Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Residential Lot in Forest Hills Title is generated by Realmo AI

    1510 Hermitage, Durham, NC 27707

    View on Map
    Claim this Listing
    For Sale
    $425,000

    Building lot in desirable Forest Hills neighborhood near downtown Durham.

    Added:
    May 17, 2025
    Days on Market:
    381
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 1510 Hermitage

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    CONNIE SEMANS

    Listing agent CONNIE SEMANS

    Listing office INHABIT REAL ESTATE

    Listing date May 17, 2025

    Source Corcoran

    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 INHABIT REAL ESTATE

    HighLights

    • Rare building lot in the highly desirable Forest Hills neighborhood.
    • Located along a dedicated bike route to downtown Durham.
    • Convenient access to the 22.6‑mile American Tobacco Trail.
    • Combines easy access to Durham's urban scene with a lush, green environment.
    • Borders one of Durham's prettiest parks.
    • Offers the best of both urban convenience and natural beauty.

    Overview

    Located in the Forest Hills neighborhood, 1510 Hermitage Court is a building lot. The property is situated along a dedicated bike route that leads to downtown and the 22.6-mile American Tobacco Trail. This location provides access to Durham's urban environment while remaining in a green neighborhood bordering one of Durham's parks.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.9154
    Latitude
    35.9837

    Nearby Similar for Sale

    • $1,000,000
      4,000 SF

      Established Durham Mechanical Shop For Sale

      Income-producing mechanical shop with five service bays and ample parking.
      2410 Angier Avenue, Durham, NC 27703
      View Details
    • $650,000
      2,650 SF

      Durham Duplexes: Investment Opportunity

      Four units near downtown, NCCU, and Duke. Ideal for investors.
      1202-1204 Cornell Street, Durham, NC 27707
      View Details
    • $1,498,000
      6,912 SF

      Four Duplexes in Walltown

      Four brick duplexes near Duke and downtown Durham.
      1407-1413 Clarendon Street, Durham, NC 27705
      View Details
    • $1,795,000
      4,100 SF

      Durham Multifamily Investment Opportunity

      Rare investment property in desirable Northgate Park neighborhood.
      2826 Herring Boulevard, Durham, NC 27704
      View Details
    • $829,000
      3,944 SF

      Modern Farmhouse Duplex Investment Opportunity

      New construction duplex with strong rental income potential in Durham.
      412/408 Sparella Street, Durham, NC 27703
      View Details
    • $1,300,000
      2,386 SF

      Durham Commercial Land Opportunity

      Two adjacent properties for sale in Durham's growing corridor.
      3421 N Duke Street, Durham, NC 27704
      View Details
    • $365,000
      1,235 SF

      Updated Duplex in Downtown Durham

      Value-add duplex with updated interiors and walkable access to amenities.
      213 Hargrove Street, Durham, NC 27701
      View Details
    • $360,000
      1,008 SF

      Durham Duplex with Income Potential

      Duplex in Old West Durham with value-add opportunity.
      1008 Alabama Avenue, Durham, NC 27705
      View Details
    • $945,000
      3,881 SF

      Modern Duplex in Durham, NC

      Multi-unit property near downtown Durham with steady income.
      1505 Juniper Street, Durham, NC 27703
      View Details
    • $385,000
      1,500 SF

      Renovated Duplex Near Duke University

      Fully renovated duplex with income potential near Duke University.
      1015 Rosedale Avenue, Durham, NC 27707
      View Details
    • $410,000
      1,600 SF

      Renovated Duplex in Golden Belt

      Fully renovated duplex near Duke University and downtown Durham.
      1107 Worth Street, Durham, NC 27701
      View Details
    • $575,000
      2,391 SF

      Durham Duplex Near Duke

      Duplex in Durham's American Village, near Duke University.
      4310 American Drive, Durham, NC 27705
      View Details

    FAQs

    What type of property is this?
    Land - Building lot in desirable Forest Hills neighborhood near downtown Durham.
    Where is this land located?
    The property is located at 1510 Hermitage Durham, NC.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Rare building lot in the highly desirable Forest Hills neighborhood.; Located along a dedicated bike route to downtown Durham.; Convenient access to the 22.6‑mile American Tobacco Trail.
    We can help!
    Listing Contact
    CONNIE SEMANS
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1510 Hermitage, Durham, NC 27707
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!