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Property profile & analytics
OFF-MARKET
Estimated value
$12,235,000
Garden apartment buildings
357 Davis Dr Durham, NC 27703-7653
Entity Owned
2-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US53-1393045
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
2019
Total area
63,908 SF
Lot
2.34 ac (101,930 SF)
Zoning code
OI(D)
APN
157833
UPID
US53-1393045
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
$10.50M
CAP Approach
CAP
$7.39M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$12.24M
Owner & transaction history
1108 Merrion Ave LLC · 2 yrs held
1108 Merrion Ave LLC
since 2023
Last sale
$14.9M
7 recorded transactions
Zoning & alternative use
OI(D) · Durham, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The OI District is established for employment and community service activities. Some support facilities and residential uses are also allowed when compatible with surrounding uses. The OI district is designed for use on sites that have convenient access to arterials, sincedevelopmentof moderate to high intensity is allowed.
Zone name
Office And Institutional
General category
CIVIC_INSTITUTIONAL
Zone area
951.01 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$18.6M
+9.3%
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
by Request
ML approach
$10,500,000
CAP Approach
CAP Return
Estimation
6%
$8,010,000
6.5%
$7,390,000
7%
$6,865,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$17,045,000
Current use
AUTO REPAIR, GARAGE
$18,640,000
Change: +9% · Conversion: Difficult
RETAIL STORES
$15,705,000
Change: -8% · Conversion: Difficult
COMMERCIAL (GENERAL)
$15,535,000
Change: -9% · Conversion: Moderate
OFFICE BUILDING
$14,595,000
Change: -14% · Conversion: Moderate
Blend value · Realmo final
$12.24M
Range $11.01M – $13.46M · ±10% · vs last sale $14.89M (Sep 20 2023)
Last sale anchor
$14.89M
Sep 20 2023
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
$191 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$113,678
Tax year 2024
Assessed value
$8,149,561
Assessed 2024
Previous assessed
$8,149,561
+0.0% YoY
Effective rate
1.39%
On assessed value
Assessed land
$417,375
Assessed improvement
$7,732,186
Land market value
$417,375
Improvement market value
$7,732,186
Total market value
$8,149,561
Applied tax rate
175.0000
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
2019
Heating
YES
Cooling
YES
Stories
4
Total area
63,908 SF
Lot
2.34 ac (101,930 SF)
Zoning code
OI(D)
APN
157833
UPID
US53-1393045
Jurisdiction
DURHAM
Zoning & alternative use
OI(D) · Durham, NCZoning OI(D) · permitted uses
OI(D) · Durham, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The OI District is established for employment and community service activities. Some support facilities and residential uses are also allowed when compatible with surrounding uses. The OI district is designed for use on sites that have convenient access to arterials, sincedevelopmentof moderate to high intensity is allowed.
Zone name
Office And Institutional
General category
CIVIC_INSTITUTIONAL
Zone area
951.01 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$17.0M
AUTO REPAIR, GARAGE
Est. value
$18.6M
RETAIL STORES
Est. value
$15.7M
COMMERCIAL (GENERAL)
Est. value
$15.5M
OFFICE BUILDING
Est. value
$14.6M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
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
2019
Heating
YES
Cooling
Yes
Stories
4
Lot
2.34 ac
Current owner
From public records · entity-resolved
1108 Merrion Ave LLC
Entity
Mailing address
4582 S ULSTER ST STE #1700, DENVER, CO 80237-2641
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 20, 2023
$70,000,000
1108 Merrion Ave LLC
B9 Brizo Owner LLC
Special Warranty Deed
$41,026,000 · Pnc Bank NA
Feb 7, 2020
$56,160,000
B9 Brizo Owner LLC
Dd Davis Park LLC
Grant Deed
—
Apr 19, 2017
—
Dd Davis Park LLC
—
Grant Deed
related
$26,800,000 · Fifth Third Bk
Oct 7, 2016
$4,160,000
Dd Davis Park LLC
Research Triangle Ltd
Grant Deed
—
Jun 30, 2011
$6,900,000
Research Triangle Ltd
Tmc Associates LLC
Grant Deed
—
Nov 26, 2008
$284,000
Jennifer Laurie Warren
Tmc Associates LLC
Grant Deed
$265,715 · Branch Banking & Trust Co
Nov 16, 2007
$250,500
Wei Chen
Tmc Assoc LLC
Grant Deed
$150,000 · Provident Funding Assoc LP
Mar 18, 2005
$4,087,000
Tmc Associates LLC
Searls Family Ltd Ptshp
Grant Deed
—
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.
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