New Construction Modern
For Sale
$813,500
412408 412/408 Sparella St, Durham, NC 27703
Attached duplex with two independently owned residences, contemporary finishes, private decks, and no HOA.
Property Size3,944 SF
Price / SF$206.26
Days on Market42
Property Features for 412408 412/408 Sparella St
General Information
Standard status
Active
Size
3,944 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Building Details
Year Built
2026
Buildings
1
Construction
modern farmhouse
Listing Agency:
Frasher Whaley Realty Group
(919) 794-3233
Listed By:
Steve Frasher · License #273120
Source:
Tcrnc
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 5:33AM
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 Frasher Whaley Realty Group
Investment Insights
Based on property information with market context.
Completed in 2026, this attached duplex contains two separate 3-bedroom residences divided by a double wall. Each side occupies its own lot, with independent ownership similar to a townhome arrangement, and the property may be acquired together or separately. Combined property size is 3,944 square feet.
Both residences feature an open first-floor plan with two living areas and a flexible office or playroom. Kitchens include oversized islands and connect directly to private rear decks. Upstairs, each home offers a primary suite with dual vanities, a tiled walk-in shower, and two walk-in closets, along with two additional bedrooms and a laundry room with storage and workspace.
The homes have never been occupied and include modern efficiency features, contemporary finishes, and no HOA. A city park with playgrounds, walking trails, and open green space is one block away. The property is near downtown Durham, American Tobacco Campus, Research Triangle Park, Raleigh, RDU Airport, and a new Publix.
Both residences feature an open first-floor plan with two living areas and a flexible office or playroom. Kitchens include oversized islands and connect directly to private rear decks. Upstairs, each home offers a primary suite with dual vanities, a tiled walk-in shower, and two walk-in closets, along with two additional bedrooms and a laundry room with storage and workspace.
The homes have never been occupied and include modern efficiency features, contemporary finishes, and no HOA. A city park with playgrounds, walking trails, and open green space is one block away. The property is near downtown Durham, American Tobacco Campus, Research Triangle Park, Raleigh, RDU Airport, and a new Publix.
Key Highlights
- Two attached 3‑bedroom residences with separate ownership and individual lots
- 3,944‑square‑foot combined property completed in 2026
- Open first floors with two living areas plus an office or playroom in each residence
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
$33,866
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
4.16%
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%
$677,320
$677.3K
Cap Rate 7%
$483,800
$483.8K
Cap Rate 9%
$376,289
$376.3K
Market Conditions
NOI Build-Up for 3,944 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
$54.4K $13.80/SF
− Vacancy
−$6.0K −$1.53/SF
EGI
$48.4K $12.27/SF
− OpEx
−$14.5K −$3.68/SF
NOI
$33.9K $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%
$677,320
Cap Rate 7%
$483,800
Cap Rate 9%
$376,289
Alternative Uses
Best Use
Multifamily LT 5
$483.8K
$423.3K – $564.4K
NOI $33,866 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$423.6K
$370.6K – $494.2K
NOI $29,650 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,149 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
179
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Attached duplex with two independently owned residences, contemporary finishes, private decks, and no HOA.
Where is this duplex located?
The property is located at 412408 412/408 Sparella St Durham, NC.
What is the asking price?
The asking price for this property is $813,500.
What are key features of this property?
This property features: Two attached 3‑bedroom residences with separate ownership and individual lots; 3,944‑square‑foot combined property completed in 2026; Open first floors with two living areas plus an office or playroom in each residence
