Three-Unit Multifamily
For Sale
$550,000
311 Lyric St, Durham, NC 27701
Separate entrances, outdoor areas, and off-street parking support flexible residential occupancy across the property.
Property Size2,510 SF
Lot Size0.22 Acres
Price / SF$219.12
Days on Market12
Property Features for 311 Lyric St
General Information
Standard status
Active
Size
2,510 SF
Lot size
0.22 Acres
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
off-street parking
outdoor space
washer/dryer hookups
Building Details
Year Built
1985
Buildings
1
Tenancy
Multi
Listing Agency:
Compass -- Raleigh
Listed By:
Shikha Anand · License #320943
(917) 331-3161
Source:
Searchhomesinnorthcarolina
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 26 at 7:15AM
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 Compass -- Raleigh
Investment Insights
Based on property information with market context.
This three-unit multifamily property at 311 Lyric St includes three two-bedroom, one-bath residences totaling approximately 2, 510 square feet on a 0.22-acre lot. Each unit has a private entrance, living and dining areas, a kitchen, two upstairs bedrooms, and one full bathroom. Washer/dryer hookups are provided in every residence, while individual HVAC systems and off-street parking add functional separation among the units.
Two residences are leased, and the third is vacant and available for showings. The property is near Downtown Durham, Duke University, dining, entertainment, and major commuter routes. Water heaters were installed in 2026, 2026, and 2002; HVAC systems date to 2014, 2000, and 2009.
Two residences are leased, and the third is vacant and available for showings. The property is near Downtown Durham, Duke University, dining, entertainment, and major commuter routes. Water heaters were installed in 2026, 2026, and 2002; HVAC systems date to 2014, 2000, and 2009.
Key Highlights
- Three 2‑bedroom, 1‑bath residences totaling approximately 2, 510 square feet
- 0.22‑acre lot with off‑street parking and outdoor space
- Two units are leased; vacant Unit C is available for showings
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
$21,553
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
3.92%
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%
$431,060
$431.1K
Cap Rate 7%
$307,900
$307.9K
Cap Rate 9%
$239,478
$239.5K
Market Conditions
NOI Build-Up for 2,510 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
$34.6K $13.80/SF
− Vacancy
−$3.8K −$1.53/SF
EGI
$30.8K $12.27/SF
− OpEx
−$9.2K −$3.68/SF
NOI
$21.6K $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%
$431,060
Cap Rate 7%
$307,900
Cap Rate 9%
$239,478
Alternative Uses
Best Use
Multifamily LT 5
$307.9K
$269.4K – $359.2K
NOI $21,553 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$269.6K
$235.9K – $314.5K
NOI $18,870 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$810.5K
$709.2K – $945.6K
NOI $56,735 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,563
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Separate entrances, outdoor areas, and off-street parking support flexible residential occupancy across the property.
Where is this triplex located?
The property is located at 311 Lyric St Durham, NC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bath residences totaling approximately 2, 510 square feet; 0.22‑acre lot with off‑street parking and outdoor space; Two units are leased; vacant Unit C is available for showings
