8-Unit Apartment
For Sale
Contact for pricing
107 & 109 Hilton Ave, Durham, NC 27707
Two buildings provide a mix of first- and second-floor apartments with separately metered power and garage space below.
Property Size7,540 SF
Lot Size0.65 Acres
Price / SF$165.78
Days on Market191
Property Features for 107 & 109 Hilton Ave
General Information
Standard status
Active
Size
7,540 SF
Lot size
0.65 Acres
Property subtype
Multifamily
Zoning
RS-8 (Residential Suburban-8)
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
8
Amenities
garage space
Building Details
Buildings
2
Units
8
Listing Agency:
Pickett Sprouse Commercial Real Estate
(919) 493-0395
Listed By:
Matthew Morton · License #356757
Source:
Crexi
Added: Feb 21
Changed: Aug 29
Last Checked: Aug 29 at 6:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Pickett Sprouse Commercial Real Estate
Investment Insights
Based on property information with market context.
This multifamily property comprises two apartment buildings with a combined 8 units and approximately 7,540 square feet on ±0.65 acres. Each building contains four apartments, arranged with two residences on the first floor and two on the second. Garage areas are located beneath both buildings, and power is separately metered for each unit. All apartments are fully leased.
Recent property work includes new water heaters, along with selected unit improvements such as updated flooring and fixtures. The asset is zoned RS-8 (Residential Suburban-8) and is located at 107 & 109 Hilton Ave in Durham, North Carolina.
Recent property work includes new water heaters, along with selected unit improvements such as updated flooring and fixtures. The asset is zoned RS-8 (Residential Suburban-8) and is located at 107 & 109 Hilton Ave in Durham, North Carolina.
Key Highlights
- 8‑unit multifamily property totaling approximately 7,540 square feet
- Two apartment buildings, each with four units across two floors
- ±0.65 acres at 107 & 109 Hilton Ave, Durham, NC 27707
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
$56,685
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
4.53%
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%
$1,133,700
$1.1M
Cap Rate 7%
$809,786
$809.8K
Cap Rate 9%
$629,833
$629.8K
Market Conditions
NOI Build-Up for 7,540 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
$116.7K $15.48/SF
− Vacancy
−$13.7K −$1.81/SF
EGI
$103.1K $13.67/SF
− OpEx
−$46.4K −$6.15/SF
NOI
$56.7K $7.52/SF
Area
Durham, NC
Vacancy
11.70%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
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%
$1,133,700
Cap Rate 7%
$809,786
Cap Rate 9%
$629,833
Alternative Uses
Best Use
Apartment 5plus
$809.8K
$708.6K – $944.8K
NOI $56,685 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,432 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
Explore this area
Business Placement
Demographics for 27707, NC
49,787
Population
23,528
Households
2.1
Avg Household Size
34
Median Age
57%
College-Educated
92%
High-School Grad
20.7 sq mi
ZIP Area
2,405
Density / Sq Mi
$72,432
Median Household Income
$45,803
Median Earnings
$1,364
Median Rent
$371,500
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?
Apartment building - Two buildings provide a mix of first- and second-floor apartments with separately metered power and garage space below.
Where is this apartment building located?
The property is located at 107 & 109 Hilton Ave Durham, NC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 8‑unit multifamily property totaling approximately 7,540 square feet; Two apartment buildings, each with four units across two floors; ±0.65 acres at 107 & 109 Hilton Ave, Durham, NC 27707
