4-Unit Quadplex with Detached
For Sale
$699,900
804 Lancaster Street, Durham, NC 27701
Residential Income, Durham, NC
Property Size2,500 SF
Lot Size0.24 Acres
Price / SF$279.96
Days on Market47
Property Features for 804 Lancaster Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RM-8
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage, Alley, On Street
Patio and Porch features
Porch
Subdivision
Not in a Subdivision
Elementary school
Durham County Schools
Middle school
Durham County Schools
High school
Durham County Schools
Standard status
Active
APN
100154
Size
2,500 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
The Suburban L&P Co/Blk:1 3/Lt#19 Lt#17 Pt Trinity Pl:00005A-000041, DB 2351 PG 996
Tax Annual Amount
8619
Legal Description
The Suburban L&P Co/Blk:1 3/Lt#19 Lt#17 Pt Trinity Pl:00005A-000041, DB 2351 PG 996
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
detached garage
separate utility meters
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Flooring type
Carpet, Wood, Vinyl, Hardwood
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Premier Advantage Realty Inc · Coldwell Banker Real Estate
(919) 728-1212
Listed By:
Wallace Peiffer · License #170317
(919) 302-1215
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 30 at 3:06PM
MLS# 10180148
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 4-unit quadplex contains four 1-bedroom, 1-bath residences within 2,500 square feet. Built in 1920, the property is positioned for renovation and includes gas heat, gas water heaters, and four separate utility meters. A detached garage, porch, street parking, and additional parking accessed from the alley support the existing configuration. Construction includes vinyl siding, shingle roofing, and a mix of carpet, wood, vinyl, and hardwood flooring. Heating is provided by forced air, with window unit cooling.
The 0.24-acre property is located at 804 Lancaster Street in Durham, near Duke University's East Campus and Trinity Park. Public water and public sewer serve the site, which is zoned RM-8. The offering is structured as a court-appointed Special Proceedings sale with a 10-day upset bid period.
The 0.24-acre property is located at 804 Lancaster Street in Durham, near Duke University's East Campus and Trinity Park. Public water and public sewer serve the site, which is zoned RM-8. The offering is structured as a court-appointed Special Proceedings sale with a 10-day upset bid period.
Key Highlights
- 4‑unit layout with four 1‑bedroom, 1‑bath residences
- 2,500 square feet on a 0.24‑acre lot
- Detached garage plus street parking and alley access
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
$21,467
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
3.07%
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%
$429,340
$429.3K
Cap Rate 7%
$306,671
$306.7K
Cap Rate 9%
$238,522
$238.5K
Market Conditions
NOI Build-Up for 2,500 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
$34.5K $13.80/SF
− Vacancy
−$3.8K −$1.53/SF
EGI
$30.7K $12.27/SF
− OpEx
−$9.2K −$3.68/SF
NOI
$21.5K $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%
$429,340
Cap Rate 7%
$306,671
Cap Rate 9%
$238,522
Alternative Uses
Best Use
Multifamily LT 5
$306.7K
$268.3K – $357.8K
NOI $21,467 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$268.5K
$234.9K – $313.3K
NOI $18,795 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$807.3K
$706.4K – $941.8K
NOI $56,509 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,135
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?
Quadplex - Renovation-ready property with separate utility metering, public services, and alley-connected parking.
Where is this quadplex located?
The property is located at 804 Lancaster Street Durham, NC.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 4‑unit layout with four 1‑bedroom, 1‑bath residences; 2,500 square feet on a 0.24‑acre lot; Detached garage plus street parking and alley access
