Townhome-Style
New
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 Market4
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 3, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 2
Parking features
Driveway, Garage
Vegetation
Cleared
Interior features
Bathtub/Shower Combination, Breakfast Bar, Laminate Counters, Open Floorplan
Exterior features
Rain Gutters
Appliances
Electric Range, Free-Standing Electric Range, Free-Standing Range, Free-Standing Refrigerator, Microwave, Range, Range Hood, Refrigerator
Subdivision
Not in a Subdivision
Lot features
Cleared, Corner Lot, Few Trees, Gentle Sloping, Sloped
Elementary school
Durham - Eastway Elementary
Middle school
Durham - Durham School of the Arts
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
Heat Pump (Heating), Forced Air, Electric (Heating)
Cooling system
Heat Pump, Electric, Central Air
Water source
Public
Building Details
Year built
2009
Floors in Building
2
Number of units
2
Flooring type
Simulated wood, Tile, Wood
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
NorthGroup Real Estate, Inc.
(704) 412-2804
Listed By:
Christine Menear · License #258467
(910) 603-4660
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 14 at 3:06PM
MLS# 10192343
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 2,200-square-foot townhome-style duplex, built in 2009, includes two separate residences with a combined six bedrooms and four full bathrooms. Each unit provides three bedrooms, two full baths, an open floorplan, breakfast bar, laminate counters, and a single-car garage. Interior finishes include tile, simulated wood, and wood flooring, while central air and heat pump systems provide heating and cooling. The property also includes driveways, vinyl siding, shingle roofing, rain gutters, public water, and public sewer.
Situated near the heart of Downtown Durham at 1214 Granby Street, the property occupies a 0.26-acre corner lot. Both units have long-term tenants in place under annual leases, providing an established occupancy structure. R-3 zoning and the duplex configuration support its current residential income use.
Situated near the heart of Downtown Durham at 1214 Granby Street, the property occupies a 0.26-acre corner lot. Both units have long-term tenants in place under annual leases, providing an established occupancy structure. R-3 zoning and the duplex configuration support its current residential income use.
Key Highlights
- Two‑unit duplex totaling 2,200 square feet
- Each unit includes 3 bedrooms, 2 full baths, and a single‑car garage
- Long‑term tenants in place with annual leases
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
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer open layouts, individual garages, and annual leases with long-term tenants in place.
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 totaling 2,200 square feet; Each unit includes 3 bedrooms, 2 full baths, and a single‑car garage; Long‑term tenants in place with annual leases
