Duplex with Granite
For Sale
$319,900
1507 Gunter Street, Durham, NC 27707
Residential Income, Durham, NC
Property Size1,230 SF
Lot Size0.10 Acres
Price / SF$260.08
Days on Market141
Property Features for 1507 Gunter Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-3
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
On Street
Interior features
Bathtub/Shower Combination
Basement
Crawl Space
Appliances
Electric Range
Subdivision
Lyon Park
Standard status
Active
APN
107923
Size
1,230 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lyon Park/Lt#193-194/Lt#2 09 W1/2 Pl:00005A-000042
Tax Annual Amount
3031
Legal Description
Lyon Park/Lt#193-194/Lt#2 09 W1/2 Pl:00005A-000042
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
1
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Northside Realty Inc.
(919) 784-0101
Listed By:
Stephanie Anson
(919) 335-3048
Added: Apr 3
Changed: Aug 19
Last Checked: Aug 21 at 5:06AM
MLS# 10163261
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 duplex contains two one-bedroom, one-bath units within 1,230 square feet. Both sides feature granite countertops and stainless steel appliances, with tile and hardwood flooring, forced-air heating, central air, and electric ranges. The property was built in 1930 and has vinyl siding, a shingle roof, public water, and public sewer. On-street parking serves the property.
The 0.1-acre property is located in Durham near downtown Durham, NCCU, Duke, RTP, and major highways. Its setting also provides access to nearby shopping, dining, and entertainment. R-3 zoning and the two-unit configuration define the property’s current residential income format.
The 0.1-acre property is located in Durham near downtown Durham, NCCU, Duke, RTP, and major highways. Its setting also provides access to nearby shopping, dining, and entertainment. R-3 zoning and the two-unit configuration define the property’s current residential income format.
Key Highlights
- Two‑unit duplex with 1,230 square feet
- Each unit has 1 bedroom and 1 bathroom
- Granite countertops and stainless steel appliances in both units
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
$10,562
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
3.30%
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%
$211,240
$211.2K
Cap Rate 7%
$150,886
$150.9K
Cap Rate 9%
$117,356
$117.4K
Market Conditions
NOI Build-Up for 1,230 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%
$211,240
Cap Rate 7%
$150,886
Cap Rate 9%
$117,356
Alternative Uses
Best Use
Multifamily LT 5
$150.9K
$132.0K – $176.0K
NOI $10,562 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$132.1K
$115.6K – $154.1K
NOI $9,247 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$397.2K
$347.5K – $463.4K
NOI $27,803 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Explore this area
Business Placement
Demographics for 27707, NC
49,787
Population
23,528
Households
2.1
Avg Household Size
34
Median Age
57%
College-Educated
92%
High-School Grad
20.7 sq mi
ZIP Area
2,405
Density / Sq Mi
$72,432
Median Household Income
$45,803
Median Earnings
$1,364
Median Rent
$371,500
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Duplex - R-3-zoned property with two one-bedroom, one-bath units and stainless steel appliances.
Where is this duplex located?
The property is located at 1507 Gunter Street Durham, NC.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,230 square feet; Each unit has 1 bedroom and 1 bathroom; Granite countertops and stainless steel appliances in both units
