Four-Unit Multifamily with
For Sale
$699,900
804 Lancaster Street, Durham, NC 27701
Residential Income, Durham, NC
Property Size2,500 SF
Lot Size0.24 Acres
Price / SF$279.96
Days on Market38
Property Features for 804 Lancaster Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RM-8
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage, Alley, On Street
Patio and Porch features
Porch
Subdivision
Not in a Subdivision
Elementary school
Durham County Schools
Middle school
Durham County Schools
High school
Durham County Schools
Standard status
Active
APN
100154
Size
2,500 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
The Suburban L&P Co/Blk:1 3/Lt#19 Lt#17 Pt Trinity Pl:00005A-000041, DB 2351 PG 996
Tax Annual Amount
8619
Legal Description
The Suburban L&P Co/Blk:1 3/Lt#19 Lt#17 Pt Trinity Pl:00005A-000041, DB 2351 PG 996
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Flooring type
Carpet, Wood, Vinyl, Hardwood
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Premier Advantage Realty Inc · Coldwell Banker Real Estate
(919) 728-1212
Listed By:
Wallace Peiffer · License #170317
(919) 302-1215
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 21 at 3:06PM
MLS# 10180148
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 four-unit multifamily property offers four separate one-bedroom, one-bath layouts, with a porch and vinyl siding exterior. The building is heated with forced air, and each unit has gas water heaters. Utility services are separated with four separate utility meters, and the home is served by public water and public sewer. Interior finishes noted include wood, vinyl, carpet, and hardwood flooring. Cooling is provided via window unit(s). The roof is shingled, and the property was built in 1920.
Parking includes a detached garage located at the rear of the property, plus street parking. Additional parking is described as available via alley access.
The lot size is 0.24 acres, and the property is zoned RM-8. It is being sold as a fixer-upper through a court-appointed Special Proceedings sale and is subject to a 10-day upset bid period.
Parking includes a detached garage located at the rear of the property, plus street parking. Additional parking is described as available via alley access.
The lot size is 0.24 acres, and the property is zoned RM-8. It is being sold as a fixer-upper through a court-appointed Special Proceedings sale and is subject to a 10-day upset bid period.
Key Highlights
- Four units with one bedroom and one bath per unit
- Four separate utility meters, plus public water and public sewer
- Gas heat and gas water heaters, with forced air heating
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
$21,467
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%
$429,340
$429.3K
Cap Rate 7%
$306,671
$306.7K
Cap Rate 9%
$238,522
$238.5K
Market Conditions
NOI Build-Up for 2,500 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
$34.5K $13.80/SF
− Vacancy
−$3.8K −$1.53/SF
EGI
$30.7K $12.27/SF
− OpEx
−$9.2K −$3.68/SF
NOI
$21.5K $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%
$429,340
Cap Rate 7%
$306,671
Cap Rate 9%
$238,522
Alternative Uses
Best Use
Multifamily LT 5
$306.7K
$268.3K – $357.8K
NOI $21,467 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$268.5K
$234.9K – $313.3K
NOI $18,795 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$807.3K
$706.4K – $941.8K
NOI $56,509 @ 7.0% cap · market cap 8.07%
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
1,135
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom, one-bath units in RM-8 zoning, with public utilities, gas heat, and a detached rear garage.
Where is this quadplex located?
The property is located at 804 Lancaster Street Durham, NC.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Four units with one bedroom and one bath per unit; Four separate utility meters, plus public water and public sewer; Gas heat and gas water heaters, with forced air heating
