Three-Unit Triplex with Detached
For Sale
$390,000
Pending
927 Berkeley Street, Durham, NC 27705
MULTI_FAMILY - Durham, NC
Property Size1,795 SF
Lot Size0.16 Acres
Days on Market165
Property Features for 927 Berkeley Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-3
Bedrooms
3
Bathrooms
2
Full bathrooms
3
Half bathrooms
3
Rooms
Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bathroom 1
Parking features
On Street
Subdivision
Walltown
Standard status
Pending
APN
100121
Size
1,795 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
The Suburban L&P Co/Lt#04 Pl:000008-000183
Tax Annual Amount
4069
Legal Description
The Suburban L&P Co/Lt#04 Pl:000008-000183
Utilities
Sewer type
Public Sewer
Heating system
Central, Baseboard
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1940
Floors in Building
1
Number of units
4
Flooring type
Carpet, Wood, Vinyl
Building materials
Aluminum Siding, Wood Siding
Roof type
Metal, Shingle
Listing Agency:
Deaton Investment Real Estate
(919) 847-1117
Listed By:
Thomas Furlow · License #222598
(919) 412-3913
Added: Feb 25
Changed: Aug 3
Last Checked: Aug 9 at 5:06PM
MLS# 10148665
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.
Three-unit triplex on one parcel featuring a duplex and a detached cottage. The duplex at 927 Berkeley includes two 1-bed, 1-bath units of approximately 550 SF each; one unit is rented and the other is vacant. The detached cottage at 1503 W. Knox is a renovated 1-bed, 1-bath home of approximately 695 SF and is currently rented. Total property size is 1,795 SF on a 0.16-acre lot.
The property is zoned R-3 and was built in 1940. Construction materials include aluminum siding and wood siding, with carpet, vinyl, and wood flooring. Heating includes central and baseboard systems, and cooling is provided by window unit(s) and central air. The roof includes shingle and metal surfaces, and parking is available on-street. Utilities include public water and public sewer.
The layout supports ongoing rental use while also allowing for redevelopment or tear down and rebuild scenarios given the lot size and R-3 zoning.
The property is zoned R-3 and was built in 1940. Construction materials include aluminum siding and wood siding, with carpet, vinyl, and wood flooring. Heating includes central and baseboard systems, and cooling is provided by window unit(s) and central air. The roof includes shingle and metal surfaces, and parking is available on-street. Utilities include public water and public sewer.
The layout supports ongoing rental use while also allowing for redevelopment or tear down and rebuild scenarios given the lot size and R-3 zoning.
Key Highlights
- Three units on one parcel: duplex plus detached cottage
- 0.16‑acre lot with total property size of 1,795 SF
- Duplex includes two 1‑bed/1‑bath units ~550 SF each
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
$15,413
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
3.95%
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%
$308,260
$308.3K
Cap Rate 7%
$220,186
$220.2K
Cap Rate 9%
$171,256
$171.3K
Market Conditions
NOI Build-Up for 1,795 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
$24.8K $13.80/SF
− Vacancy
−$2.8K −$1.53/SF
EGI
$22.0K $12.27/SF
− OpEx
−$6.6K −$3.68/SF
NOI
$15.4K $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%
$308,260
Cap Rate 7%
$220,186
Cap Rate 9%
$171,256
Alternative Uses
Best Use
Multifamily LT 5
$220.2K
$192.7K – $256.9K
NOI $15,413 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$192.8K
$168.7K – $224.9K
NOI $13,495 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$579.6K
$507.2K – $676.2K
NOI $40,574 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,271
Businesses Nearby
Explore this area
Business Placement
Demographics for 27705, NC
50,472
Population
24,108
Households
2.1
Avg Household Size
34
Median Age
62%
College-Educated
91%
High-School Grad
42.1 sq mi
ZIP Area
1,199
Density / Sq Mi
$71,153
Median Household Income
$43,138
Median Earnings
$1,422
Median Rent
$398,500
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?
Triplex - Three-unit triplex on an R-3 zoned corner lot, including a duplex and a renovated detached cottage.
Where is this triplex located?
The property is located at 927 Berkeley Street Durham, NC.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Three units on one parcel: duplex plus detached cottage; 0.16‑acre lot with total property size of 1,795 SF; Duplex includes two 1‑bed/1‑bath units ~550 SF each
