2-Unit
New
For Sale
$269,900
706 Colfax Street, Durham, NC 27701
Residential, Durham, NC
Property Size1,500 SF
Lot Size0.15 Acres
Price / SF$179.93
Days on Market4
Property Features for 706 Colfax Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RU-5(2)
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Garage
Interior features
Ceiling Fan(s), Stone Counters
Exterior features
Rain Gutters
Appliances
Dryer, Electric Range, Free-Standing Electric Range, Free-Standing Range, Free-Standing Refrigerator, Microwave, Range, Refrigerator, Washer, Washer/Dryer Stacked
Subdivision
Not in a Subdivision
Elementary school
Durham County Schools
Middle school
Durham County Schools
High school
Durham County Schools
Standard status
Active
APN
119162
Size
1,500 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PROP-SMITH J W/LT#05 PL:00001B-000218
Tax Annual Amount
2766
Legal Description
PROP-SMITH J W/LT#05 PL:00001B-000218
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Flooring type
Wood, Laminate, Vinyl, Carpet
Building materials
Brick, Masonite
Roof type
Shingle
Architectural style
Ranch, Bungalow
Listing Agency:
West & Woodall Real Estate - D
(919) 382-2000
Listed By:
David Bermel · License #322202
(336) 213-4325
Added: Sep 28
Last Checked: Oct 1 at 1:06PM
MLS# 10195266
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.
This 1,500-square-foot duplex contains two residences, each with 2 bedrooms and 1 bathroom. Built in 1970, the property has a 0.15-acre lot and a garage. Central heating and air conditioning serve the building, and public water and sewer are connected. The roof was replaced in 2024. Interior finishes include stone counters and a mix of wood, laminate, vinyl, and carpet flooring.
The property is in Durham, with Downtown Durham and NCCU described as minutes away. Zoning is RU-5(2). Both units are occupied by long-term tenants, according to the property information.
The property is in Durham, with Downtown Durham and NCCU described as minutes away. Zoning is RU-5(2). Both units are occupied by long-term tenants, according to the property information.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,500 square feet on a 0.15‑acre lot
- Roof replaced in 2024
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
$12,880
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
4.77%
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%
$257,600
$257.6K
Cap Rate 7%
$184,000
$184.0K
Cap Rate 9%
$143,111
$143.1K
Market Conditions
NOI Build-Up for 1,500 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
$20.7K $13.80/SF
− Vacancy
−$2.3K −$1.53/SF
EGI
$18.4K $12.27/SF
− OpEx
−$5.5K −$3.68/SF
NOI
$12.9K $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%
$257,600
Cap Rate 7%
$184,000
Cap Rate 9%
$143,111
Alternative Uses
Best Use
Multifamily LT 5
$184.0K
$161.0K – $214.7K
NOI $12,880 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$161.1K
$141.0K – $188.0K
NOI $11,277 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$484.4K
$423.8K – $565.1K
NOI $33,906 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
758
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
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 - Both residences offer two-bedroom layouts, with long-term tenants currently in place.
Where is this duplex located?
The property is located at 706 Colfax Street Durham, NC.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,500 square feet on a 0.15‑acre lot; Roof replaced in 2024
