New Construction
For Sale
$750,000
255 Erwin Road, Chapel Hill, NC 27514
Residential Income, Chapel Hill, NC
Property Size2,769 SF
Lot Size0.26 Acres
Price / SF$270.86
Days on Market414
Property Features for 255 Erwin Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
5
Half bathrooms
2
Rooms
Dining Room, Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 1, Bathroom 2, Bathroom 6, Bedroom 5, Bedroom 3, Bathroom 1, Bedroom 2, Bathroom 7
Parking features
Driveway
Window features
Insulated Windows, Blinds
Patio and Porch features
Porch
Interior features
Bathtub/Shower Combination, Breakfast Bar, Ceiling Fan(s), Eat-in Kitchen, Kitchen/Dining Room Combination, Living/Dining Room Combination, Open Floorplan, Quartz Counters, Second Primary Bedroom, Smooth Ceilings, Stone Counters, Walk-In Closet(s), Walk-In Shower
Exterior features
Rain Gutters
Appliances
Dishwasher, Electric Range, Electric Water Heater, Microwave, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer
Subdivision
Not in a Subdivision
Lot features
Corner Lot, Gentle Sloping, Irregular Lot, Near Public Transit
Elementary school
Chapel Hill Carrboro - Mel and Zora Rashkis Elemen
Middle school
Chapel Hill Carrboro - Guy B Phillips Middle Schoo
High school
Chapel Hill Carrboro - East Chapel Hill High Schoo
Standard status
Active
APN
9890-51-1404
Size
2,769 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
2 AMID ALVAND
Tax Annual Amount
7500
Legal Description
2 AMID ALVAND
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air, Separate Meters, Heat Pump, Ceiling Fan(s), Multi Units
Water source
Public
Amenities
private outdoor space
fence
Building Details
Year built
2025
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic, Vinyl, Wood
Building materials
Board & Batten Siding, HardiPlank Type
Roof type
Shingle
Listing Agency:
Grow Local Realty, LLC
(919) 830-5233
Listed By:
Kim Pendergrass · License #186199
(252) 432-5691
Added: Jul 28, 2025
Changed: Sep 13
Last Checked: Sep 14 at 11:06AM
MLS# 10130212
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains 2,769 square feet across two separately configured residences. The larger side provides 3 bedrooms and 3.5 bathrooms, including a main-level primary suite with an en-suite bath; each bedroom on that side has its own full bathroom. The second residence includes 3 bedrooms and 2.5 bathrooms. Both homes feature open floor plans, kitchen and dining areas, quartz or stone counters, walk-in closets, and a mix of wood, vinyl, and ceramic tile flooring. Appliances include stainless-steel refrigerator, dishwasher, microwave, electric range, and washer/dryer units.
The property occupies 0.26 acres at 255 Erwin Road in Chapel Hill. Private outdoor space, a porch, driveway parking, and public water and sewer serve the property. Side B includes fencing, and the duplex has separate meters, heat pumps, central air, rain gutters, and a shingle roof. Shopping, dining, entertainment, and Bus line D are minutes away. No HOA is reported.
The property occupies 0.26 acres at 255 Erwin Road in Chapel Hill. Private outdoor space, a porch, driveway parking, and public water and sewer serve the property. Side B includes fencing, and the duplex has separate meters, heat pumps, central air, rain gutters, and a shingle roof. Shopping, dining, entertainment, and Bus line D are minutes away. No HOA is reported.
Key Highlights
- 2025‑built duplex with 2,769 square feet on 0.26 acres
- Six total bedrooms with 5 full bathrooms and 2 half baths
- Larger residence offers 3 bedrooms, 3.5 bathrooms, and a main‑level primary suite
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,777
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$475,540
$475.5K
Cap Rate 7%
$339,671
$339.7K
Cap Rate 9%
$264,189
$264.2K
Market Conditions
NOI Build-Up for 2,769 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$38.2K $13.80/SF
− Vacancy
−$4.2K −$1.53/SF
EGI
$34.0K $12.27/SF
− OpEx
−$10.2K −$3.68/SF
NOI
$23.8K $8.59/SF
Area
Orange County, NC
Vacancy
11.11%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$475,540
Cap Rate 7%
$339,671
Cap Rate 9%
$264,189
Alternative Uses
Best Use
Multifamily LT 5
$339.7K
$297.2K – $396.3K
NOI $23,777 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$299.7K
$262.2K – $349.6K
NOI $20,978 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$894.1K
$782.4K – $1.04M
NOI $62,590 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
873
Businesses Nearby
Explore this area
Business Placement
Demographics for 27514, NC
33,809
Population
11,470
Households
2.9
Avg Household Size
27
Median Age
80%
College-Educated
98%
High-School Grad
19.6 sq mi
ZIP Area
1,725
Density / Sq Mi
$94,167
Median Household Income
$25,145
Median Earnings
$1,491
Median Rent
$628,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct residences offer open layouts, private outdoor areas, and modern kitchens with quartz and stainless-steel finishes.
Where is this duplex located?
The property is located at 255 Erwin Road Chapel Hill, NC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2025‑built duplex with 2,769 square feet on 0.26 acres; Six total bedrooms with 5 full bathrooms and 2 half baths; Larger residence offers 3 bedrooms, 3.5 bathrooms, and a main‑level primary suite
