Custom-Built
For Sale
$475,000
637 Conover Rd Unit B, Durham, NC 27703
Two-level duplex with quartz kitchens, stainless steel appliances, covered rear porches, and detailed interior finishes.
Property Size2,281 SF
Price / SF$208.24
Days on Market23
Property Features for 637 Conover Rd Unit B
General Information
Standard status
Active
Size
2,281 SF
Property subtype
Townhouse
Additional Details
Multifamily Units
2
Amenities
stainless steel appliances
quartz countertops
covered porch
built ins
Building Details
Year Built
2025
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker HPW
Listed By:
Jim Allen · License #126077
(919) 573-4567
Source:
Myhomesearchtriangle
Added: Sep 2
Changed: Sep 15
Last Checked: Sep 22 at 5:01PM
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 Coldwell Banker HPW
Investment Insights
Based on property information with market context.
Completed in 2025, this 2,281-square-foot custom-built duplex is connected by a single party wall at the garage and laundry room. The first floor includes separate dining space, an eat-in kitchen with stainless steel appliances and quartz countertops, a family room with built-ins, and access to a covered back porch.
The upper level contains a spacious laundry room, four bedrooms, three bathrooms, and a primary suite with detailed trim work, a walk-in closet, and a barn-door entry to the primary bath. The primary bathroom includes dual vanities and a walk-in shower finished with tile to the ceiling. The property is located at 637 Conover Rd in Durham, North Carolina.
The upper level contains a spacious laundry room, four bedrooms, three bathrooms, and a primary suite with detailed trim work, a walk-in closet, and a barn-door entry to the primary bath. The primary bathroom includes dual vanities and a walk-in shower finished with tile to the ceiling. The property is located at 637 Conover Rd in Durham, North Carolina.
Key Highlights
- 2025 construction with 2,281 square feet
- Duplex connected by one party wall at the garage and laundry room
- Eat‑in kitchens feature stainless steel appliances and quartz countertops
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
$19,586
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
4.12%
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%
$391,720
$391.7K
Cap Rate 7%
$279,800
$279.8K
Cap Rate 9%
$217,622
$217.6K
Market Conditions
NOI Build-Up for 2,281 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
$31.5K $13.80/SF
− Vacancy
−$3.5K −$1.53/SF
EGI
$28.0K $12.27/SF
− OpEx
−$8.4K −$3.68/SF
NOI
$19.6K $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%
$391,720
Cap Rate 7%
$279,800
Cap Rate 9%
$217,622
Alternative Uses
Best Use
Multifamily LT 5
$279.8K
$244.8K – $326.4K
NOI $19,586 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$245.0K
$214.4K – $285.8K
NOI $17,148 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$736.6K
$644.5K – $859.3K
NOI $51,559 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level duplex with quartz kitchens, stainless steel appliances, covered rear porches, and detailed interior finishes.
Where is this duplex located?
The property is located at 637 Conover Rd Unit B Durham, NC.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 2025 construction with 2,281 square feet; Duplex connected by one party wall at the garage and laundry room; Eat‑in kitchens feature stainless steel appliances and quartz countertops
