Townhome-Style
For Sale
$415,000
1214 Granby Street, Durham, NC 27701
Residential Income, Durham, NC
Property Size2,200 SF
Lot Size0.26 Acres
Price / SF$188.64
Days on Market64
Property Features for 1214 Granby Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-3
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 4, Bedroom 6, Bathroom 3
Parking features
Garage, Driveway
Vegetation
Cleared
Interior features
Bathtub/Shower Combination, Open Floorplan
Appliances
Range, Refrigerator
Subdivision
Not in a Subdivision
Lot features
Cleared, Corner Lot, Few Trees
Standard status
Active
APN
209835
Size
2,200 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Prop-Tatum/Goose Crk/Lt#0 1 Recomb Pl:000182-000232
Tax Annual Amount
4554
Legal Description
Prop-Tatum/Goose Crk/Lt#0 1 Recomb Pl:000182-000232
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating), Forced Air
Cooling system
Heat Pump, Central Air, Electric
Water source
Public
Building Details
Year built
2009
Floors in Building
2
Number of units
2
Flooring type
Wood, Simulated wood, Tile
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Keller Williams Elite Realty · Keller Williams Realty
(984) 244-5830
Listed By:
Christine Menear · License #258467
(910) 603-4660
Added: Jun 19
Changed: Aug 20
Last Checked: Aug 21 at 2:06AM
MLS# 10175253
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 townhome-style duplex contains 2,200 square feet on a 0.26-acre corner lot. Built in 2009, the property includes two units, each with 3 bedrooms, 2 full baths, and a single-car garage. Interior features include open floorplans, bathtub/shower combinations, wood and tile flooring, ranges, and refrigerators. Heating and cooling are provided by electric heat pump and central air systems, with public water and public sewer serving the property.
The duplex is located near Downtown Durham at 1214 Granby Street. Each unit is occupied by a long-term tenant under an annual lease. The property is zoned R-3 and includes driveway parking in addition to the individual garages.
The duplex is located near Downtown Durham at 1214 Granby Street. Each unit is occupied by a long-term tenant under an annual lease. The property is zoned R-3 and includes driveway parking in addition to the individual garages.
Key Highlights
- Two‑unit duplex with 2,200 square feet of total property size
- Each unit offers 3 bedrooms and 2 full baths
- Single‑car garage provided for each unit, plus driveway parking
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
$18,891
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
4.55%
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%
$377,820
$377.8K
Cap Rate 7%
$269,871
$269.9K
Cap Rate 9%
$209,900
$209.9K
Market Conditions
NOI Build-Up for 2,200 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
$30.4K $13.80/SF
− Vacancy
−$3.4K −$1.53/SF
EGI
$27.0K $12.27/SF
− OpEx
−$8.1K −$3.68/SF
NOI
$18.9K $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%
$377,820
Cap Rate 7%
$269,871
Cap Rate 9%
$209,900
Alternative Uses
Best Use
Multifamily LT 5
$269.9K
$236.1K – $314.9K
NOI $18,891 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$236.3K
$206.7K – $275.7K
NOI $16,539 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$710.4K
$621.6K – $828.8K
NOI $49,728 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
749
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature established annual leases, individual garages, and a corner-lot setting near Downtown Durham.
Where is this duplex located?
The property is located at 1214 Granby Street Durham, NC.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,200 square feet of total property size; Each unit offers 3 bedrooms and 2 full baths; Single‑car garage provided for each unit, plus driveway parking
