8-Unit Historic Apartment
New
For Sale
$1,950,000
201 Broadway St, Durham, NC 27701
Eight residences pair Spanish Colonial Revival details with updated kitchens, shared laundry, and rear off-street parking.
Property Size10,216 SF
Price / SF$190.88
Days on Market5
Property Features for 201 Broadway St
General Information
Standard status
Active
Size
10,216 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Amenities
front courtyard
common laundry room
front porches
rear porches
balconies
Building Details
Year Built
1950
Buildings
1
Construction
Spanish Colonial Revival
Listing Agency:
Frasher Whaley Realty Group
Listed By:
John Whaley · License #262351
(919) 475-3891
Source:
Bonniestrowd
Added: Oct 5
Changed: Oct 7
Last Checked: Oct 7 at 1:18PM
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.
Markham Apartments is an 8-unit apartment property in downtown Durham, built in 1950 and totaling 10,216 square feet. The building’s Spanish Colonial Revival design includes brick and stucco construction, a metal roof, arched openings between living and dining areas, hardwood floors, high ceilings, and substantial windows. Preserved architectural details were recognized with the 2002 George & Mary Pyne Preservation Award for historic preservation.
Each apartment has 2 bedrooms, 1 bathroom, and an updated kitchen with granite countertops. Lower-level units have front and rear porches, while upper-level apartments include balconies with decorative spindles. Shared amenities include a common laundry room, a front courtyard, and 10 off-street parking spaces at the rear. The property is located at 201 Broadway St in downtown Durham.
Each apartment has 2 bedrooms, 1 bathroom, and an updated kitchen with granite countertops. Lower-level units have front and rear porches, while upper-level apartments include balconies with decorative spindles. Shared amenities include a common laundry room, a front courtyard, and 10 off-street parking spaces at the rear. The property is located at 201 Broadway St in downtown Durham.
Key Highlights
- 8 apartments, each with 2 bedrooms and 1 bathroom
- 10,216 square feet; built in 1950
- Spanish Colonial Revival architecture with preserved interior details
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,802
Cap Rate
3.94%
Suggested Prices Based on Cap Rates
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
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 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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Open Analytics
Current Use
Lease Details
8
Residential units
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 pair Spanish Colonial Revival details with updated kitchens, shared laundry, and rear off-street parking.
Where is this apartment building located?
The property is located at 201 Broadway St 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: 8 apartments, each with 2 bedrooms and 1 bathroom; 10,216 square feet; built in 1950; Spanish Colonial Revival architecture with preserved interior details
