Duplex with New
For Sale
$237,500
Pending
1105 Morehead Avenue, Durham, NC 27707
MULTI_FAMILY - Durham, NC
Property Size1,600 SF
Lot Size0.16 Acres
Days on Market62
Property Features for 1105 Morehead Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4
Parking features
Driveway
Subdivision
Not in a Subdivision
Standard status
Pending
APN
114946
Size
1,600 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Prop-Fitzgerald/Lt#68 Pl:000000-000000
Tax Annual Amount
3311
Legal Description
Prop-Fitzgerald/Lt#68 Pl:000000-000000
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1975
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Engineered Wood
Roof type
Shingle
Listing Agency:
Deaton Investment Real Estate
(919) 847-1117
Listed By:
Thomas Furlow · License #222598
(919) 412-3913
Added: Jun 15
Changed: Aug 13
Last Checked: Aug 15 at 12:06PM
MLS# 10174164
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 duplex offers two-bedroom units on each side, with one unit currently occupied on a month-to-month lease and the other unit vacant and ready for renovation and lease-up. The property includes carpeting and vinyl flooring, baseboard heating, and wall-unit cooling. Parking is available via driveway.
Built in 1975 on a 0.16-acre lot, the home has a shingle roof that was replaced in 2024. Public water and public sewer services are in place, supporting straightforward ongoing operations.
The layout provides an owner the ability to generate in-place income from the occupied unit while renovating the vacant side. With a duplex configuration and one unit ready for updates, the property can support a stabilization plan to bring both sides into productive lease-up.
Built in 1975 on a 0.16-acre lot, the home has a shingle roof that was replaced in 2024. Public water and public sewer services are in place, supporting straightforward ongoing operations.
The layout provides an owner the ability to generate in-place income from the occupied unit while renovating the vacant side. With a duplex configuration and one unit ready for updates, the property can support a stabilization plan to bring both sides into productive lease-up.
Key Highlights
- 0.16‑acre lot and 1,600 SF duplex built in 1975
- Shingle roof replaced in 2024
- Two‑bedroom units on each side
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
$13,739
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
5.78%
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%
$274,780
$274.8K
Cap Rate 7%
$196,271
$196.3K
Cap Rate 9%
$152,656
$152.7K
Market Conditions
NOI Build-Up for 1,600 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
$22.1K $13.80/SF
− Vacancy
−$2.5K −$1.53/SF
EGI
$19.6K $12.27/SF
− OpEx
−$5.9K −$3.68/SF
NOI
$13.7K $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%
$274,780
Cap Rate 7%
$196,271
Cap Rate 9%
$152,656
Alternative Uses
Best Use
Multifamily LT 5
$196.3K
$171.7K – $229.0K
NOI $13,739 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$171.8K
$150.4K – $200.5K
NOI $12,029 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$516.7K
$452.1K – $602.8K
NOI $36,166 @ 7.0% cap · market cap 15.23%
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
842
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?
Duplex - Duplex with two-bedroom units, one currently on a month-to-month lease and the other vacant and ready for renovation.
Where is this duplex located?
The property is located at 1105 Morehead Avenue Durham, NC.
What is the asking price?
The asking price for this property is $237,500.
What are key features of this property?
This property features: 0.16‑acre lot and 1,600 SF duplex built in 1975; Shingle roof replaced in 2024; Two‑bedroom units on each side
