New search
Property profile & analytics
OFF-MARKET
Estimated value
$42,715,000
High-rise multifamily apartments
1603 Erwin Rd, Durham, NC 27705
Individually Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-1830175
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
2019
Total area
5,216 SF
Lot
1.01 ac (43,996 SF)
Zoning code
CD-C
APN
113394
UPID
US53-1830175
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$42.72M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$42.72M
Owner & transaction history
Duke University · 2 yrs held
Duke University
since 2024
Last sale
$42.7M
5 recorded transactions
Zoning & alternative use
CD-C · Durham, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$42,715,000
ML approach
$42,715,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$42.72M
Range $38.44M – $46.99M · ±10% · vs last sale $42.71M (Jan 12 2024)
Last sale anchor
$42.71M
Jan 12 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
$8,189 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$188,607
Tax year 2023
Assessed value
$18,356,717
Assessed 2024
Previous assessed
$18,356,717
+0.0% YoY
Effective rate
1.03%
On assessed value
Assessed land
$1,680,000
Assessed improvement
$16,676,717
Land market value
$1,680,000
Improvement market value
$16,676,717
Total market value
$18,356,717
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
2019
Heating
YES
Cooling
YES
Stories
1
Total area
5,216 SF
Lot
1.01 ac (43,996 SF)
Zoning code
CD-C
APN
113394
UPID
US53-1830175
Jurisdiction
DURHAM
Zoning & alternative use
CD-C · Durham, NC
Zoning CD-C · permitted uses
CD-C · Durham, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Durham. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
2019
Heating
YES
Cooling
Yes
Stories
1
Lot
1.01 ac
Current owner
From public records · entity-resolved
Duke University
Individual
Free & Clear · 2 yrs held
Mailing address
310 BLACKWELL ST, DURHAM, NC 27701-3611
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
Jan 12, 2024
$43,000,000
Duke University
Willight LLC
Special Warranty Deed
—
Mar 22, 2012
—
J Boy LLC
Boy,john S JR & Jill
Quit Claim Deed
related
—
Sep 21, 2011
—
John S Boy JR.
Boy Family Trust
Quit Claim Deed
related
—
Sep 23, 2004
—
Boy,geraldine A
Boy Geraldine A & John S
Quit Claim Deed
related
—
—
—
J Boy LLC
—
Deed Of Trust
related
$2,176,000 · Suntrust 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1603 Erwin Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
