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    2209-2211 Morehead Avenue Durham, NC 27707

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    Claim this Listing
    Pending
    $1,550,000

    MULTI_FAMILY - Durham, NC

    Type:Apartment
    Property size:
    9,148 SF
    Lot size:
    1.01 Acres
    Added:
    Jun 12, 2025
    Days on Market:
    314
    Last Refresh:
    Apr 21 at 8:06 pm

    Property Features for 2209-2211 Morehead Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Zoning
    RS-M
    Bedrooms
    22
    Bathrooms
    13
    Rooms
    Bedroom 21, Bathroom 6, Bedroom 10, Bedroom 20, Bathroom 5, Bedroom 6, Bedroom 13, Bedroom 4, Bedroom 16, Bedroom 3, Bedroom 9, Bathroom 13, Bedroom 8, Bedroom 22, Bedroom 11, Bedroom 5, Bathroom 12, Bedroom 2, Bedroom 15, Bathroom 9, Bedroom 19, Bathroom 8, Bathroom 4, Bathroom 7, Basement, Bathroom 1, Bedroom 12, Bathroom 2, Bathroom 11, Bedroom 18, Bedroom 17, Bedroom 14, Bedroom 7, Bedroom 1, Bathroom 3, Bathroom 10
    Basement
    Daylight
    Standard status
    Pending
    APN
    0821-05-6967 and 0821-05-5967
    Size
    9,148 SF
    Lot size
    1.01 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LT#18 and #19 PL:00002-000019
    Tax Annual Amount
    12565

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1960
    Floors in Building
    3
    Number of units
    9
    Flooring type
    Hardwood, Vinyl, Carpet
    Building materials
    Brick Veneer
    Roof type
    Shingle

    We can help!

    Listing Contact
    Ed W Billings

    Listing agent Ed W Billings

    Listing office Compass -- Chapel Hill - Durham 101 Glen Lennox Drive Ste. 230, Raleigh, NC

    Listing date Jun 12, 2025

    MLS# 10102564 Listing URL

    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.

    Overview

    Renovated Multifamily Investment Near Duke

    This multifamily property, comprised of two buildings with nine units, presents an investor opportunity less than one mile from Duke University. It offers a 6.2% cap rate and stable rents. The unit mix includes 3BR/2BA and 2BR/1BA layouts. Recent upgrades include a new roof, HVAC system upgrades in some units, drainage improvements, modernized kitchens and baths in various units, and selective interior renovations featuring hardwoods, appliances, and reconfigured closets. The property, situated on a 1.01-acre lot, offers a walkable yet private setting. The property has a proven rental history and low turnover. The property is zoned RS-M. The property has 9148 square feet of space. This property is ideal for investors seeking stable performance with value-add levers.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Accounting Firm Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.93013
    Latitude
    35.99194

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    FAQs

    What type of property is this?
    Apartment building - Nine units in two buildings near Duke University.
    Where is this apartment building located?
    The property is located at 2209-2211 Morehead Avenue Durham, NC.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: Strong In‑Place Cash Flow with a 6.75% Cap Rate; Prime Location: Less than 1 mile from Duke University and Downtown Durham; Rare Unit Mix: Includes desirable 3BR/2BA and 2BR/1BA layouts
    (919) 423-6627
    We can help!
    Listing Contact
    Ed W Billings
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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