Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    308 Driver St Durham, NC 27703-4264

    • Commercial real estate
    • 2,996 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2182613
    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

    • Top Notch Performance Fit / Gym & Fitness Center

    Property Details for 308 Driver St

    Year built
    1930
    Lot size
    0.07 lot acres
    Property size
    2,996 SF
    Zone code
    CN
    Property type
    Commercial real estate
    APN
    112480
    APU
    112480

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $675,000
      6.5%
      $620,000
      7%
      $580,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $672,000
      Market price range: $672k - $826k
      AI Estimate
      $447,000
      Market price range: $447k - $786k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $730,000
      Current use
      RETAIL STORES
      $735,000
      Change: +1% Conversion: Easy
      OFFICE BUILDING
      $685,000
      Change: -6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.8779
    Latitude
    35.9826
    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
    $2,529
    $6,011
    $175,273
    $181,284
    -
    $6,011
    $175,273
    $181,284

    Comparable in this City

    • Value Estimation by Request
      13,802 SF

      4025 Stirrup Creek Dr

      Retail properties • 13,802 SF
      4025 Stirrup Creek Dr, Durham, NC 27703
      View Details
    • Value Estimation by Request
      29.50 Acres

      6222 Wake Forest Hwy

      Land • 29.50 Acres
      6222 Wake Forest Hwy, Durham, NC 27703
      View Details
    • Value Estimation by Request
      0.22 Acres

      1921 Holloway St

      Commercial real estate • 0.22 Acres
      1921 Holloway St, Durham, NC 27703
      View Details
    • Value Estimation by Request
      1.80 Acres

      2506 Coley Rd

      Commercial real estate • 1.80 Acres
      2506 Coley Rd, Durham, NC 27703
      View Details
    • Value Estimation by Request
      0.21 Acres

      1923 Holloway St

      Commercial real estate • 0.21 Acres
      1923 Holloway St, Durham, NC 27703
      View Details
    • Value Estimation by Request
      7.67 Acres

      3020 Star Gazing Ln

      COMMERCIAL (GENERAL) • 7.67 Acres
      3020 Star Gazing Ln, Durham, NC 27703-6856
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2.85 Acres

      Durham Industrial Land - 2.85 Acres

      Prime Durham location, ideal for industrial development.
      1816 Briggs Ave, Durham, NC 27703
      View Details
    • $750,000
      4.08 Acres

      US-70 Highway East Commercial Land

      Durham, NC: 4.08 Acres, $750,000
      2323 Us 70 Hwy, Durham, NC 27703
      View Details
    • $378,900

      Durham Commercial Land Opportunity

      1.8-Acre Corner Lot, High Growth Area
      2506 Coley Rd, Durham, NC 27703
      View Details
    • $3,500,000
      29.50 Acres

      Wake Forest Hwy Development Land

      29.5 Acres Commercial Land, Durham, NC
      6222 Wake Forest Hwy, Durham, NC 27703
      View Details
    • $378,900
      1.80 Acres

      1.8 Acres Durham Corner Lot

      Prime Durham County land, high growth area.
      2506 Coley Rd, Durham, NC 27703
      View Details
    • $230,000
      0.22 Acres

      Durham Duplex Investment Opportunity

      High-yield Durham duplex near Duke University.
      1921 Holloway St, Durham, NC 27703
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      272,937 SF

      Durham Warehouse: 273,000 SF Available

      Large industrial warehouse, multiple suites, immediate occupancy.
      3508 Tricenter Blvd, Durham, NC 27703
      View Details
    • $1,500 /Mo
      1,501 SF

      Durham Townhome with Back Deck

      Well-maintained townhome in South Durham with modern updates and convenient location.
      11 Edgebrook Cir, Durham, NC 27703
      View Details
    • Contact for pricing
      12,000 SF

      Durham County Warehouse - 12,000 SF

      Spacious warehouse, 5.5 acres, immediate occupancy.
      2714 Angier Ave, Durham, NC 27703
      View Details
    • $29 SF/Yr
      81,145 SF

      Prime Durham Executive Office Space

      Modern Durham office suites, 18K-27K SF available
      4307 Emperor Blvd, Durham, NC 27703
      View Details
    • $13 SF/Yr
      35,000 SF

      Durham Flex Space Available

      35,000 SF flex space for rent in Durham.
      4808 Chin Page Rd, Durham, NC 27703
      View Details
    • Contact for pricing
      32,747 SF

      Retail Space in Village Plaza

      Large retail space in high-traffic Durham location, abundant parking.
      907 N Miami Blvd, Durham, NC 27703
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    308 Driver St
    Durham, NC 27703-4264
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.