Renovated
For Sale
$375,000
1120 Drew Street, Durham, NC 27701
Residential Income, Durham, NC
Property Size1,512 SF
Lot Size0.19 Acres
Price / SF$248.02
Days on Market142
Property Features for 1120 Drew Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Subdivision
Not in a Subdivision
Elementary school
Durham - Eastway Elementary
Middle school
Durham - Durham School of the Arts
High school
Durham - Durham School of the Arts
Standard status
Active
APN
113260
Size
1,512 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Prop-Allen Lottie Estate Pl:000054-000024
Tax Annual Amount
3267
Legal Description
Prop-Allen Lottie Estate Pl:000054-000024
Utilities
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s), Wall Unit(s)
Water source
Public
Amenities
major appliances included
Building Details
Year built
1971
Floors in Building
1
Number of units
4
Flooring type
Vinyl
Building materials
Brick Veneer
Roof type
Shingle
Listing Agency:
EXP Realty LLC
(888) 584-9431
Listed By:
Vicente Jose De La P Barrios Hernandez
(919) 521-3014
Added: Apr 2
Changed: Aug 19
Last Checked: Aug 21 at 4:06AM
MLS# 10156905
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.
Renovated duplex offering a practical, move-in-ready setup with modern finishes and functional layouts. Brick veneer construction with vinyl flooring, a shingle roof, and wall furnace heating support comfortable day-to-day living. Cooling is provided by wall and window unit(s), and all major appliances are included with the property.
The property sits on a 0.19-acre lot and was built in 1971. It is connected to public water service. With its two-unit duplex configuration, it can be an effective fit for owners seeking a manageable multifamily asset within Durham’s rental market.
The existing room layout includes multiple bedrooms and two bathrooms across the two units, supporting a range of tenant needs while keeping operations relatively straightforward.
The property sits on a 0.19-acre lot and was built in 1971. It is connected to public water service. With its two-unit duplex configuration, it can be an effective fit for owners seeking a manageable multifamily asset within Durham’s rental market.
The existing room layout includes multiple bedrooms and two bathrooms across the two units, supporting a range of tenant needs while keeping operations relatively straightforward.
Key Highlights
- 0.19‑acre lot
- 1,512 SF duplex
- Brick veneer exterior with vinyl flooring and shingle roof
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
$12,983
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
3.46%
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%
$259,660
$259.7K
Cap Rate 7%
$185,471
$185.5K
Cap Rate 9%
$144,256
$144.3K
Market Conditions
NOI Build-Up for 1,512 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
$20.9K $13.80/SF
− Vacancy
−$2.3K −$1.53/SF
EGI
$18.5K $12.27/SF
− OpEx
−$5.6K −$3.68/SF
NOI
$13.0K $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%
$259,660
Cap Rate 7%
$185,471
Cap Rate 9%
$144,256
Alternative Uses
Best Use
Multifamily LT 5
$185.5K
$162.3K – $216.4K
NOI $12,983 @ 7.0% cap · market cap 3.46%
Second Best
Apartment 5plus
$162.4K
$142.1K – $189.5K
NOI $11,367 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$488.2K
$427.2K – $569.6K
NOI $34,177 @ 7.0% cap · market cap 9.11%
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
623
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?
Duplex - Renovated duplex in R-3 zoning with public water, brick veneer construction, and wall/room heating plus included appliances.
Where is this duplex located?
The property is located at 1120 Drew Street Durham, NC.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 0.19‑acre lot; 1,512 SF duplex; Brick veneer exterior with vinyl flooring and shingle roof
