8-Unit New Construction Multifamily
For Sale
$4,300,000
2938-2944 Chapel Hill Road, Durham, NC 27707
Each vacant residence offers four bedrooms, 4.5 bathrooms, and laundry areas on both levels.
Property Size18,504 SF
Price / SF$232.38
Days on Market36
Property Features for 2938-2944 Chapel Hill Road
General Information
Standard status
Active
Size
18,504 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Chapel Hill Road
Units
Unit Mix
8 x 4BR/4.5BA
Multifamily Units
8
Building Details
Building Size
18,504 SF
Year Built
2026
Listing Agency:
Better Realty LLC
Listed By:
Gabriel Gorelick · License #281373
(980) 233-1490
Source:
Thecedenogroup
Added: Sep 28
Changed: Nov 2
Last Checked: Oct 31 at 9:25PM
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 Better Realty LLC
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Investment Insights
Based on property information with market context.
This eight-residence multifamily property was completed in 2026 and is offered vacant. Each home contains approximately 2,313 square feet, with four bedrooms and 4.5 bathrooms; every bedroom has access to a full bathroom. Upper- and lower-level laundry areas are included. Interior features include Pella windows, Bosch stainless steel appliances, solid-wood soft-close cabinetry, waterfall quartz islands, tiled walk-in showers, and LVP flooring.
The property is on Chapel Hill Road in Southwest Durham, with connectivity to Downtown Durham, Duke University, Chapel Hill, Research Triangle Park, and the broader Triangle employment base.
The property is on Chapel Hill Road in Southwest Durham, with connectivity to Downtown Durham, Duke University, Chapel Hill, Research Triangle Park, and the broader Triangle employment base.
Key Highlights
- Eight completed residences, delivered vacant
- Approximately 2,313 square feet per residence
- Four bedrooms and 4.5 bathrooms in each home, with full‑bath access for every bedroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$139,111
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,782,220
$2.8M
Cap Rate 7%
$1,987,300
$2.0M
Cap Rate 9%
$1,545,678
$1.5M
Market Conditions
NOI Build-Up for 18,504 SF
Gross rent
$286.4K $15.48/SF
− Vacancy
−$33.5K −$1.81/SF
EGI
$252.9K $13.67/SF
− OpEx
−$113.8K −$6.15/SF
NOI
$139.1K $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%
$2,782,220
Cap Rate 7%
$1,987,300
Cap Rate 9%
$1,545,678
Alternative Uses
Best Use
Apartment 5plus
$1.99M
$1.74M – $2.32M
NOI $139,111 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.98M
$5.23M – $6.97M
NOI $418,260 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
Explore this area
Business Placement
Demographics for 27707, NC
49,787
Population
23,528
Households
2.1
Avg Household Size
34
Median Age
57%
College-Educated
92%
High-School Grad
20.7 sq mi
ZIP Area
2,405
Density / Sq Mi
$72,432
Median Household Income
$45,803
Median Earnings
$1,364
Median Rent
$371,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Each vacant residence offers four bedrooms, 4.5 bathrooms, and laundry areas on both levels.
Where is this multifamily property located?
The property is located at 2938-2944 Chapel Hill Road Durham, NC.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Eight completed residences, delivered vacant; Approximately 2,313 square feet per residence; Four bedrooms and 4.5 bathrooms in each home, with full‑bath access for every bedroom
