8-Unit Historic Apartment
New
For Sale
$1,950,000
201 Broadway Street, Durham, NC 27701
Residential Income, Durham, NC
Property Size10,216 SF
Lot Size0.36 Acres
Price / SF$190.88
Days on Market3
Property Features for 201 Broadway Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 10, Bedroom 12, Bedroom 16, Bedroom 8, Bedroom 6, Bedroom 15, Bathroom 5, Bedroom 14, Bedroom 1, Bedroom 3, Bathroom 6, Bathroom 3, Bedroom 9, Bedroom 4, Bedroom 7, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 5, Bathroom 4, Bedroom 11, Bathroom 8, Bedroom 13, Basement, Bathroom 7, Laundry Room
Parking features
Off Street, Parking Lot
Patio and Porch features
Porch
Interior features
Crown Molding, Granite Counters, High Ceilings
Exterior features
Courtyard, Fenced Yard
Fencing
Fenced
Basement
Exterior Entry
Appliances
Electric Range, Microwave, Refrigerator, Water Heater
Subdivision
Not in a Subdivision
Elementary school
Durham - George Watts Elementary
Middle school
Durham - Brogden Middle
High school
Durham - Riverside High
Standard status
Active
APN
0831-09-2145
Size
10,216 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Prop-Boyd James P-Sharon/ Dba-Markham Apts Dba/Mar Pl:000102-000125
Legal Description
Prop-Boyd James P-Sharon/ Dba-Markham Apts Dba/Mar Pl:000102-000125
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Gas (Cooling), Central Air
Water source
Public
Amenities
common laundry room
front courtyard
porches
balconies
Building Details
Year built
1950
Floors in Building
2
Number of units
8
Flooring type
Hardwood
Building materials
Brick Veneer
Roof type
Rubber
Listing Agency:
Frasher Whaley Realty Group
(919) 794-3233
Listed By:
John Whaley · License #262351
(919) 475-3891
Added: Sep 29
Last Checked: Oct 1 at 9:06AM
MLS# 10195417
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.
Markham Apartments is a historic multifamily property in downtown Durham, built in 1950. The 10,216-square-foot building contains eight apartments, each configured with two bedrooms and one bathroom. Interior details include high ceilings, hardwood floors, large windows, and granite-counter kitchens. Spanish Colonial Revival design elements include arches between living and dining areas, decorative moldings, and preserved original features. The building received the 2002 George & Mary Pyne Preservation Award for historic preservation.
The 0.36-acre property has a front courtyard, porches serving the lower-level apartments, and balconies on the upper level. A common laundry room and 10 off-street parking spaces are also provided. Public water and sewer serve the property.
The 0.36-acre property has a front courtyard, porches serving the lower-level apartments, and balconies on the upper level. A common laundry room and 10 off-street parking spaces are also provided. Public water and sewer serve the property.
Key Highlights
- Eight apartments, each with 2 bedrooms and 1 bathroom
- 10,216‑square‑foot building on 0.36 acres
- 10 off‑street parking spaces
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight two-bedroom residences feature updated kitchens, hardwood flooring, and shared laundry facilities.
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 2 bedrooms and 1 bathroom; 10,216‑square‑foot building on 0.36 acres; 10 off‑street parking spaces
