1733 Morehead Ave Durham, NC 27707
- Garden apartment buildings
- 3,492 SF
- 0.33 lot acres
Current Use by Public Records
- Garden apartment buildings
Property Details for 1733 Morehead Ave
- Year built
- 1960
- Lot size
- 0.33 lot acres
- Property size
- 3,492 SF
- Zone code
- RU-M
- Property type
- Garden apartment buildings
- APN
- 108514
- APU
- 108514
Description
This exceptional investment opportunity presents a well-maintained, four-unit apartment building located at 1733 Morehead Ave, Durham, NC 27707. Built in 1960, this two-story Class B property boasts 100% occupancy, generating a strong net operating income (NOI) of $23,896, translating to a 3.19% capitalization rate. The asking price is $750,000, representing a price per unit of $187,500. The property is classified as a stabilized, owner-user investment, offering immediate cash flow and potential for future appreciation. Situated in Durham County, this property benefits from a desirable location within the city of Durham. The building consists of one structure with four units, providing a manageable and efficient investment portfolio. This is a rare opportunity to acquire a fully occupied multifamily property in a thriving North Carolina market, presenting a compelling value-add proposition for discerning investors seeking strong returns and stable income. The property's current high occupancy rate and solid NOI make it an attractive investment, with potential for further value enhancement through strategic improvements and management. The property's location in Durham, NC offers access to a growing population and robust rental market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Durham
- County
- Durham
- State
- North Carolina
- Longitude
- -78.9238
- Latitude
- 35.9919
- CBSA code
- 20500
- CBSA name
- DURHAM-CHAPEL HILL, NC METROPOLITAN STATISTICAL AREA
