Building Details

Year Built 1946

Buildings 2

Listing Agency: Keller Williams Elite Realty

Listed By: Robert Hunt · License #278551 Show Phone

Source: Bonniestrowd

Added: Aug 10 Changed: Oct 6 Last Checked: Oct 16 at 11:17AM

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Investment Insights

Based on property information with market context.

This multifamily property comprises two separate residences totaling 1,802 square feet on a 0.31-acre lot. The primary dwelling is a 1,226-square-foot ranch home with two bedrooms and one bathroom, while the second is a 576-square-foot cottage with one bedroom and one bathroom. Both residences date to the 1946 construction year and include updated major systems along with cosmetic improvements in the kitchens and bathrooms. A detached garage provides additional on-site utility.

The property is located at 1111 Midland Terrace in Durham, North Carolina, near Downtown Durham. The separate-home configuration offers distinct living spaces within one parcel, supported by functional floor plans and the existing garage improvement.

Key Highlights

• Two residences totaling 1,802 SF on a 0.31‑acre lot
• 1,226 SF ranch home with 2 bedrooms and 1 bathroom
• 576 SF cottage with 1 bedroom and 1 bathroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,547

Cap Rate

3.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$270,940 $270.9K

Cap Rate 7%

$193,529 $193.5K

Cap Rate 9%

$150,522 $150.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,802 SF

Gross rent

$27.9K $15.48/SF

− Vacancy

−$3.3K −$1.81/SF

EGI

$24.6K $13.67/SF

− OpEx

−$11.1K −$6.15/SF

NOI

$13.5K $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 Rate 5%

$270,940

Cap Rate 7%

$193,529

Cap Rate 9%

$150,522

Alternative Uses

Best Use

Apartment 5plus

$193.5K

$169.3K – $225.8K (±1% cap)

NOI $13,547 @ 7.0% cap · market cap 3.39%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$581.9K

$509.2K – $678.9K (±1% cap)

NOI $40,732 @ 7.0% cap · market cap 10.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Multifamily properties

Suggested Use

Top Pick Building Supply Real Estate Agency Hair Salon Big Box & Wholesale Store Spa & Massage Center Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

23

Businesses Nearby

Explore this area Business Placement

Demographics for 27704, NC

39,532

Population

16,824

Households

2.3

Avg Household Size

36

Median Age

33%

College-Educated

85%

High-School Grad

41.4 sq mi

ZIP Area

955

Density / Sq Mi

$62,435

Median Household Income

$36,955

Median Earnings

$1,306

Median Rent

$270,000

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two residences include updated major systems, refreshed kitchens and bathrooms, and a detached garage on a shared lot.

Where is this multifamily property located?

The property is located at 1111 Midland Terrace Durham, NC.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: Two residences totaling 1,802 SF on a 0.31‑acre lot; 1,226 SF ranch home with 2 bedrooms and 1 bathroom; 576 SF cottage with 1 bedroom and 1 bathroom