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

    605 Main St Durham, NC 27701-2896

    • Garden apartment buildings
    • 64,744 SF
    • 2.34 lot acres
    OFF-MARKET
    Last Sale
    Dec 20, 2021
    $11,825,500
    Value Estimations
    $12,165,000
    Show details
    Cap Rate Potential
    3.8%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US53-2187170
    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 Fitness & Wellness / Personal Trainer / Wellness Program
    • Durham Substance Abuse LLC / Social Services Organization
    • Toy Flame / Jewelry Designer
    • West Village / Apartment Building / Apartment Complex
    • It's a Southern thing - Downtown Durham / Brunch Restaurant / Cocktail Bar

    Property Details for 605 Main St

    Year built
    1884
    Lot size
    2.34 lot acres
    Property size
    64,744 SF
    Zone code
    DD-C
    Property type
    Garden apartment buildings
    APN
    103115
    APU
    103115

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $12,710,000
      ML approach
      $9,710,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $10,526,000
      Market price range: $2.70M - $10.5M

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

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.9071
    Latitude
    35.9982
    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
    $136,680
    $1,480,000
    $17,180,604
    $18,660,604
    -
    $1,480,000
    $17,180,604
    $18,660,604

    Comparable in this City

    • Value Estimation
      $1,000,000
      38,352 SF

      924 Dacian Ave

      GARDEN APT, COURT APT (5+ UNITS) • 38,352 SF
      924 Dacian Ave, Durham, NC 27701-1751
      View Details
    • Value Estimation
      $240,000
      1,775 SF

      1514 Hyde Park Ave

      GARDEN APT, COURT APT (5+ UNITS) • 1,775 SF
      1514 Hyde Park Ave, Durham, NC 27701-0039
      View Details
    • Value Estimation
      $580,000
      2,500 SF

      1512 Hyde Park Ave

      GARDEN APT, COURT APT (5+ UNITS) • 2,500 SF
      1512 Hyde Park Ave, Durham, NC 27701-0040
      View Details
    • Value Estimation
      $390,000
      8,247 SF

      1025 Monmouth Ave

      GARDEN APT, COURT APT (5+ UNITS) • 8,247 SF
      1025 Monmouth Ave, Durham, NC 27701-0006
      View Details
    • Value Estimation
      $510,000
      3,000 SF

      910 Calvin St

      GARDEN APT, COURT APT (5+ UNITS) • 3,000 SF
      910 Calvin St, Durham, NC 27701-3868
      View Details
    • Value Estimation
      $400,000
      10,800 SF

      1216 Chapel Hl St

      GARDEN APT, COURT APT (5+ UNITS) • 10,800 SF
      1216 Chapel Hl St, Durham, NC 27701
      View Details

    Similar Nearby for Sale

    • $1,299,900
      1,305 SF

      Luxury High-Rise Condo with Amenities

      High-rise condo with upscale finishes and extensive amenity offerings.
      400 W Main St, Durham, NC 27701
      View Details
    • $260,000
      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
    • New
      $448,000
      Pending

      Trinity Park Duplex Opportunity

      Fully occupied duplex near Duke East Campus and downtown Durham.
      807 Englewood Ave, Durham, NC 27701
      View Details
    • $250,000
      1,408 SF

      Durham Duplex Near NCCU

      All-brick duplex near NCCU with strong rental demand.
      1609 Lincoln St, Durham, NC 27701
      View Details
    • $195,000
      1,232 SF

      Durham Duplex with Long-Term Tenants

      Two-unit duplex with long-term tenants near local parks.
      1505 N Hyde Park Ave, Durham, NC 27701
      View Details
    • $765,000
      Pending

      Three-Story Home in Morehead Hill

      Three-story home with rental history near Duke and downtown Durham.
      902 Vickers Ave, Durham, NC 27701
      View Details

    Similar Nearby for Lease

    • $40 SF/Yr
      310,000 SF

      Durham Retail Space - Shops at Wye

      Prime Durham retail, restaurant space. Six suites available.
      501 Washington St, Durham, NC 27701
      View Details
    • $35 SF/Yr
      114,840 SF

      Downtown Durham Retail Space

      Prime retail, multiple suites available
      321 Corporation St, Durham, NC 27701
      View Details
    • $26 SF/Yr
      3,126 SF

      Durham Executive Office Space

      Prime Durham Office, 3126 sq ft Available
      102 City Hall Plz, Durham, NC 27701
      View Details
    • Contact for pricing
      41,000 SF

      Downtown Durham Creative Office Space

      Historic Landmark, Abundant Parking, Flexible Suites
      212 Main St, Durham, NC 27701
      View Details
    • $26 SF/Yr
      35,378 SF

      Downtown Durham Historic Buildings

      Historic buildings in downtown Durham with retail and office spaces.
      102 City Hall Plz, 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
    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.
    605 Main St
    Durham, NC 27701-2896
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.