Renovated Two-Unit
For Sale
$349,000
710 Lee St, Durham, NC 27701
Durham duplex with updated kitchens, covered rear porches, on-site parking, and separate two-bedroom residences.
Property Size1,650 SF
Price / SF$211.52
Days on Market540
Property Features for 710 Lee St
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,319
Amenities
rear covered porch
onsite parking
Building Details
Buildings
1
Listing Agency:
Berkshire Hathaway HomeService
(919) 720-8302
Listed By:
Tonya Felmly
(919) 720-8302
Source:
Exprealty
Added: Mar 8, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:03PM
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 Berkshire Hathaway HomeService
Investment Insights
Based on property information with market context.
Located at 710 Lee St in Durham, North Carolina, this duplex contains 1,650 square feet across two residential units. Each residence offers two bedrooms, a full bathroom, kitchen, living room, rear covered porch, and on-site parking, creating a consistent layout throughout the property.
Interior improvements include granite kitchen countertops, updated cabinetry, ceiling fans, and vinyl siding. Unit 2 has a new HVAC system installed in July 2023, accompanied by a 10-year parts warranty. The two-unit configuration and established residential layout provide a straightforward multifamily property format in Durham.
Interior improvements include granite kitchen countertops, updated cabinetry, ceiling fans, and vinyl siding. Unit 2 has a new HVAC system installed in July 2023, accompanied by a 10-year parts warranty. The two-unit configuration and established residential layout provide a straightforward multifamily property format in Durham.
Key Highlights
- Two‑unit duplex with 1,650 square feet
- Each unit includes 2 bedrooms, 1 full bathroom, kitchen, and living room
- Granite kitchen countertops and updated cabinetry
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
$14,168
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
4.06%
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%
$283,360
$283.4K
Cap Rate 7%
$202,400
$202.4K
Cap Rate 9%
$157,422
$157.4K
Market Conditions
NOI Build-Up for 1,650 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
$22.8K $13.80/SF
− Vacancy
−$2.5K −$1.53/SF
EGI
$20.2K $12.27/SF
− OpEx
−$6.1K −$3.68/SF
NOI
$14.2K $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%
$283,360
Cap Rate 7%
$202,400
Cap Rate 9%
$157,422
Alternative Uses
Best Use
Multifamily LT 5
$202.4K
$177.1K – $236.1K
NOI $14,168 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$177.2K
$155.1K – $206.7K
NOI $12,404 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$532.8K
$466.2K – $621.6K
NOI $37,296 @ 7.0% cap · market cap 10.69%
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
978
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
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 - Durham duplex with updated kitchens, covered rear porches, on-site parking, and separate two-bedroom residences.
Where is this duplex located?
The property is located at 710 Lee St Durham, NC.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,650 square feet; Each unit includes 2 bedrooms, 1 full bathroom, kitchen, and living room; Granite kitchen countertops and updated cabinetry
