Duplex with Private
For Sale
$349,900
705 N Driver St, Durham, NC 27703
Two-unit property with one side operating as an Airbnb and convenient access to Durham-area employment and transportation centers.
Property Size1,235 SF
Price / SF$283.32
Days on Market29
Property Features for 705 N Driver St
General Information
Standard status
Active
Size
1,235 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
(919) 782-4503
Listed By:
Carolina Collective Realty
(919) 782-4503
Source:
Carolinacollectiverealty
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 28 at 10:15AM
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 Carolina Collective Realty
Investment Insights
Based on property information with market context.
This 1,235-square-foot duplex, built in 1920, contains two units with separate private entrances. Several improvements were completed during the past year, while the property remains available for additional updating and personalization. The offering is being sold as-is, and a recent home inspection report is available for buyer review.
The property is located in Durham, minutes from Downtown Durham, Research Triangle Park, and Raleigh-Durham International Airport. Major highways, shopping, dining, and employment hubs are also nearby. One unit is currently configured for Airbnb use, providing an existing short-term rental setup within the two-unit property.
The property is located in Durham, minutes from Downtown Durham, Research Triangle Park, and Raleigh-Durham International Airport. Major highways, shopping, dining, and employment hubs are also nearby. One unit is currently configured for Airbnb use, providing an existing short-term rental setup within the two-unit property.
Key Highlights
- Two‑unit duplex totaling 1,235 square feet
- Separate private entrances for each unit
- Built in 1920
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
$10,605
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
3.03%
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%
$212,100
$212.1K
Cap Rate 7%
$151,500
$151.5K
Cap Rate 9%
$117,833
$117.8K
Market Conditions
NOI Build-Up for 1,235 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
$17.0K $13.80/SF
− Vacancy
−$1.9K −$1.53/SF
EGI
$15.1K $12.27/SF
− OpEx
−$4.5K −$3.68/SF
NOI
$10.6K $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%
$212,100
Cap Rate 7%
$151,500
Cap Rate 9%
$117,833
Alternative Uses
Best Use
Multifamily LT 5
$151.5K
$132.6K – $176.8K
NOI $10,605 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$132.6K
$116.1K – $154.8K
NOI $9,285 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$398.8K
$349.0K – $465.3K
NOI $27,916 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 27703, NC
61,539
Population
27,122
Households
2.3
Avg Household Size
36
Median Age
45%
College-Educated
88%
High-School Grad
49.1 sq mi
ZIP Area
1,253
Density / Sq Mi
$86,953
Median Household Income
$51,462
Median Earnings
$1,469
Median Rent
$340,500
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-unit property with one side operating as an Airbnb and convenient access to Durham-area employment and transportation centers.
Where is this duplex located?
The property is located at 705 N Driver St Durham, NC.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,235 square feet; Separate private entrances for each unit; Built in 1920
