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Property profile & analytics
FOR LEASE
Office buildings
2609 N Duke St, Durham, NC 27704
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US53-1988950
For Lease
1 / 17
$18 SF/Yr
2609 N Duke St, Durham, NC 27704
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1988
Total area
18,664 SF
Lot
3.75 ac (163,350 SF)
Zoning code
OI
APN
128496
UPID
US53-1988950
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.83M
Blend (final)
Blend
$2.27M
Owner & transaction history
Iranian Cultural Society Of Nc INC · 6 yrs held
Iranian Cultural Society Of Nc INC
since 2020
Last sale
$1.9M
5 recorded transactions
Zoning & alternative use
OI · Durham, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.8M
+15.9%
Industrial (general)
$3.2M
+0.1%
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
$2,540,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,245,000
Current use
COMMERCIAL (GENERAL)
$3,760,000
Change: +16% · Conversion: Easy
INDUSTRIAL (GENERAL)
$3,245,000
Change: +0% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,785,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$2.27M
Range $2.04M – $2.49M · ±10% · vs last sale $1.86M (Jun 9 2020)
Last sale anchor
$1.86M
Jun 9 2020
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
$121 / 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
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
For Lease
Year built
1988
Heating
YES
Cooling
YES
Stories
1
Total area
18,664 SF
Lot
3.75 ac (163,350 SF)
Zoning code
OI
APN
128496
UPID
US53-1988950
Jurisdiction
DURHAM
Zoning & alternative use
OI · Durham, NC
Zoning OI · permitted uses
OI · 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.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.2M
COMMERCIAL (GENERAL)
Est. value
$3.8M
INDUSTRIAL (GENERAL)
Est. value
$3.2M
WAREHOUSE, STORAGE
Est. value
$2.8M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Heating
YES
Cooling
Yes
Stories
1
Lot
3.75 ac
Current owner
From public records · entity-resolved
Iranian Cultural Society Of Nc INC
Entity
Mailing address
PO BOX 51388, DURHAM, NC 27717-1388
Ownership since
2020
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
Jun 10, 2022
—
Iranian Cultural Society Of North C
—
Deed
related
$250,000 · North State Bank
Jan 20, 2022
—
Iranian Cultural Society Of Nc INC
—
Deed
related
$1,000,000 · North State Bank
Jun 9, 2020
$1,860,000
Iranian Cultural Society Of Nc INC
A & G Tri Med LLC
Warranty Deed
$750,000 · North State Bank
Nov 18, 2004
$12,898,000
Windrose Ctrl Medical Props L
Central Medical Park LLC
Grant Deed
—
Nov 18, 2004
$1,530,500
Wmpt Central Medical Park LLC
Central Medical Park II LLC
Grant Deed
related
—
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?”
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