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Property profile & analytics
OFF-MARKET
Estimated value
$3,845,000
Office buildings
211 Rigsbee Ave Durham, NC 27701-3322
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US53-5633732
Property summary
AI-generated overview
This exceptional four-story, 9,790 square foot building at 211 Rigsbee Ave in Durham, NC, presents a unique opportunity for lease or sale. Built in 1938 and extensively renovated in 2018, this Class B property offers versatile space ideal for a variety of uses, including retail, restaurant, fitness, or creative office. The building features two front entrances, allowing for independent access for multiple tenants, with a minimum divisible space of 2,640 square feet and the potential for a single tenant to occupy the entire 9,790 square feet. Key features include a dramatic top floor with two rooftop terraces, perfect for events
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1938
Total area
9,280 SF
Lot
0.08 ac (3,485 SF)
Zoning code
DD-C
APN
103009
UPID
US53-5633732
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Krause Firm Law Firm
-
Tattrie Medical Group Medical Group
-
Formlabs NC Marketing & Advertising IT Consulting Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.16M
CAP Approach
CAP
$2.35M
Comparable Approach
Comparable
$3.57M
Blend (final)
Blend
$3.85M
Owner & transaction history
Evolve Land Holdings LLC · 4 yrs held
Evolve Land Holdings LLC
since 2021
Last sale
$3.7M
6 recorded transactions
Zoning & alternative use
DD-C · Durham, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The Downtown Design (DD) District is established to encourage bicycling, pedestrian, and transit-orienteddevelopmentthrough regulations appropriate to the downtown area. It focuses on the form of the private and public realm instead of on use and intensity. Regulated through sub-districts, the standards encourage a vital downtown economy that enhances Durham…
Zone name
Downtown Design Core
General category
COMMERCIAL
Zone area
302.34 ac
Source
Realmo
Top alternative use upside
Restaurant
$4.0M
+24.9%
Commercial (general)
$3.6M
+12.8%
Apartment house (5+ units)
$3.4M
+8.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Durham submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Durham submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$4,015,000
ML approach
$4,155,000
CAP Approach
CAP Return
Estimation
6%
$2,550,000
6.5%
$2,350,000
7%
$2,185,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,170,000
Current use
RESTAURANT
$3,960,000
Change: +25% · Conversion: Moderate
COMMERCIAL (GENERAL)
$3,575,000
Change: +13% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$3,425,000
Change: +8% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,705,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$3.85M
Range $3.46M – $4.23M · ±10% · vs last sale $3.74M (Aug 30 2021)
Last sale anchor
$3.74M
Aug 30 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$414 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$27,452
Tax year 2024
Assessed value
$1,873,993
Assessed 2024
Previous assessed
$1,873,993
+0.0% YoY
Effective rate
1.46%
On assessed value
Assessed land
$209,088
Assessed improvement
$1,664,905
Land market value
$209,088
Improvement market value
$1,664,905
Total market value
$1,873,993
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1938
Heating
YES
Cooling
YES
Stories
3
Total area
9,280 SF
Lot
0.08 ac (3,485 SF)
Zoning code
DD-C
APN
103009
UPID
US53-5633732
Jurisdiction
DURHAM
Zoning & alternative use
DD-C · Durham, NCZoning DD-C · permitted uses
DD-C · Durham, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The Downtown Design (DD) District is established to encourage bicycling, pedestrian, and transit-orienteddevelopmentthrough regulations appropriate to the downtown area. It focuses on the form of the private and public realm instead of on use and intensity. Regulated through sub-districts, the standards encourage a vital downtown economy that enhances Durhams position as a commercial, cultural and entertainment hub of the region while increasing livability. The DD District is intended to work in tandem with the Downtown Tier of the DurhamComprehensive Plan, Downtown Durham Master Plan and updates. Therefore, the Downtown Tier boundary and the Downtown District boundary are the same.
Zone name
Downtown Design Core
General category
COMMERCIAL
Zone area
302.34 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.2M
RESTAURANT
Est. value
$4.0M
COMMERCIAL (GENERAL)
Est. value
$3.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.4M
AUTO REPAIR, GARAGE
Est. value
$2.7M
OFFICE BUILDING Current
RESTAURANT
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1938
Heating
YES
Cooling
Yes
Stories
3
Lot
0.08 ac
Current owner
From public records · entity-resolved
Evolve Land Holdings LLC
Entity
Mailing address
238 FUNSTON PL, SAN ANTONIO, TX 78209-6538
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 30, 2021
$3,737,500
Evolve Land Holdings LLC
Mj Rigsbee LLC
Special Warranty Deed
$2,616,250 · Texas Partners Bank
Jun 30, 2020
—
Mj Rigsbee LLC
—
Deed
related
$2,000,000 · First Carolina Bk
Oct 29, 2015
$1,435,000
Mj Rigsbee LLC
Mutation LLC
Grant Deed
—
Jul 28, 2005
$425,000
Mutation LLC
City Of Durham
Deed
—
—
—
Mj Rigsbee LLC
—
Deed Of Trust
related
$2,000,000 · First Carolina Bk
—
—
Mutation LLC
—
Deed Of Trust
related
$405,532 · Fidelity Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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