Live-Work Craftsman
For Sale
$493,000
1814 Chapel Hill, Durham, NC 27707
Craftsman-style home with office-ready interiors, a fireplace front parlor, and flexible outdoor parking behind a detached garage.
Property Size1,922 SF
Price / SF$256.50
Days on Market77
Property Features for 1814 Chapel Hill
General Information
Standard status
Active
Size
1,922 SF
Property subtype
Commercial
Zoning
Office/Institutional, Urban Tier district
Taxes and HOA fees
Annual Taxes
$4,838
Amenities
Central air
Garden
Back Yard
Carpet Flooring
Central Air Cooling
Forced Air Heating
Front Yard
Hardwood Flooring
In Basement
Landscaped
Luxury Vinyl Flooring
Natural Gas Heating
Rain Gutters
See Remarks Roof
Shingle Roof
Tile Flooring
Building Details
Year Built
1938
Listing Agency:
WEICHERT, REALTORS-MARK THOMAS
(919) 403-5315
Listed By:
LISA JANES
Source:
Corcoran
Added: Jun 5
Changed: Aug 19
Last Checked: Aug 20 at 4:41AM
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 WEICHERT, REALTORS-MARK THOMAS
Investment Insights
Based on property information with market context.
This 1930s Craftsman-style bungalow offers a live-and-work layout with character-forward interior spaces. The home includes a front parlor with fireplace, a separate dining room, and a sunny breakfast room with a wall of windows. German-board wood siding and a newer roof, gutters, and water heater support the property’s ongoing use. An unfinished, walk-out basement with concrete flooring provides additional storage or workspace potential. Outdoor space includes a large front porch and a rambling flower garden, with additional parking tucked around an older, detached garage building out back.
The property is located in Durham’s Office/Institutional, Urban Tier district. It is less than a block from Lakewood Social Restaurant, with several destinations within minutes, including Cocoa Cinnamon, Lakewood YMCA, Duke University, Durham Performing Arts Center, and Durham Bulls Ballpark.
For tenants, buyers, or operators seeking a small-scale, mixed-use setting, the configuration supports an owner-user workflow with distinct rooms that can function as office, meeting, or client-facing space. The basement and detached-garage area add practicality for storage and back-of-house operations, while the on-site parking supports day-to-day access for staff, clients, and visitors.
The property is located in Durham’s Office/Institutional, Urban Tier district. It is less than a block from Lakewood Social Restaurant, with several destinations within minutes, including Cocoa Cinnamon, Lakewood YMCA, Duke University, Durham Performing Arts Center, and Durham Bulls Ballpark.
For tenants, buyers, or operators seeking a small-scale, mixed-use setting, the configuration supports an owner-user workflow with distinct rooms that can function as office, meeting, or client-facing space. The basement and detached-garage area add practicality for storage and back-of-house operations, while the on-site parking supports day-to-day access for staff, clients, and visitors.
Key Highlights
- 1938 Craftsman‑style bungalow with office‑ready interiors in Durham’s Office/Institutional, Urban Tier district
- Front parlor with fireplace plus a separate dining room
- Sunny breakfast room with a wall of windows for natural light
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
$29,683
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
6.02%
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%
$593,660
$593.7K
Cap Rate 7%
$424,043
$424.0K
Cap Rate 9%
$329,811
$329.8K
Market Conditions
NOI Build-Up for 1,922 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
$48.0K $24.96/SF
− Vacancy
−$8.4K −$4.37/SF
EGI
$39.6K $20.59/SF
− OpEx
−$9.9K −$5.15/SF
NOI
$29.7K $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%
$593,660
Cap Rate 7%
$424,043
Cap Rate 9%
$329,811
Alternative Uses
Best Use
Office B
$424.0K
$371.0K – $494.7K
NOI $29,683 @ 7.0% cap · market cap 6.02%
Second Best
Mixed Use
$370.7K
$324.3K – $432.5K
NOI $25,947 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$620.6K
$543.1K – $724.1K
NOI $43,444 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
753
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Craftsman-style home with office-ready interiors, a fireplace front parlor, and flexible outdoor parking behind a detached garage.
Where is this live-work space located?
The property is located at 1814 Chapel Hill Durham, NC.
What is the asking price?
The asking price for this property is $493,000.
What are key features of this property?
This property features: 1938 Craftsman‑style bungalow with office‑ready interiors in Durham’s Office/Institutional, Urban Tier district; Front parlor with fireplace plus a separate dining room; Sunny breakfast room with a wall of windows for natural light
