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Property profile & analytics
OFF-MARKET
Estimated value
$30,000,000
Garden apartment buildings
1400 Cornwallis Rd Durham, NC 27713-3457
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-1763241
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
2004
Total area
15,060 SF
Lot
28.79 ac (1,254,092 SF)
Zoning code
OI
APN
133833
UPID
US53-1763241
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
-
DJ Kee Entertainment Nightclub Music Venue
-
Campus Crossings at Durham Apartment Complex
-
Cadence at RTP Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$30.00M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$30.00M
Owner & transaction history
Cr Cadence Communities LLC · 2 yrs held
Cr Cadence Communities LLC
since 2024
Last sale
$30.0M
5 recorded transactions
Zoning & alternative use
OI · Durham, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The OI District is established for employment and community service activities. Some support facilities and residential uses are also allowed when compatible with surrounding uses. The OI district is designed for use on sites that have convenient access to arterials, sincedevelopmentof moderate to high intensity is allowed.
Zone name
Office And Institutional
General category
CIVIC_INSTITUTIONAL
Zone area
1,733.91 ac
Source
Realmo
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
$30,000,000
ML approach
$30,000,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$30.00M
Range $27.00M – $33.00M · ±10% · vs last sale $30.00M (May 1 2024)
Last sale anchor
$30.00M
May 1 2024
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
$1,992 / 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
$253,750
Tax year 2024
Assessed value
$18,191,265
Assessed 2024
Previous assessed
$18,191,265
+0.0% YoY
Effective rate
1.39%
On assessed value
Assessed land
$2,550,000
Assessed improvement
$15,641,265
Land market value
$2,550,000
Improvement market value
$15,641,265
Total market value
$18,191,265
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
2004
Heating
YES
Cooling
YES
Stories
3
Total area
15,060 SF
Lot
28.79 ac (1,254,092 SF)
Zoning code
OI
APN
133833
UPID
US53-1763241
Jurisdiction
DURHAM
Zoning & alternative use
OI · Durham, NCZoning OI · permitted uses
OI · Durham, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The OI District is established for employment and community service activities. Some support facilities and residential uses are also allowed when compatible with surrounding uses. The OI district is designed for use on sites that have convenient access to arterials, sincedevelopmentof moderate to high intensity is allowed.
Zone name
Office And Institutional
General category
CIVIC_INSTITUTIONAL
Zone area
1,733.91 ac
Source
Realmo
Building & site characteristics
From public records
Year built
2004
Heating
YES
Cooling
Yes
Stories
3
Lot
28.79 ac
Current owner
From public records · entity-resolved
Cr Cadence Communities LLC
Entity
Free & Clear · 2 yrs held
Mailing address
444 W BEECH ST STE #300, SAN DIEGO, CA 92101-2942
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 1, 2024
$30,000,000
Cr Cadence Communities LLC
Campus Durham LLC
Special Warranty Deed
—
May 1, 2024
—
Cr Cadence Communities LLC
Campus-durham LLC
Quit Claim Deed
related
—
Dec 18, 2020
—
Campus-durham LLC
—
Deed
related
$13,000,000 · Keybank USA
Nov 8, 2005
—
Campus-durham LLC
Campus-nccu LLC
Quit Claim Deed
related
—
—
—
Campus-durham LLC
—
Deed Of Trust
related
$13,000,000 · Keybank USA
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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