Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • 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

    605 Eastowne Dr Chapel Hill, NC 27514

    Sponsored
    For Lease
    $325,839

    COMMERCIAL - Chapel Hill, NC

    Property size:
    12,090 SF
    Lot size:
    1.04 Acres
    Days on Market:
    70
    Last Refresh:
    Feb 3 at 1:06 pm

    Property Features for 605 Eastowne Dr

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Lease
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    OI-2
    APN
    9890719233
    Size
    12,090 SF
    Lot size
    1.04 Acres

    Taxes and HOA fees

    Expense value
    27152
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Water source
    Public

    Building Details

    Year built
    1984
    Flooring type
    Tile, Concrete, Lvt/lvp, Carpet
    Roof type
    Metal

    We can help!

    Listing Contact
    Randolph S Voller

    VRC, Ltd. (919) 949-1274

    Listing agent Randolph S Voller (919) 545-9624 License #144749

    Listing date Nov 26, 2025

    MLS# 100526589

    Copyright © 2026 HIVE MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Renovated Office Building with Solar

    Located in Chapel Hill, North Carolina, 605 Eastowne Drive offers an office leasing opportunity near UNC Hospitals, Duke Hospital, and I-40. The 12,788 square foot building, fully renovated in 2019, combines traditional office space with features such as zoned cooling with eight HVAC systems, dedicated conference and office areas, and expansive open spaces configurable for team operations, assembly, or specialized service needs. Logistical advantages include ample onsite parking, a loading dock and leveler, freight access, and a 42-inch wide entry with ramp. A 60 KW solar array reduces electricity costs by approximately $1,000 per month. An EV charging station and secure access are available. Ample storage space is provided. Internet options include Google Fiber, Spectrum Fiber, and AT&T Fiber. The property is suited for medical-adjacent organizations serving UNC, Duke, and the Research Triangle's healthcare ecosystem, nonprofits and service providers, and professional teams requiring both traditional office space and logistical capacity. The property is available for lease, with the added opportunity to purchase. The lease type is tenant pays all operating expenses, excluding property taxes and insurance (landlord-paid). Tenant must carry its own insurance policy. The lot size is 1.04 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    MCA | Cellular Networking ... Electronics & Wireless Store Real Time Ops Electronics & Wireless Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chapel Hill
    County
    Orange
    State
    North Carolina
    Longitude
    -79.007081
    Latitude
    35.951502

    Nearby Similar for Lease

    • $1,100 /Mo
      1,500 SF

      Chapel Hill Office Space Available

      1500 SF office space for rent in Chapel Hill.
      3300 Nc54, Chapel Hill, NC 27516
      View Details
    • $1,670 /Mo
      1,053 SF

      Chapel Hill Townhome Near UNC

      Two-level townhome near downtown Chapel Hill and UNC campus.
      109 Gunston Ct, Chapel Hill, NC 27514
      View Details
    • $7 SF/Yr
      142,909 SF

      Industrial Space Near Major Highways

      Industrial building ideal for distribution, storage, shipping, or light manufacturing.
      144 Old Lystra Rd, Chapel Hill, NC 27517
      View Details
    • $1,500 /Mo

      Chapel Hill Duplex For Rent

      Duplex with energy-efficient windows, hardwood floors, and included appliances.
      5 Silver Cedar Ln, Chapel Hill, NC 27514
      View Details
    • Contact for pricing
      6,000 SF

      Chapel Hill Retail Space For Lease

      Prime Church Street Retail Opportunity
      109 Church St, Chapel Hill, NC 27516
      View Details
    • $35 SF/Yr
      168,000 SF

      East 54 Chapel Hill Offices

      Class A Office Suites, 1,030-4,717 SF
      1000-1480 Environ Way, Chapel Hill, NC 27517
      View Details
    • $8 SF/Yr
      6,249 SF

      Chapel Hill Office Space Available

      Flexible workspace solutions in NC.
      50101 Governors Dr, Chapel Hill, NC 27517
      View Details
    • Contact for pricing
      59,696 SF

      Premier Chapel Hill Office Site

      Signature office site in the heart of Chapel Hill.
      5002 Barbee Chapel Rd, Chapel Hill, NC 27517
      View Details
    • Contact for pricing

      Chapel Hill Retail Outparcel Investment

      High-traffic location, excellent visibility.
      0 Old Durham Rd & Cooper St, Chapel Hill, NC 27517
      View Details
    • $20 SF/Yr
      3,350 SF

      Prime Orange County Executive Suites

      Modern Offices, Flexible Lease Options
      88 Vilcom Center Dr, Chapel Hill, NC 27514
      View Details
    • Contact for pricing
      55,624 SF

      Glenwood Square Retail Center

      Prime Retail Space Available Now
      1218 Raleigh Rd, Chapel Hill, NC 27517
      View Details
    • Contact for pricing
      2,357 SF

      Chapel Hill Executive Office Space

      Prime Office Suites Available Now
      101 Cosgrove Ave, Chapel Hill, NC 27514
      View Details

    FAQs

    What type of property is this?
    Office building - Office building for lease or purchase near UNC and Duke.
    Where is this office building located?
    The property is located at 605 Eastowne Dr Chapel Hill, NC.
    What are key features of this property?
    This property features: - Prime location near UNC Hospitals, Duke Hospital, and I-40, offering excellent accessibility.; - Opportunity to lease or purchase the property.; - **Significant cost savings with a 60 KW solar array reducing electricity costs by approximately $1,000 per month.**
    (919) 545-9624
    Request Owner's contact information
    605 Eastowne Dr Chapel Hill, NC 27514
    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 Eastowne Dr
    Chapel Hill, NC 27514
    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
    605 Eastowne Dr Chapel Hill, NC 27514
    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

    We can help!
    Listing Contact
    Randolph S Voller
    Real Estate License ID: 144749
    (919) 545-9624
    Learn more
    Google sign-in failed. Please try again or use another login method.