1733 Morehead AveDurham, NC 27707

Property Details for 1733 Morehead Ave

Year built

1960

Lot size

0.33 AC

Property size (Sq ft)

3,492 SF

Zone code

RU-M

Property type

Residential income properties

Property subtype

Garden apartment buildings

APN

108514

APU

108514

Description

This exceptional investment opportunity presents a well-maintained, four-unit apartment building located at 1733 Morehead Ave, Durham, NC 27707. Built in 1960, this two-story Class B property boasts 100% occupancy, generating a strong net operating income (NOI) of $23,896, translating to a 3.19% capitalization rate. The asking price is $750,000, representing a price per unit of $187,500. The property is classified as a stabilized, owner-user investment, offering immediate cash flow and potential for future appreciation. Situated in Durham County, this property benefits from a desirable location within the city of Durham. The building consists of one structure with four units, providing a manageable and efficient investment portfolio. This is a rare opportunity to acquire a fully occupied multifamily property in a thriving North Carolina market, presenting a compelling value-add proposition for discerning investors seeking strong returns and stable income. The property's current high occupancy rate and solid NOI make it an attractive investment, with potential for further value enhancement through strategic improvements and management. The property's location in Durham, NC offers access to a growing population and robust rental market.

• CAP approach

  CAP return

  Valuation

  6%

  $895,268

  6.5%

  $826,401

  7%

  $767,373

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,242,408

  Geo Method

  $1,242,408

• Alternative Use

  Use

  Valuation

  Residential

  $826,401

  Hospitality

  $756,979

  Educational

  $629,798

  Medical

  $651,458

  Retail

  $979,685

Location Insight

City

Durham

County

Durham

State

North Carolina

Latitude

35.9919

Longitude

-78.9238

CBSA code

20500

CBSA name

DURHAM-CHAPEL HILL, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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