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Raven Street 1000 Raven Street 8 Unit Apartment Building $2,160,000 ($270,000/Unit) 6.62% Cap Rate Durham, NC 27704
Executive Summary
Raven Street is a forward-purchase offering of eight new-construction, fully detached single-family homes at Raven & Thelma Streets in established north Durham, NC, minutes from Duke Regional Hospital, downtown Durham, and Duke University with quick access to I-85 and NC-147. Built from two efficient two-story plans (the 2 BR/2.5 BA Haymount and the 3 BR/2.5 BA Kenmore with a main-level primary suite), each home offers a covered front porch, rear patio, backyard, paved driveway, and individually metered tenant-paid utilities, with no HOA dues or leasing restrictions. Offered at $2,160,000 ($270,000/home) with a 4+4 phased takedown at certificate of occupancy in January and April 2027, the portfolio is delivered vacant with builder warranties intact, projects $192,000 in Year-1 gross rent at a 6.62% going-in cap rate, and is well suited to a 1031 exchange buyer.
All figures, projections, delivery dates, and renderings are estimates only and subject to change. Prospective buyers should conduct their own independent due diligence and consult their own legal, tax, and financial advisors before making any decision.
All figures, projections, delivery dates, and renderings are estimates only and subject to change. Prospective buyers should conduct their own independent due diligence and consult their own legal, tax, and financial advisors before making any decision.
Property Facts
| Price | $2,160,000 | Apartment Style | Single-Family Home |
| Price Per Unit | $270,000 | Building Class | B |
| Sale Type | Investment | Construction Status | Under Construction |
| Cap Rate | 6.62% | Building Size | 8,944 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2027 |
| Property Subtype | Apartment |
| Price | $2,160,000 |
| Price Per Unit | $270,000 |
| Sale Type | Investment |
| Cap Rate | 6.62% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | B |
| Construction Status | Under Construction |
| Building Size | 8,944 SF |
| No. Stories | 2 |
| Year Built | 2027 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2.5 | 4 | - | - |
| 3+2.5 | 4 | - | - |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 233814 | Improvements Assessment | $0 |
| Land Assessment | $67,500 | Total Assessment | $67,500 |
Property Taxes
Parcel Number
233814
Land Assessment
$67,500
Improvements Assessment
$0
Total Assessment
$67,500
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Raven Street | 1000 Raven Street