Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$5,575,000
Garden apartment buildings
943 Morreene Rd Durham, NC 27705-4407
Entity Owned
2-yr Hold
Absentee Owner
Free & Clear
Property ID
US53-1125598
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1995
Total area
20,720 SF
Lot
2.04 ac (88,862 SF)
Zoning code
RS-M
APN
125329
UPID
US53-1125598
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
Current use
Occupant on record · Public records
-
Carolina Construction Co Construction Company General Contractor
-
Blue Leaf Apartments Apartment Complex
-
Martin Court Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.58M
Owner & transaction history
City Of Durham A Nc · 2 yrs held
City Of Durham A Nc
since 2024
Last sale
$16,500
6 recorded transactions
Zoning & alternative use
RS-M · Durham, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
Multifamilydevelopmentis permitted in areas designated RS-M, which should have convenient access to arterial streets and nearby civic, commercial or employment uses.
Zone name
Residential Suburban Multifamily
General category
CIVIC_INSTITUTIONAL
Zone area
2,204.72 ac
Source
Realmo
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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$8,845,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$5.58M
Range $5.02M – $6.13M · ±10% · vs last sale $17k (Jan 26 2024)
Last sale anchor
$17k
Jan 26 2024
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
$269 / 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
$30,997
Tax year 2024
Assessed value
$2,222,168
Assessed 2024
Previous assessed
$2,222,168
+0.0% YoY
Effective rate
1.39%
On assessed value
Assessed land
$400,000
Assessed improvement
$1,822,168
Land market value
$400,000
Improvement market value
$1,822,168
Total market value
$2,222,168
Applied tax rate
1.0000
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
1995
Heating
YES
Cooling
YES
Stories
2
Bathrooms
4
Total area
20,720 SF
Lot
2.04 ac (88,862 SF)
Zoning code
RS-M
APN
125329
UPID
US53-1125598
Jurisdiction
DURHAM
Zoning & alternative use
RS-M · Durham, NCZoning RS-M · permitted uses
RS-M · Durham, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
Multifamilydevelopmentis permitted in areas designated RS-M, which should have convenient access to arterial streets and nearby civic, commercial or employment uses.
Zone name
Residential Suburban Multifamily
General category
CIVIC_INSTITUTIONAL
Zone area
2,204.72 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$8.8M
RESTAURANT
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
1995
Heating
YES
Cooling
Yes
Stories
2
Bathrooms
4
Lot
2.04 ac
Current owner
From public records · entity-resolved
City Of Durham A Nc
Entity
Free & Clear · 2 yrs held
Mailing address
101 CITY HALL PLZ, DURHAM, NC 27701-3329
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 26, 2024
$16,500
City Of Durham A Nc
943 Morreene Road Apartments LLC
Deed
—
Feb 22, 2022
$5,800,000
943 Morreene Road Apartments LLC
943 Morreene Rd LLC
Special Warranty Deed
$2,950,000 · Arbor Commercial Funding LLC
Sep 15, 2020
—
943 Morreene Rd LLC
—
Deed
related
$3,080,000 · Truist Bank
Apr 10, 2019
$3,200,000
943 Morreene Rd LLC
H M Roll Properties INC
Special Warranty Deed
$2,930,000 · Ameris Bank
Apr 10, 2019
—
Hm Roll Properties INC
Roll,howard M JR & Deborah W
Quit Claim Deed
related
—
May 29, 2012
—
H M Roll Properties INC
—
Trustees Deed
related
$30,000 · Danny Talbert
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 943 Morreene Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
