Duplex Property with Detached
New
For Sale
$564,900
3241 Rowena Ave, Durham, NC 27703
Two structures support flexible residential, rental, guest, and home-office configurations without HOA restrictions.
Property Size2,098 SF
Price / SF$269.26
Days on Market4
Property Features for 3241 Rowena Ave
General Information
Standard status
Active
Size
2,098 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1949
Buildings
2
Listed By:
Carolina Collective Realty
(919) 782-4503
Source:
Carolinacollectiverealty
Added: Sep 1
Last Checked: Sep 2 at 4:51PM
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 Carolina Collective Realty
Investment Insights
Based on property information with market context.
This duplex property includes approximately 2,098 sq ft of total heated living area across two structures, based on tax records. The primary residence contains approximately 1,024 sq ft, complemented by a detached accessory dwelling unit. The layout supports multiple residential arrangements, including rental income, multigenerational living, guest accommodations, and a home office. Driveway parking is available off street.
The property is in Durham, minutes from downtown and within reach of major highways, shopping, dining, and employment centers. There is no HOA or restrictive covenant noted. The property is being sold as-is, and buyers should independently verify square footage, permitted use, and utilities.
The property is in Durham, minutes from downtown and within reach of major highways, shopping, dining, and employment centers. There is no HOA or restrictive covenant noted. The property is being sold as-is, and buyers should independently verify square footage, permitted use, and utilities.
Key Highlights
- Approximately 2,098 sq ft of total heated living area across two structures
- Primary residence offers approximately 1,024 sq ft
- Detached accessory dwelling unit included
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
$18,015
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
3.19%
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%
$360,300
$360.3K
Cap Rate 7%
$257,357
$257.4K
Cap Rate 9%
$200,167
$200.2K
Market Conditions
NOI Build-Up for 2,098 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
$29.0K $13.80/SF
− Vacancy
−$3.2K −$1.53/SF
EGI
$25.7K $12.27/SF
− OpEx
−$7.7K −$3.68/SF
NOI
$18.0K $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%
$360,300
Cap Rate 7%
$257,357
Cap Rate 9%
$200,167
Alternative Uses
Best Use
Multifamily LT 5
$257.4K
$225.2K – $300.3K
NOI $18,015 @ 7.0% cap · market cap 3.19%
Second Best
Apartment 5plus
$225.3K
$197.2K – $262.9K
NOI $15,772 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$677.5K
$592.8K – $790.4K
NOI $47,423 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Explore this area
Business Placement
Demographics for 27703, NC
61,539
Population
27,122
Households
2.3
Avg Household Size
36
Median Age
45%
College-Educated
88%
High-School Grad
49.1 sq mi
ZIP Area
1,253
Density / Sq Mi
$86,953
Median Household Income
$51,462
Median Earnings
$1,469
Median Rent
$340,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two structures support flexible residential, rental, guest, and home-office configurations without HOA restrictions.
Where is this duplex located?
The property is located at 3241 Rowena Ave Durham, NC.
What is the asking price?
The asking price for this property is $564,900.
What are key features of this property?
This property features: Approximately 2,098 sq ft of total heated living area across two structures; Primary residence offers approximately 1,024 sq ft; Detached accessory dwelling unit included
