Duplex with One-Bedroom
For Sale
$325,000
1204 Cornell Street, Durham, NC 27707
MULTI_FAMILY - Durham, NC
Property Size1,325 SF
Lot Size0.10 Acres
Price / SF$245.28
Days on Market18
Property Features for 1204 Cornell Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1
Parking features
On Street
Basement
Crawl Space
Subdivision
Not in a Subdivision
Standard status
Active
Size
1,325 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2125
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Spring
Building Details
Year built
1935
Floors in Building
1
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Roof type
Metal
Listing Agency:
Northside Realty Inc.
(919) 784-0101
Listed By:
Stephanie Anson · License #3086504
(919) 335-3048
Added: Jul 23
Changed: Aug 1
Last Checked: Aug 9 at 6:06PM
MLS# 10181978
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 separate sides, with each door/side configured as a 1 bed, 1 bath layout. The home includes granite countertops and stainless steel appliances, along with hardwood flooring and a basement. Exterior materials include vinyl siding, and the roof is metal. Heating is ductless, with ductless cooling also noted.
Set on a 0.1-acre lot, the property totals 1,325 square feet. Built in 1935, it is served by spring water and public sewer, with on-street parking available. The home is described as currently used as a short-term rental.
The location is positioned for convenience to downtown Durham, NCCU, Duke, RTP, RDU, and major highways.
Set on a 0.1-acre lot, the property totals 1,325 square feet. Built in 1935, it is served by spring water and public sewer, with on-street parking available. The home is described as currently used as a short-term rental.
The location is positioned for convenience to downtown Durham, NCCU, Duke, RTP, RDU, and major highways.
Key Highlights
- 0.1‑acre lot and 1,325 SF duplex built in 1935
- Each door/side is a 1 bed, 1 bath layout
- Granite countertops and stainless steel appliances
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
$11,377
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
3.50%
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%
$227,540
$227.5K
Cap Rate 7%
$162,529
$162.5K
Cap Rate 9%
$126,411
$126.4K
Market Conditions
NOI Build-Up for 1,325 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
$18.3K $13.80/SF
− Vacancy
−$2.0K −$1.53/SF
EGI
$16.3K $12.27/SF
− OpEx
−$4.9K −$3.68/SF
NOI
$11.4K $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%
$227,540
Cap Rate 7%
$162,529
Cap Rate 9%
$126,411
Alternative Uses
Best Use
Multifamily LT 5
$162.5K
$142.2K – $189.6K
NOI $11,377 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$142.3K
$124.5K – $166.0K
NOI $9,961 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$427.9K
$374.4K – $499.2K
NOI $29,950 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
580
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex features granite countertops, stainless steel appliances, and ductless heating and cooling for each one-bedroom side.
Where is this duplex located?
The property is located at 1204 Cornell Street Durham, NC.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 0.1‑acre lot and 1,325 SF duplex built in 1935; Each door/side is a 1 bed, 1 bath layout; Granite countertops and stainless steel appliances
