Three-Unit Triplex with Private
For Sale
$550,000
Pending
311 Lyric Street, Durham, NC 27701
Residential Income, Durham, NC
Property Size2,510 SF
Lot Size0.22 Acres
Days on Market48
Property Features for 311 Lyric Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RM-12
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 3, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 1
Parking features
Paved or Surfaced
Subdivision
Not in a Subdivision
Standard status
Pending
APN
110110
Size
2,510 SF
Lot size
0.22 Acres
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
unspecified utilities
Taxes and HOA fees
Tax Year
2026
Tax Description
Prop-Harrison L B Pl:000107-000048
Tax Annual Amount
4069
Legal Description
Prop-Harrison L B Pl:000107-000048
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private entrance
rear deck
washer/dryer hookups
storage shed
Building Details
Year built
1985
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Carpet
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Compass -- Raleigh
(919) 726-6548
Listed By:
Shikha Anand · License #320943
(917) 331-3161
Added: Sep 16
Changed: Oct 29
Last Checked: Nov 2 at 12:06AM
MLS# 10192976
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.
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Investment Insights
Based on property information with market context.
This 1985 triplex contains three two-level units, each with two bedrooms and one bathroom. The property totals 2,510 square feet on a 0.22-acre lot. Every unit has a private entrance, rear deck, washer/dryer hookups, and separate utilities. Central heating and air conditioning serve the building; exterior materials include vinyl siding, with vinyl and carpet flooring. A storage shed and paved off-street parking are also on site.
Two units are leased, while the third is vacant. The property is in Durham’s 27701 ZIP code, with access to Downtown Durham, Duke University, Duke Health, dining, and entertainment, as well as NC-147 and I-85. Two of the three water heaters were replaced in 2026.
Two units are leased, while the third is vacant. The property is in Durham’s 27701 ZIP code, with access to Downtown Durham, Duke University, Duke Health, dining, and entertainment, as well as NC-147 and I-85. Two of the three water heaters were replaced in 2026.
Key Highlights
- Three two‑level units, each with 2 bedrooms and 1 bathroom
- 2,510 square feet on a 0.22‑acre lot; RM‑12 zoning
- All three units have private entrances, rear decks, washer/dryer hookups, and individual utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,553
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
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
Frequently Asked Questions
What type of property is this?
Triplex - RM-12 zoning, individual utilities, rear decks, and washer/dryer hookups support the property’s three separate residences.
Where is this triplex located?
The property is located at 311 Lyric Street 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 two‑level units, each with 2 bedrooms and 1 bathroom; 2,510 square feet on a 0.22‑acre lot; RM‑12 zoning; All three units have private entrances, rear decks, washer/dryer hookups, and individual utilities
