Duplex with Detached
For Sale
$400,000
1111 Midland Terrace, Durham, NC 27704
MULTI_FAMILY - Durham, NC
Property Size1,802 SF
Lot Size0.31 Acres
Price / SF$221.98
Days on Market70
Property Features for 1111 Midland Terrace
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R-5
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 1
Parking
6
Parking features
Driveway, Garage
Patio and Porch features
Patio, Porch
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
Not in a Subdivision
Elementary school
Durham - Glenn Elementary
Middle school
Durham - Neal Middle
High school
Durham - Southern School of Energy and Sustainabil
Standard status
Active
APN
130189
Size
1,802 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Midland Terrace/Lt#03 & L T#04 Pt Pl:000018-000124
Tax Annual Amount
2754
Legal Description
Midland Terrace/Lt#03 & L T#04 Pt Pl:000018-000124
Utilities
Sewer type
Public Sewer
Heating system
Varies by Unit (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1946
Floors in Building
1
Number of units
2
Flooring type
Hardwood, Laminate
Roof type
Shingle, Rubber
Additional Structures
Storage
Listing Agency:
Keller Williams Elite Realty · Keller Williams Realty
(984) 244-5830
Listed By:
Robert Hunt · License #278551
(919) 699-3210
Added: Jun 1
Changed: Aug 3
Last Checked: Aug 9 at 6:06PM
MLS# 10170943
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 property comprises two separate residences: a 1,226 SF 2-bedroom, 1-bath ranch home and a 576 SF 1-bedroom, 1-bath cottage. Both homes include updated major systems and cosmetic improvements, with kitchens and bathrooms updated. The property totals 1,802 SF and sits on a 0.31-acre lot. Built in 1946, it offers central air cooling, hardwood and laminate flooring, and a mix of heating systems “varies by unit.” Appliances include a refrigerator, range, washer, and dryer. Outdoor space includes a porch and patio, with parking provided by a driveway and an oversized detached garage.
1111 Midland Terrace, Durham, NC 27704 is located in Durham County and zoned R-5. Water is provided by public water, and waste is served by public sewer.
Roofing is listed as shingle and rubber. The property’s room mix includes three bedrooms and two bathrooms across the two residences.
1111 Midland Terrace, Durham, NC 27704 is located in Durham County and zoned R-5. Water is provided by public water, and waste is served by public sewer.
Roofing is listed as shingle and rubber. The property’s room mix includes three bedrooms and two bathrooms across the two residences.
Key Highlights
- 0.31‑acre lot with porch and patio
- 1,226 SF 2 bed, 1 bath ranch home
- 576 SF 1 bed, 1 bath cottage
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
$15,473
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
3.87%
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%
$309,460
$309.5K
Cap Rate 7%
$221,043
$221.0K
Cap Rate 9%
$171,922
$171.9K
Market Conditions
NOI Build-Up for 1,802 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
$24.9K $13.80/SF
− Vacancy
−$2.8K −$1.53/SF
EGI
$22.1K $12.27/SF
− OpEx
−$6.6K −$3.68/SF
NOI
$15.5K $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%
$309,460
Cap Rate 7%
$221,043
Cap Rate 9%
$171,922
Alternative Uses
Best Use
Multifamily LT 5
$221.0K
$193.4K – $257.9K
NOI $15,473 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$193.5K
$169.3K – $225.8K
NOI $13,547 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$581.9K
$509.2K – $678.9K
NOI $40,732 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
189
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex in R-5 zoning with central air and public water and sewer.
Where is this duplex 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: 0.31‑acre lot with porch and patio; 1,226 SF 2 bed, 1 bath ranch home; 576 SF 1 bed, 1 bath cottage
