Three-Unit Triplex with
New
For Sale
$550,000
311 Lyric Street, Durham, NC 27701
Residential Income, Durham, NC
Property Size2,510 SF
Lot Size0.22 Acres
Price / SF$219.12
Days on Market2
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 1, Bathroom 1, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 2
Parking features
Paved or Surfaced
Subdivision
Not in a Subdivision
Standard status
Active
APN
110110
Size
2,510 SF
Lot size
0.22 Acres
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
off-street parking
outdoor space
washer/dryer hookups
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
Last Checked: Sep 17 at 9:06AM
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.
Investment Insights
Based on property information with market context.
Built in 1985, this triplex contains three separate two-bedroom, one-bath residences totaling approximately 2,510 square feet. Each unit has its own entrance, defined living and dining areas, a kitchen, two upstairs bedrooms, and one full bathroom. Washer and dryer hookups are provided in every residence, along with individual HVAC systems. The property sits on 0.22 acres and includes outdoor space, paved off-street parking, vinyl siding, shingle roofing, central heating and central air, public water, and public sewer.
Two residences are leased, while Unit C is vacant and available for showings. The property is located in Durham’s 27701 ZIP code near Downtown Durham, Duke University, dining, entertainment, and major commuter routes. Zoning is RM-12.
Two residences are leased, while Unit C is vacant and available for showings. The property is located in Durham’s 27701 ZIP code near Downtown Durham, Duke University, dining, entertainment, and major commuter routes. Zoning is RM-12.
Key Highlights
- Three residences with two bedrooms and one full bath per unit
- Approximately 2,510 square feet on a 0.22‑acre lot
- 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separately entered residences include private living areas, kitchens, outdoor space, and paved off-street parking.
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 residences with two bedrooms and one full bath per unit; Approximately 2,510 square feet on a 0.22‑acre lot; Two units are leased; vacant Unit C is available for showings
