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    626 S Hoover Rd Durham, NC 27703

    Sponsored
    For Sale
    $249,900

    MULTI_FAMILY - Durham, NC

    Type:Single Family Residence
    Property size:
    917 SF
    Lot size:
    0.21 Acres
    Days on Market:
    3
    Last Refresh:
    Jan 23 at 4:06 am

    Property Features for 626 S Hoover Rd

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bedroom 2, Bathroom 1, Bedroom 1
    Bedrooms
    2
    Bathrooms
    1
    APN
    219137
    Parking features
    Carport
    Size
    917 SF
    Lot size
    0.21 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Forced Air, Electric (Heating)
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    1959
    Floors in Building
    1
    Number of units
    4
    Flooring type
    Hardwood
    Building materials
    Brick
    Roof type
    Shingle

    We can help!

    Listing Contact
    Roberta Ager
    Roberta Ager

    eXp Realty, LLC (919) 333-4265 [email protected]

    Listing agent Roberta Ager (919) 600-2699

    Listing date Jan 21, 2026

    MLS# 10142393 Listing URL

    Copyright © 2026 Doorify MLS of North Carolina. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Income-Producing Ranch in Durham

    This income-producing brick ranch is situated on a 0.21-acre corner lot and has no HOA dues. The property features an open, functional floor plan with 2 bedrooms and 1 bath. Durable upgrades include a custom kitchen equipped with shaker cabinets, granite countertops, glass tile backsplash, and stainless steel appliances. Engineered hardwood floors are installed in the main living areas. The property is currently leased with a contract in place through October, and the tenant has expressed interest in remaining under new ownership, subject to rent negotiation, providing immediate cash-flow potential. The property is located in a convenient location near Downtown Durham, NCCU, and Duke, making it a strong rental demand area ideal for long-term hold or portfolio addition. It is also suitable for a potential home buyer that can wait until the end of the lease to move in. The property size is 917 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.864622
    Latitude
    35.981755

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    FAQs

    What type of property is this?
    Single family property - 2-bedroom, 1-bath home near Downtown Durham with tenant in place.
    Where is this single family property located?
    The property is located at 626 S Hoover Rd Durham, NC.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: - Immediate income potential with existing tenant and lease in place through October.; - Desirable location near Downtown Durham, NCCU, and Duke, ensuring strong rental demand.; - Durable upgrades including **custom kitchen with shaker cabinets, granite countertops, stainless steel appliances, and engineered hardwood floors.**
    (919) 600-2699
    Request Owner's contact information
    626 S Hoover Rd Durham, NC 27703
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    Durham, NC 27703
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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
    626 S Hoover Rd Durham, NC 27703
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    We can help!
    Listing Contact
    Roberta Ager
    Roberta Ager
    Real Estate License ID: 333417
    (919) 600-2699
    Learn more
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