Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    406 Rigsbee Ave Durham, NC 27701-2186

    • Sports & entertainment properties
    • 32,897 SF
    • 2.31 lot acres
    OFF-MARKET
    Value Estimations
    $2,615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1522836
    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

    • Durham Center For Senior Life / Charitable Organization / Social Service Agency
    • Senior Pharmassist / Charitable Organization / Social Service Agency
    • Gina Upchurch, RPH / Pharmacy
    • Marilyn E. Disco, PharmD / Pharmacy
    • Jessica L. Visco, PharmD / Pharmacy

    Property Details for 406 Rigsbee Ave

    Year built
    2005
    Lot size
    2.31 lot acres
    Property size
    32,897 SF
    Zone code
    DD-S1
    Property type
    Sports & entertainment properties
    APN
    104968
    APU
    104968

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RECREATIONAL/ENTERTAINMENT (GENERAL)
      $2,235,000
      Current use
      INDUSTRIAL (GENERAL)
      $3,590,000
      Change: +61% Conversion: Difficult
      OFFICE BUILDING
      $3,455,000
      Change: +55% Conversion: Difficult
      RETAIL STORES
      $3,325,000
      Change: +49% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,325,000
      Change: +49% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $2,985,000
      Change: +33% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.8992
    Latitude
    35.9994
    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
    2023
    $0.00
    $3,618,810
    $6,788,283
    $10,407,093
    -
    $3,618,810
    $6,788,283
    $10,407,093

    Comparable in this City

    • Value Estimation
      $910,000
      26,476 SF

      500 Corporation St

      STADIUM • 26,476 SF
      500 Corporation St, Durham, NC 27701
      View Details
    • Value Estimation by Request
      2,363 SF

      1200 Alston Ave

      RECREATIONAL, ENTERTAINMENT • 2,363 SF
      1200 Alston Ave, Durham, NC 27701
      View Details
    • Value Estimation by Request
      3,646 SF

      531 Lakeland St

      RECREATIONAL, ENTERTAINMENT • 3,646 SF
      531 Lakeland St, Durham, NC 27701-4507
      View Details
    • Value Estimation by Request
      918 SF

      501 Foster St

      RECREATIONAL, ENTERTAINMENT • 918 SF
      501 Foster St, Durham, NC 27701
      View Details
    • Value Estimation
      $505,000
      8,567 SF

      409 Blackwell St

      STADIUM • 8,567 SF
      409 Blackwell St, Durham, NC 27701-3972
      View Details
    • Value Estimation
      $1,030,000
      144,812 SF

      123 Vivian St

      THEATER (MOVIE) • 144,812 SF
      123 Vivian St, Durham, NC 27701-3637
      View Details

    Similar Nearby for Sale

    • $3,950,000
      9,790 SF

      Downtown Durham Commercial Gem

      9,790 SF Office/Retail, NNN Lease
      211 Rigsbee Ave, Durham, NC 27701
      View Details
    • $450,000
      0.16 Acres

      Durham Land Opportunity Zone Parcels

      Two adjoining parcels in Durham's Federal Opportunity Zone.
      430 Sowell St, Durham, NC 27701
      View Details
    • $120,000
      0.07 Acres

      Durham Vacant Land Opportunity

      Buildable lot near Duke University and Sarah P. Duke Gardens.
      822 Kent St, Durham, NC 27701
      View Details
    • $119,900
      0.13 Acres

      Vacant Land in Downtown Durham

      Vacant land in downtown Durham near major thoroughfares.
      208 S Alston Ave, Durham, NC 27701
      View Details
    • $249,000
      546 SF

      Furnished Condo in Downtown Durham

      Bright, furnished 1BR condo in gated community, downtown Durham.
      807 W Trinity Ave Unit, Durham, NC 27701
      View Details
    • Contact for pricing
      4,500 SF

      Downtown Durham Mixed-Use Property

      Mixed-use property in Downtown Durham with office and residential spaces.
      116 E Main St, Durham, NC 27701
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Versatile Building in Prime Location

      Adaptable building suitable for restaurants, fitness, or office use.
      211 Rigsbee Ave, Durham, NC 27701
      View Details
    • $17 SF/Yr
      2,721 SF

      Downtown Durham Executive Office Suite

      Prestigious Durham office, fully vacant, 2721 sq ft.
      101 Main St, Durham, NC 27701
      View Details
    • Contact for pricing

      Downtown Durham Creative Retail/Office Space

      New creative retail or office space in Downtown Durham.
      115 N Queen St, Durham, NC 27701
      View Details
    • Contact for pricing

      Commercial Space For Lease

      Commercial space available for lease in Durham, North Carolina.
      101 W Main St, Durham, NC 27701
      View Details
    • Contact for pricing
      5,153 SF

      Modern Office Space Available

      7,306 SF office space, currently leased until 2026.
      101-103 W Main St, Durham, NC 27701
      View Details
    • $30 SF/Yr
      7,943 SF

      Office Space in Durham

      7943 SF office space available for lease.
      700 West Main St, Durham, NC 27701
      View Details

    Property Visit Statistics

    • Visits by month
      1.3k
    • Visitors by month
      936
    • Avg Time on site
      23 min
    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.
    406 Rigsbee Ave
    Durham, NC 27701-2186
    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.
    Sign Up Successful!
    You now have access to more from Realmo!