Brick Office
New
For Sale
$849,500
1402 Broad Street, Durham, NC 27705
An adjoining vacant parcel expands the property across a double corner lot.
Property Size2,124 SF
Price / SF$399.95
Days on Market4
Property Features for 1402 Broad Street
General Information
Standard status
Active
Size
2,124 SF
Total Parking Spaces
5
Zoning
OI-2
Lease Term
Month To Month
Net Operating Income
$988.33
Additional Details
Road Access
Yes
Land Use
commercial
Taxes and HOA fees
Annual Taxes
$4,898
Amenities
High Speed Internet
Building Details
Building Size
2,124 SF
Year Built
1929
Buildings
1
Stories
2
Construction
brick
Tenancy
Single
Listing Agency:
Arborland Realty, LLC
Listed By:
Mike J Perry
(919) 612-6611
Source:
Evrealestate
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 11 at 6:29AM
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 Arborland Realty, LLC
Investment Insights
Based on property information with market context.
This 2,124-square-foot brick office building dates to 1929 and was adapted from residential use for medical and legal offices. The property includes a double corner lot at 1402 Broad St and an adjoining vacant lot at 1404 Broad St. An attorney currently leases the building and will need six months to vacate.
The property is just north of the local historic district and diagonally across from the northeast corner of the NC School of Science and Mathematics. By-right development described for the site includes mixed use up to 55 feet, three-story townhomes, or clustered homes of up to three stories and 40 feet.
The property is just north of the local historic district and diagonally across from the northeast corner of the NC School of Science and Mathematics. By-right development described for the site includes mixed use up to 55 feet, three-story townhomes, or clustered homes of up to three stories and 40 feet.
Key Highlights
- 2,124‑square‑foot brick building constructed in 1929
- Double corner lot at 1402 Broad St, with adjoining vacant lot at 1404 Broad St
- Former medical and legal office use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,803
Cap Rate
3.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$656,060
$656.1K
Cap Rate 7%
$468,614
$468.6K
Cap Rate 9%
$364,478
$364.5K
Market Conditions
NOI Build-Up for 2,124 SF
Gross rent
$53.0K $24.96/SF
− Vacancy
−$9.3K −$4.37/SF
EGI
$43.7K $20.59/SF
− OpEx
−$10.9K −$5.15/SF
NOI
$32.8K $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 Rate 5%
$656,060
Cap Rate 7%
$468,614
Cap Rate 9%
$364,478
Alternative Uses
Best Use
Office B
$468.6K
$410.0K – $546.7K
NOI $32,803 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$685.9K
$600.1K – $800.2K
NOI $48,010 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
793
Businesses Nearby
Explore this area
Business Placement
Demographics for 27705, NC
50,472
Population
24,108
Households
2.1
Avg Household Size
34
Median Age
62%
College-Educated
91%
High-School Grad
42.1 sq mi
ZIP Area
1,199
Density / Sq Mi
$71,153
Median Household Income
$43,138
Median Earnings
$1,422
Median Rent
$398,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office building - An adjoining vacant parcel expands the property across a double corner lot.
Where is this office building located?
The property is located at 1402 Broad Street Durham, NC.
What is the asking price?
The asking price for this property is $849,500.
What are key features of this property?
This property features: 2,124‑square‑foot brick building constructed in 1929; Double corner lot at 1402 Broad St, with adjoining vacant lot at 1404 Broad St; Former medical and legal office use
