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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2003 House Ave Durham, NC 27707-1000

    • Garden apartment buildings
    • 25,000 SF
    • 1.19 lot acres
    OFF-MARKET
    Last Sale
    Dec 01, 2023
    $2,555,629
    Value Estimations
    $2,780,000
    Show details
    Cap Rate Potential
    5.9%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US53-1797048
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Garden Terrace Apartments / Apartment Complex

    Property Details for 2003 House Ave

    Year built
    1964
    Lot size
    1.19 lot acres
    Property size
    25,000 SF
    Zone code
    RU-M
    Property type
    Garden apartment buildings
    APN
    108226
    APU
    108226

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,185,000
      ML approach
      $3,155,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,130,000
      6.5%
      $2,890,000
      7%
      $2,685,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,329,000
      Market price range: $1.21M - $3.01M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.9269
    Latitude
    35.991
    CBSA code
    20500
    CBSA name
    DURHAM-CHAPEL HILL, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $29,440
    $312,500
    $1,798,061
    $2,110,561
    -
    $312,500
    $1,798,061
    $2,110,561

    Comparable in this City

    • Value Estimation
      $1,500,000
      15,840 SF

      2219 Nation Ave

      GARDEN APT, COURT APT (5+ UNITS) • 15,840 SF
      2219 Nation Ave, Durham, NC 27707-2011
      View Details
    • Value Estimation by Request
      36,620 SF

      4210 Garrett Rd

      GARDEN APT, COURT APT (5+ UNITS) • 36,620 SF
      4210 Garrett Rd, Durham, NC 27707
      View Details
    • Value Estimation by Request
      3,000 SF

      8 Sargent Pl

      GARDEN APT, COURT APT (5+ UNITS) • 3,000 SF
      8 Sargent Pl, Durham, NC 27707-4479
      View Details
    • Value Estimation
      $1,240,000
      12,585 SF

      614 Snow Crst Trl

      GARDEN APT, COURT APT (5+ UNITS) • 12,585 SF
      614 Snow Crst Trl, Durham, NC 27707-6131
      View Details
    • Value Estimation by Request
      3,000 SF

      11 Welch Pl

      GARDEN APT, COURT APT (5+ UNITS) • 3,000 SF
      11 Welch Pl, Durham, NC 27707-4486
      View Details
    • Value Estimation
      $1,545,000
      3,566 SF

      2211 Morehead Ave

      GARDEN APT, COURT APT (5+ UNITS) • 3,566 SF
      2211 Morehead Ave, Durham, NC 27707-1071
      View Details

    Similar Nearby for Sale

    • $410,000
      1,469 SF

      Durham Condo with Modern Amenities

      Two-bedroom condo with den, modern amenities, and community features.
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    • $750,000

      Durham 4-Plex: Prime Investment

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      9,148 SF

      Renovated Multifamily Investment Near Duke

      Nine units in two buildings near Duke University.
      2209-2211 Morehead Ave, Durham, NC 27707
      View Details
    • $549,000
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      Renovated Multifamily Property in Durham

      Durham multifamily property featuring renovated units with 3 bedrooms, 2.5 baths.
      917 Scout Dr, Durham, NC 27707
      View Details
    • $900,000
      5,178 SF

      Durham Duplex Conversion Opportunity

      Duplex near downtown Durham and Duke University, converting to townhomes.
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      View Details
    • $725,000
      2,153 SF

      Restored Triplex in Lakewood Neighborhood

      Rare 1925 Durham triplex with renovated units and value-add potential.
      2607 Chapel Hill Rd, Durham, NC 27707
      View Details

    Similar Nearby for Lease

    • $26 SF/Yr
      9,992 SF

      Madison Centre Executive Suites

      Durham Office Space, 1,000 SF Available
      1804 Martin Luther King Jr Pkwy, Durham, NC 27707
      View Details
    • Contact for pricing
      58,249 SF

      Durham Executive Office Space

      Prime Durham location, modern suites available
      3710 University Dr, Durham, NC 27707
      View Details
    • $18 SF/Yr
      3,100 SF

      Durham Office Space: 3100 SF

      Prime Lakewood Office, 3100 sq ft
      1813 Chapel Hill Rd, Durham, NC 27707
      View Details
    • Contact for pricing

      Durham Commercial Land Opportunity

      Prime Durham location, flexible acreage, commercial zoning.
      3700 Cook Rd, Durham, NC 27707
      View Details
    • $32 SF/Yr
      25,678 SF

      Downtown Durham Office Space Available

      Suites available in historic Art Deco building, downtown Durham.
      331 W Main St, Durham, NC 27707
      View Details
    • $26 SF/Yr
      160,942 SF

      Patterson Place Power Center

      Durham Retail Space Available Now
      3616 Witherspoon Blvd, Durham, NC 27707
      View Details
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    2003 House Ave
    Durham, NC 27707-1000
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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