Updated Downtown
For Sale
$345,000
213 Hargrove St, Durham, NC 27701
Two residential units include one vacant unit and one occupied unit with refreshed interiors.
Property Size1,235 SF
Price / SF$279.35
Days on Market42
Property Features for 213 Hargrove St
General Information
Standard status
Active
Size
1,235 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA (560 SF), 1 x 1BR/1BA (675 SF)
Multifamily Units
2
Building Details
Year Built
1938
Buildings
1
Listing Agency:
Deaton Investment Real Estate
(919) 412-3913
Listed By:
Thomas Furlow · License #222598
Source:
Bonniestrowd
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 4:09AM
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 Deaton Investment Real Estate
Investment Insights
Based on property information with market context.
Built in 1938, this duplex at 213 Hargrove St includes two one-bedroom, one-bath residences measuring approximately 560 SF and 675 SF. Both interiors have been refreshed with LVP flooring, new countertops, stainless steel appliances, and updated fixtures. One residence is vacant, while the other is occupied on a month-to-month arrangement. The owner pays for water.
The property is across from Bay-Hargrove Park and provides walkable access to Downtown Durham dining, retail, and employment centers. Its two-unit layout supports continued rental use or an owner-occupant arrangement with a separate residence on site.
The property is across from Bay-Hargrove Park and provides walkable access to Downtown Durham dining, retail, and employment centers. Its two-unit layout supports continued rental use or an owner-occupant arrangement with a separate residence on site.
Key Highlights
- Two‑unit duplex at 213 Hargrove St, Durham, NC 27701
- One‑bedroom, one‑bath units measuring approximately 560 SF and 675 SF
- Both units feature LVP flooring, new countertops, stainless steel appliances, and updated fixtures
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
$10,605
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
3.07%
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%
$212,100
$212.1K
Cap Rate 7%
$151,500
$151.5K
Cap Rate 9%
$117,833
$117.8K
Market Conditions
NOI Build-Up for 1,235 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
$17.0K $13.80/SF
− Vacancy
−$1.9K −$1.53/SF
EGI
$15.1K $12.27/SF
− OpEx
−$4.5K −$3.68/SF
NOI
$10.6K $8.59/SF
Area
Durham, NC
Vacancy
11.11%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$212,100
Cap Rate 7%
$151,500
Cap Rate 9%
$117,833
Alternative Uses
Best Use
Multifamily LT 5
$151.5K
$132.6K – $176.8K
NOI $10,605 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$132.6K
$116.1K – $154.8K
NOI $9,285 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$398.8K
$349.0K – $465.3K
NOI $27,916 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,139
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include one vacant unit and one occupied unit with refreshed interiors.
Where is this duplex located?
The property is located at 213 Hargrove St Durham, NC.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Two‑unit duplex at 213 Hargrove St, Durham, NC 27701; One‑bedroom, one‑bath units measuring approximately 560 SF and 675 SF; Both units feature LVP flooring, new countertops, stainless steel appliances, and updated fixtures
