Brand-New Modern Farmhouse
For Sale
$813,500
412/408 Sparella Street, Durham, NC 27703
MULTI_FAMILY - Durham, NC
Property Size3,944 SF
Lot Size0.24 Acres
Price / SF$206.26
Days on Market130
Property Features for 412/408 Sparella Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Bathrooms
5
Full bathrooms
6
Half bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 5, Bedroom 4, Bathroom 5, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 6, Bedroom 1, Bathroom 4
Parking features
Off Street
Window features
ENERGY STAR Qualified WIndows
Patio and Porch features
Deck
Interior features
Bathtub/Shower Combination, Dual Closets, Kitchen Island, Pantry, Quartz Counters, Separate Shower, Walk-In Closet(s), Walk-In Shower, Wired for Data
Appliances
Dishwasher, Electric Range, Microwave, Plumbed For Ice Maker
Subdivision
Not in a Subdivision
Lot features
Cul-De-Sac
Elementary school
Durham - Bethesda Elementary
Middle school
Durham - Lowes Grove Middle
High school
Durham - Hillside High
Standard status
Active
APN
0840092119/0840092232
Size
3,944 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Radiant Ceiling, Heat Pump (Heating), Ceiling, Radiant
Cooling system
Central Air, Multi Units
Water source
Public
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Hardwood, Carpet
Building materials
Board & Batten Siding, Fiber Cement, HardiPlank Type, Radiant Barrier
Roof type
Shingle
Listing Agency:
Frasher Whaley Realty Group
(919) 794-3233
Listed By:
Steve Frasher · License #273120
(919) 201-8396
Added: Apr 9
Changed: Aug 2
Last Checked: Aug 16 at 11:06PM
MLS# 10158844
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.
New construction attached modern farmhouse duplex at 412/408 Sparella Street in Durham, NC 27703, offering two independent three-bedroom residences within a shared structure. Each side sits on its own individual lot, with the property line running down the middle of the shared wall for full, independent ownership. The homes are currently under construction and will be built in 2026.
Each residence features an open-concept first floor with two separate living areas plus a flexible dedicated office or playroom. The kitchen includes a massive island, pantry, and quartz counters, along with direct access to a private rear deck. Upstairs, the primary suite offers a spa-like layout with dual vanity, a walk-in tiled shower, and two oversized walk-in closets. A second-floor laundry room provides storage and workspace.
Construction includes board & batten siding and fiber cement (HardiPlank), with radiant barrier. The homes include radiant ceiling heating with a heat pump and electric components, and central air cooling. Off-street parking and a deck are included. Utilities include public water and public sewer, with cable available. No HOA. The overall lot size is 0.24 acres and the property size is 3,944 square feet.
Each residence features an open-concept first floor with two separate living areas plus a flexible dedicated office or playroom. The kitchen includes a massive island, pantry, and quartz counters, along with direct access to a private rear deck. Upstairs, the primary suite offers a spa-like layout with dual vanity, a walk-in tiled shower, and two oversized walk-in closets. A second-floor laundry room provides storage and workspace.
Construction includes board & batten siding and fiber cement (HardiPlank), with radiant barrier. The homes include radiant ceiling heating with a heat pump and electric components, and central air cooling. Off-street parking and a deck are included. Utilities include public water and public sewer, with cable available. No HOA. The overall lot size is 0.24 acres and the property size is 3,944 square feet.
Key Highlights
- Two independent residences in an attached duplex with a shared double wall
- Each side sits on its own individual lot with the property line down the middle of the shared wall
- Open‑concept first floor with two separate living areas plus a dedicated office or playroom
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
$33,866
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
4.16%
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%
$677,320
$677.3K
Cap Rate 7%
$483,800
$483.8K
Cap Rate 9%
$376,289
$376.3K
Market Conditions
NOI Build-Up for 3,944 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
$54.4K $13.80/SF
− Vacancy
−$6.0K −$1.53/SF
EGI
$48.4K $12.27/SF
− OpEx
−$14.5K −$3.68/SF
NOI
$33.9K $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%
$677,320
Cap Rate 7%
$483,800
Cap Rate 9%
$376,289
Alternative Uses
Best Use
Multifamily LT 5
$483.8K
$423.3K – $564.4K
NOI $33,866 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$423.6K
$370.6K – $494.2K
NOI $29,650 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,149 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
189
Businesses Nearby
Explore this area
Business Placement
Demographics for 27703, NC
61,539
Population
27,122
Households
2.3
Avg Household Size
36
Median Age
45%
College-Educated
88%
High-School Grad
49.1 sq mi
ZIP Area
1,253
Density / Sq Mi
$86,953
Median Household Income
$51,462
Median Earnings
$1,469
Median Rent
$340,500
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 - Attached duplex with two independent three-bedroom residences, each on its own lot, separated by a double wall.
Where is this duplex located?
The property is located at 412/408 Sparella Street Durham, NC.
What is the asking price?
The asking price for this property is $813,500.
What are key features of this property?
This property features: Two independent residences in an attached duplex with a shared double wall; Each side sits on its own individual lot with the property line down the middle of the shared wall; Open‑concept first floor with two separate living areas plus a dedicated office or playroom
