
The property sits on a 0.12-acre lot in Downtown Durham, across from Bay-Hargrove Park and within walkable access to dining, retail, and employment centers in Downtown Durham. Construction includes wood siding with a shingle roof. Heating is central and cooling is central air.
The driveway provides on-site parking, and the duplex is served by public water and public sewer.
The property sits on a 0.12-acre lot in Downtown Durham, across from Bay-Hargrove Park and within walkable access to dining, retail, and employment centers in Downtown Durham. Construction includes wood siding with a shingle roof. Heating is central and cooling is central air.
The driveway provides on-site parking, and the duplex is served by public water and public sewer.
Key Highlights
- 0.12‑acre duplex at 213 Hargrove Street in Downtown Durham, across from Bay‑Hargrove Park
- Two 1‑bed/1‑bath units of approximately 560 SF and 675 SF
- Recently updated interiors with LVP flooring, new countertops, stainless steel appliances, and updated fixtures
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
$10,605
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
3.07%
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%
$212,100
$212.1K
Cap Rate 7%
$151,500
$151.5K
Cap Rate 9%
$117,833
$117.8K
Market Conditions
NOI Build-Up for 1,235 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
$17.0K $13.80/SF
− Vacancy
−$1.9K −$1.53/SF
EGI
$15.1K $12.27/SF
− OpEx
−$4.5K −$3.68/SF
NOI
$10.6K $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%
$212,100
Cap Rate 7%
$151,500
Cap Rate 9%
$117,833
Alternative Uses
Best Use
Multifamily LT 5
$151.5K
$132.6K – $176.8K
NOI $10,605 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$132.6K
$116.1K – $154.8K
NOI $9,285 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$398.8K
$349.0K – $465.3K
NOI $27,916 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,139
Businesses Nearby
Explore this area
Business Placement
Demographics for 27701, NC
25,208
Population
13,409
Households
1.9
Avg Household Size
34
Median Age
50%
College-Educated
85%
High-School Grad
5.2 sq mi
ZIP Area
4,848
Density / Sq Mi
$66,852
Median Household Income
$47,681
Median Earnings
$1,279
Median Rent
$457,600
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?
Duplex - R-5 duplex with one vacant 1-bed/1-bath unit; both units feature recently updated interiors and central HVAC.
Where is this duplex located?
The property is located at 213 Hargrove Street Durham, NC.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 0.12‑acre duplex at 213 Hargrove Street in Downtown Durham, across from Bay‑Hargrove Park; Two 1‑bed/1‑bath units of approximately 560 SF and 675 SF; Recently updated interiors with LVP flooring, new countertops, stainless steel appliances, and updated fixtures
