Three-Unit Mixed-Use
For Sale
$1,395,000
124 E Main St, Durham, NC 27701
Renovated in 2016, the property combines commercial space with an upstairs residence.
Property Size3,750 SF
Price / SF$372
Days on Market67
Property Features for 124 E Main St
General Information
Standard status
Active
Size
3,750 SF
Class
B
Property subtype
Office
Zoning
DD-C
Building Details
Building Size
3,750 SF
Year Built
1946
Year Renovated
2016
Buildings
1
Tenancy
Multi
Listing Agency:
Maverick Partners
(919) 672-0479
Listed By:
Daniel Robinson
Source:
Maverickpartners
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 1:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Maverick Partners
Investment Insights
Based on property information with market context.
This 3,750-square-foot mixed-use building contains three units, including residential space on the upper floor. Constructed in 1946 and renovated in 2016, the property offers a combination of commercial and residential configuration within one building. DD-C zoning supports its established mixed-use classification.
The property is located at 124 E Main St in downtown Durham, placing the building within the city’s downtown area. Its layout can accommodate office, creative, or mixed-use applications as supported by the existing configuration.
The property is located at 124 E Main St in downtown Durham, placing the building within the city’s downtown area. Its layout can accommodate office, creative, or mixed-use applications as supported by the existing configuration.
Key Highlights
- 3,750‑square‑foot building with three units
- Upper‑floor residential space included
- Constructed in 1946 and renovated in 2016
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
$57,915
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
4.15%
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%
$1,158,300
$1.2M
Cap Rate 7%
$827,357
$827.4K
Cap Rate 9%
$643,500
$643.5K
Market Conditions
NOI Build-Up for 3,750 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
$93.6K $24.96/SF
− Vacancy
−$16.4K −$4.37/SF
EGI
$77.2K $20.59/SF
− OpEx
−$19.3K −$5.15/SF
NOI
$57.9K $15.44/SF
Area
Durham, NC
Vacancy
17.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,158,300
Cap Rate 7%
$827,357
Cap Rate 9%
$643,500
Alternative Uses
Best Use
Office B
$827.4K
$723.9K – $965.3K
NOI $57,915 @ 7.0% cap · market cap 4.15%
Second Best
Mixed Use
$723.2K
$632.8K – $843.8K
NOI $50,625 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,764 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,059
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated in 2016, the property combines commercial space with an upstairs residence.
Where is this mixed-use property located?
The property is located at 124 E Main St Durham, NC.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 3,750‑square‑foot building with three units; Upper‑floor residential space included; Constructed in 1946 and renovated in 2016
