8-Unit Historic Multifamily
New
For Sale
$1,950,000
201 Broadway Street, Durham, NC 27701
Eight residences offer two bedrooms and one bath apiece, along with shared laundry and off-street parking.
Property Size10,216 SF
Price / SF$190.88
Days on Market3
Property Features for 201 Broadway Street
General Information
Standard status
Active
Size
10,216 SF
Property subtype
Residential Income
Listing Agency:
Frasher Whaley Realty Group
(919) 794-3233
Listed By:
John Whaley · License #262351
(919) 475-3891
Source:
Exprealty
Added: Sep 29
Changed: Sep 30
Last Checked: Sep 30 at 4:15PM
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 Frasher Whaley Realty Group
Investment Insights
Based on property information with market context.
This 10,216-square-foot, eight-unit property in downtown Durham has Spanish Colonial Revival design and received the 2002 George & Mary Pyne Preservation Award. Each apartment has two bedrooms, one bathroom, an updated kitchen with granite countertops, hardwood flooring, large windows, and tall ceilings. Arches mark the transition between living and dining areas; detailed cornices and dentil moldings contribute to the building’s historic character. Brick and stucco exterior finishes sit beneath a metal roof.
Lower-level residences have access to front or rear porches, while upper apartments feature balconies with decorative spindles. Shared amenities include a front courtyard, a common laundry room, and 10 off-street parking spaces at the rear. The property is located on Broadway Street in downtown Durham.
Lower-level residences have access to front or rear porches, while upper apartments feature balconies with decorative spindles. Shared amenities include a front courtyard, a common laundry room, and 10 off-street parking spaces at the rear. The property is located on Broadway Street in downtown Durham.
Key Highlights
- Eight apartments, each with two bedrooms and one bathroom
- 10,216 square feet in downtown Durham
- Spanish Colonial Revival architecture; recipient of the 2002 George & Mary Pyne Preservation Award
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
$76,802
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
3.94%
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%
$1,536,040
$1.5M
Cap Rate 7%
$1,097,171
$1.1M
Cap Rate 9%
$853,356
$853.4K
Market Conditions
NOI Build-Up for 10,216 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
$158.1K $15.48/SF
− Vacancy
−$18.5K −$1.81/SF
EGI
$139.6K $13.67/SF
− OpEx
−$62.8K −$6.15/SF
NOI
$76.8K $7.52/SF
Area
Durham, NC
Vacancy
11.70%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
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%
$1,536,040
Cap Rate 7%
$1,097,171
Cap Rate 9%
$853,356
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$960.0K – $1.28M
NOI $76,802 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $230,920 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,444
Businesses Nearby
Explore this area
Business Placement
Demographics for 27701, NC
25,208
Population
13,409
Households
1.9
Avg Household Size
34
Median Age
50%
College-Educated
85%
High-School Grad
5.2 sq mi
ZIP Area
4,848
Density / Sq Mi
$66,852
Median Household Income
$47,681
Median Earnings
$1,279
Median Rent
$457,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight residences offer two bedrooms and one bath apiece, along with shared laundry and off-street parking.
Where is this apartment building located?
The property is located at 201 Broadway Street Durham, NC.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Eight apartments, each with two bedrooms and one bathroom; 10,216 square feet in downtown Durham; Spanish Colonial Revival architecture; recipient of the 2002 George & Mary Pyne Preservation Award
