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

    3004 Tower Blvd Durham, NC 27707-2542

    • Office buildings
    • 15,000 SF
    • 1.84 lot acres
    OFF-MARKET
    Last Sale
    Mar 26, 2020
    $5,700,000
    Value Estimations
    $5,395,000
    Show details
    Cap Rate Potential
    3.2%
    Office buildings
    Location Intelligence
    Property ID
    US53-1393737
    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

    • Harrison J. Matthews, MD / Family Practice Physician / Internist
    • Kayla A. Brown, MD / Internist / Family Practice Physician
    • Lauren J. Scott, MD / Internist / Family Practice Physician
    • Nastassia Schenkel, MD / Family Practice Physician / Doctor
    • Clare E. Anderson, MD / Internist / Family Practice Physician

    Property Details for 3004 Tower Blvd

    Year built
    2003
    Lot size
    1.84 lot acres
    Property size
    15,000 SF
    Zone code
    OI(D)
    Property type
    Office buildings
    APN
    195459
    APU
    195459

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,120,000
      6.5%
      $3,800,000
      7%
      $3,530,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,704,000
      Market price range: $1.80M - $3.70M
      AI Estimate
      $3,482,000
      Market price range: $1.20M - $3.48M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $6,400,000
      APARTMENT HOUSE (5+ UNITS)
      $5,820,000
      AUTO REPAIR, GARAGE
      $4,375,000
      RETAIL STORES
      $3,685,000
      COMMERCIAL (GENERAL)
      $3,635,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.9584
    Latitude
    35.973
    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
    $40,341
    $497,525
    $2,394,481
    $2,892,006
    -
    $497,525
    $2,394,481
    $2,892,006

    Comparable in this City

    • Value Estimation by Request
      38.35 Acres

      1830 Fordham Blvd

      OFFICE BUILDING • 38.35 Acres
      1830 Fordham Blvd, Durham, NC 27707
      View Details
    • Value Estimation
      $2,675,000
      10,948 SF

      3607 Witherspoon Blvd

      OFFICE BUILDING • 10,948 SF
      3607 Witherspoon Blvd, Durham, NC 27707-6853
      View Details
    • Value Estimation
      $2,985,000
      24,105 SF

      3325 Durham Chapel Hl Blvd

      OFFICE BUILDING • 24,105 SF
      3325 Durham Chapel Hl Blvd, Durham, NC 27707-6235
      View Details
    • Value Estimation
      $1,325,000
      10,568 SF

      1905 Chapel Hl Rd

      OFFICE BUILDING • 10,568 SF
      1905 Chapel Hl Rd, Durham, NC 27707-1107
      View Details
    • Value Estimation by Request
      2,922 SF

      2011 Chapel Hl Rd

      OFFICE BUILDING • 2,922 SF
      2011 Chapel Hl Rd, Durham, NC 27707-1109
      View Details
    • Value Estimation
      $2,490,000
      58,775 SF

      3710 University Dr

      OFFICE BUILDING • 58,775 SF
      3710 University Dr, Durham, NC 27707-6203
      View Details

    Similar Nearby for Sale

    • $750,000
      0.71 Acres

      Lakewood Retail Center Opportunity

      High-traffic Durham retail space for sale.
      1925 Chapel Hill Rd, Durham, NC 27707
      View Details
    • $90,000
      Pending

      Land Near Duke and NCCU

      Land for sale near universities and downtown Durham.
      315 E Umstead St, Durham, NC 27707
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    • $135,000
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      Durham Buildable Lot For Sale

      Under half-acre buildable lot in Hope Valley North subdivision.
      3613 B Suffolk St, Durham, NC 27707
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    • $130,000

      Land Parcel in Durham Community

      Land for sale in Durham's growing Spaulding Community.
      400 Cecil St, Durham, NC 27707
      View Details
    • Contact for pricing

      Prime Downtown Durham Location

      Located in Durham, close to American Tobacco Campus.
      Durham, NC 27707
      View Details
    • $3,150,000
      11,896 SF

      Durham Shopping Center Investment

      High-yield retail center, 100% occupied.
      3205 University Dr, Durham, NC 27707
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      58,249 SF

      Renovated Office Building Near University

      Three-story office building near mixed-use development with ongoing renovations.
      3710 University Dr, Durham, NC 27707
      View Details
    • Contact for pricing
      59,650 SF

      Durham Office Building Near University

      59,650 SF office building near mixed-use development.
      3708 Mayfair St, 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
      58,249 SF

      Durham Executive Office Space

      Prime Durham location, modern suites available
      3710 University Dr, Durham, NC 27707
      View Details
    • $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
    • $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
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    3004 Tower Blvd
    Durham, NC 27707-2542
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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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