Modern Duplex Under
New
For Sale
$475,000
637 Conover Road, Durham, NC 27703
Residential, Durham, NC
Property Size2,281 SF
Lot Size0.23 Acres
Price / SF$208.24
Days on Market6
Property Features for 637 Conover Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 3, Laundry Room, Bedroom 4, Bedroom 2, Dining Room, Bathroom 2, Laundry Room, Bedroom 3, Bedroom 1, Bathroom 1, Family Room
Parking
2
Parking features
Garage, Open, Driveway
Window features
Double Pane Windows
Patio and Porch features
Porch
Interior features
Bathtub/Shower Combination, Ceiling Fan(s), Double Vanity, Eat-in Kitchen, High Ceilings, High Speed Internet, Kitchen Island, Pantry, Quartz Counters, Recessed Lighting, Storage, Walk-In Closet(s), Walk-In Shower, Water Closet
Exterior features
Rain Gutters
Appliances
Built-In Gas Range, Disposal, Microwave, Self Cleaning Oven, Smart Appliance(s), Stainless Steel Appliance(s), Tankless Water Heater
Subdivision
Not in a Subdivision
Lot features
Cleared, Landscaped
Elementary school
Durham - Spring Valley Elementary School
Middle school
Durham - Neal Middle
High school
Durham - Southern School of Energy and Sustainabil
Standard status
Active
APN
235132
Size
2,281 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Prop-Thayer Investments Inc/Lt#02 Pl:211-310
Tax Annual Amount
1067
HOA Fee
$115 Monthly
Legal Description
Prop-Thayer Investments Inc/Lt#02 Pl:211-310
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air, Electric, Ceiling Fan(s)
Water source
Public
Building Details
Year built
2025
Floors in Building
2
Flooring type
Carpet, Tile, Vinyl
Building materials
Board & Batten Siding, Fiber Cement
Roof type
Shingle
Architectural style
Modern
Additional Structures
Storage
Listing Agency:
Coldwell Banker HPW · Coldwell Banker Real Estate
(919) 876-8824
Listed By:
Jim Allen
(919) 789-5200
Added: Sep 2
Changed: Sep 6
Last Checked: Sep 7 at 6:06PM
MLS# 10190261
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.
This modern duplex is under construction with a 2025 build year and 2,281 square feet on a 0.23-acre lot. The layout includes a separate dining room, eat-in kitchen with quartz counters and stainless steel appliances, family room with built-ins, and access to a covered rear porch. Upstairs are four bedrooms, three bathrooms, and a dedicated laundry room, along with a primary suite featuring a walk-in closet, dual vanities, and a tiled walk-in shower.
The two sides connect only at the garage and laundry room, providing a distinct duplex configuration. Additional features include high ceilings, recessed lighting, storage, built-in closet components, fiber cement and board-and-batten siding, a shingle roof, tankless water heater, central air, public water, and public sewer. The property is located in Durham, North Carolina.
The two sides connect only at the garage and laundry room, providing a distinct duplex configuration. Additional features include high ceilings, recessed lighting, storage, built-in closet components, fiber cement and board-and-batten siding, a shingle roof, tankless water heater, central air, public water, and public sewer. The property is located in Durham, North Carolina.
Key Highlights
- Duplex under construction with a 2025 build year
- 2,281 square feet on a 0.23‑acre lot
- Four bedrooms and three bathrooms
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
$19,586
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
4.12%
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%
$391,720
$391.7K
Cap Rate 7%
$279,800
$279.8K
Cap Rate 9%
$217,622
$217.6K
Market Conditions
NOI Build-Up for 2,281 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
$31.5K $13.80/SF
− Vacancy
−$3.5K −$1.53/SF
EGI
$28.0K $12.27/SF
− OpEx
−$8.4K −$3.68/SF
NOI
$19.6K $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%
$391,720
Cap Rate 7%
$279,800
Cap Rate 9%
$217,622
Alternative Uses
Best Use
Multifamily LT 5
$279.8K
$244.8K – $326.4K
NOI $19,586 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$245.0K
$214.4K – $285.8K
NOI $17,148 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$736.6K
$644.5K – $859.3K
NOI $51,559 @ 7.0% cap · market cap 10.85%
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
121
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - The design includes an eat-in kitchen, separate dining room, covered rear porch, and garage connection.
Where is this duplex located?
The property is located at 637 Conover Road Durham, NC.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Duplex under construction with a 2025 build year; 2,281 square feet on a 0.23‑acre lot; Four bedrooms and three bathrooms
