Fully Leased Duplex with Fenced
For Sale
$336,000
2504 Shenandoah Avenue, Durham, NC 27704
MULTI_FAMILY - Durham, NC
Property Size1,192 SF
Lot Size0.19 Acres
Price / SF$281.88
Days on Market197
Property Features for 2504 Shenandoah Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
On Street
Security features
Security System
Window features
Blinds
Interior features
Bathtub/Shower Combination, Built-in Features, Ceiling Fan(s)
Exterior features
Fenced Yard, Rain Gutters
Fencing
Fenced
Appliances
Electric Range, Microwave, Refrigerator, Washer/Dryer Stacked
Subdivision
Not in a Subdivision
Standard status
Active
APN
0832-16-4997
Size
1,192 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3068
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central, Electric (Heating)
Cooling system
Electric, Heat Pump, Central Air
Water source
Public
Amenities
fenced-in back yard
washer/dryer
Building Details
Year built
1947
Floors in Building
1
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Frasher Whaley Realty Group
(919) 794-3233
Listed By:
John Whaley · License #262351
(919) 475-3891
Added: Feb 5
Changed: Aug 18
Last Checked: Aug 21 at 5:06AM
MLS# 10144687
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.
This 1,192-square-foot duplex, built in 1947, contains two residential units with hardwood flooring, built-in features, moldings, and bathtub/shower combinations. Both units use electric heating and cooling systems with central HVAC, and each is equipped with stacked washer/dryer appliances. The property also includes a fenced backyard, rain gutters, shingle roofing, vinyl siding, and on-street parking.
Both units are leased through July 2027. The 0.19-acre property is served by public water and public sewer and is located in Durham’s Northgate Park area, with access to nearby parks, Duke, Downtown Durham, and I-85.
Both units are leased through July 2027. The 0.19-acre property is served by public water and public sewer and is located in Durham’s Northgate Park area, with access to nearby parks, Duke, Downtown Durham, and I-85.
Key Highlights
- Two‑unit duplex with 1,192 square feet of property size
- Both units leased through July 2027
- 0.19‑acre lot with a large fenced backyard
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
$10,235
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
3.05%
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%
$204,700
$204.7K
Cap Rate 7%
$146,214
$146.2K
Cap Rate 9%
$113,722
$113.7K
Market Conditions
NOI Build-Up for 1,192 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
$16.4K $13.80/SF
− Vacancy
−$1.8K −$1.53/SF
EGI
$14.6K $12.27/SF
− OpEx
−$4.4K −$3.68/SF
NOI
$10.2K $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%
$204,700
Cap Rate 7%
$146,214
Cap Rate 9%
$113,722
Alternative Uses
Best Use
Multifamily LT 5
$146.2K
$127.9K – $170.6K
NOI $10,235 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$128.0K
$112.0K – $149.4K
NOI $8,961 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$384.9K
$336.8K – $449.1K
NOI $26,944 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Explore this area
Business Placement
Demographics for 27704, NC
39,532
Population
16,824
Households
2.3
Avg Household Size
36
Median Age
33%
College-Educated
85%
High-School Grad
41.4 sq mi
ZIP Area
955
Density / Sq Mi
$62,435
Median Household Income
$36,955
Median Earnings
$1,306
Median Rent
$270,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with central HVAC, electric systems, hardwood flooring, and stacked laundry appliances.
Where is this duplex located?
The property is located at 2504 Shenandoah Avenue Durham, NC.
What is the asking price?
The asking price for this property is $336,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,192 square feet of property size; Both units leased through July 2027; 0.19‑acre lot with a large fenced backyard
