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    Modern Farmhouse Duplex Investment Opportunity Title is generated by Realmo AI

    412/408 Sparella Street, Durham, NC 27703

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    For Sale
    $829,000

    MULTI_FAMILY - Durham, NC

    Property size:
    3,944 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $210/SF
    Added:
    Apr 9, 2026
    Days on Market:
    36
    Last Refresh:
    May 14 at 7:06 pm

    Property Features for 412/408 Sparella Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Bedrooms
    6
    Bathrooms
    5
    Rooms
    Bathroom 3, Bedroom 5, Bathroom 5, Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 6, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 2
    Parking features
    Off Street
    Window features
    ENERGY STAR Qualified WIndows
    Patio and Porch features
    Deck
    Interior features
    Bathtub/Shower Combination, Dual Closets, Kitchen Island, Pantry, Quartz Counters, Separate Shower, Walk-In Closet(s), Walk-In Shower, Wired for Data
    Appliances
    Dishwasher, Electric Range, Microwave, Plumbed For Ice Maker
    Standard status
    Active
    APN
    0840092119/0840092232
    Size
    3,944 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2025

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Ceiling, Radiant Ceiling, Heat Pump (Heating), Radiant, Electric (Heating)
    Cooling system
    Central Air, Multi Units
    Water source
    Public

    Building Details

    Year built
    2026
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Carpet, Hardwood, Tile - Ceramic
    Building materials
    Board & Batten Siding, Fiber Cement, HardiPlank Type, Radiant Barrier
    Roof type
    Shingle

    We can help!

    Listing Contact
    Steve A Frasher

    Listing agent Steve A Frasher

    Listing office Frasher Whaley Realty Group 500 W Morgan St, Suite 204, Durham, NC

    Listing date Apr 9, 2026

    MLS# 10158844 Listing URL

    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.

    HighLights

    • Brand‑new modern farmhouse duplex with two separate 3‑bedroom residences, offering independent ownership.
    • Excellent investment opportunity with strong rental income potential.
    • Prime location: Minutes to downtown Durham, RTP, Raleigh, RDU Airport, Publix, and top‑rated schools.
    • High‑end finishes throughout, chef‑inspired kitchen with massive island, and luxurious primary suite with spa‑like bathroom and walk‑in closets.
    • No HOA fees and years of low maintenance due to new construction.
    • Located in a quiet, tree‑lined neighborhood near a city park with playgrounds and walking trails, offering larger lots.

    Overview

    This new construction attached modern farmhouse duplex features two separate residences. Located at 412 and 408 Sparella Street, each unit sits on its own individual lot, providing each side full, independent ownership. Each unit features an open-concept first floor with two separate living areas plus a flexible dedicated office or playroom. The chef-inspired kitchen includes a large island and direct access to a private rear deck. The primary suite features a dual vanity bathroom, walk-in tiled shower, and two oversized walk-in closets. There are two additional bedrooms with ample closet space, and a convenient second-floor laundry room with storage and workspace. The homes feature modern efficiencies and high-end finishes. The property is located in a quiet, tree-lined neighborhood with a mix of new and renovated homes, near a city park with playgrounds, walking trails, and open green space. The lots are larger than many newer Durham builds. The location provides access to downtown Durham's restaurants, breweries, and American Tobacco Campus, with quick highway access to Research Triangle Park (RTP), Raleigh, and RDU Airport. Durham's new Publix and everyday conveniences are also nearby. The property is zoned for top-rated schools. The property is suitable for investors seeking rental potential or a buyer wanting to live in one side and rent the other. The lot size is 0.24 acres and the property size is 3944 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Hair Salon Building Supply Gym & Fitness Center Pharmacy Accounting Firm Big Box & Wholesale Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.864075
    Latitude
    35.973296

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    FAQs

    What type of property is this?
    Duplex - New construction duplex with strong rental income potential in Durham.
    Where is this duplex located?
    The property is located at 412/408 Sparella Street Durham, NC.
    What is the asking price?
    The asking price for this property is $829,000.
    What are key features of this property?
    This property features: Brand‑new modern farmhouse duplex with two separate 3‑bedroom residences, offering independent ownership.; Excellent investment opportunity with strong rental income potential.; Prime location: Minutes to downtown Durham, RTP, Raleigh, RDU Airport, Publix, and top‑rated schools.
    (919) 201-8396
    We can help!
    Listing Contact
    Steve A Frasher
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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