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    860 Farrington Point Road Chapel Hill, NC 27517

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    Claim this Listing
    Pending
    $1,474,980

    DUPLEX - Other - Chapel Hill, NC

    Property size:
    2,048 SF
    Lot size:
    15.80 Acres
    Added:
    Sep 26, 2022
    Days on Market:
    1321
    Last Refresh:
    May 8 at 5:06 pm

    Property Features for 860 Farrington Point Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R1
    Bedrooms
    3
    Bathrooms
    1
    Rooms
    Family Room, Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3
    Parking
    10
    Parking features
    Driveway, Garage, Paved or Surfaced
    Patio and Porch features
    Porch
    Interior features
    Ceiling Fan(s), Double Vanity, Entrance Foyer, Walk-In Shower
    Appliances
    Dryer, Electric Cooktop, Electric Water Heater, Refrigerator, Washer
    Standard status
    Pending
    APN
    plat 2024 ppg306
    Size
    2,048 SF
    Lot size
    15.80 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    P3-3
    Tax Annual Amount
    5069

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Propane (Heating), Forced Air
    Cooling system
    Electric, Window Unit(s), Central Air
    Water source
    Well, Public

    Building Details

    Year built
    1850
    Floors in Building
    2
    Flooring type
    Laminate, Wood
    Building materials
    Wood Siding
    Roof type
    Asbestos Shingle
    Architectural style
    Other
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Ron Giovanni

    Listing agent Ron Giovanni

    Listing office NorthGroup Real Estate, Inc. 6511 Creedmoor Rd., Suite 101, Raleigh, NC

    Listing date Sep 26, 2022

    MLS# 2476126 Listing URL

    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.

    HighLights

    • 15.847 acres bordering US Army Corps land on 3 sides and adjacent to NC Wildlife land, offering unparalleled privacy and recreational opportunities on Jordan Lake.
    • 2‑mins from Farrington Pt. Boat Ramp, providing quick and easy access to Jordan Lake.
    • Income potential with an 1850's farmhouse suitable for Airbnb.
    • Multiple fields, a 2.5‑acre pond (part of Army Corps land), and a barn with horse stalls cater to various outdoor interests.
    • County water, private septic with room for additional septics, and a shared well provide flexibility for future development.
    • Conveniently located 15‑mins to UNC and 25‑mins to RDU, combining rural living with easy access to urban amenities.

    Overview

    Chapel Hill Acreage Near Jordan Lake

    This 15.847-acre property offers numerous possibilities, bordered on three sides by US Army Corps land on Jordan Lake. The land includes three separate fields, a 2.5-acre pond that is part of the Army Corps land, and an 1850s farmhouse, which could be used as an Airbnb. A barn with horse stalls is also present. The property features county water, a private septic system with capacity for additional systems to accommodate multiple lots, and a shared well. There are 12 cleared acres and 3.86 wooded acres, along with 790 feet of road frontage. The property is adjacent to NC Wildlife land. Soil reports and a survey are available. It is located two minutes from Farrington Point Boat Ramp, has a Chapel Hill address, and is subject to Chatham County taxes. The location is 15 minutes from UNC and 25 minutes from RDU. The property includes a 2048-square-foot structure.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Restaurant Law Firm Auto Repair Shop Storage Facility Electronics & Wireless Store Grocery & Convenience Store Cafe & Coffee Shop

    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
    -79.0153092
    Latitude
    35.8067043

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    FAQs

    What type of property is this?
    Horse & equestrian property - 15.8 acres near Jordan Lake with farmhouse and barn.
    Where is this horse & equestrian property located?
    The property is located at 860 Farrington Point Road Chapel Hill, NC.
    What is the asking price?
    The asking price for this property is $1,474,980.
    What are key features of this property?
    This property features: 15.847 acres bordering US Army Corps land on 3 sides and adjacent to NC Wildlife land, offering unparalleled privacy and recreational opportunities on Jordan Lake.; 2‑mins from Farrington Pt. Boat Ramp, providing quick and easy access to Jordan Lake.; Income potential with an 1850's farmhouse suitable for Airbnb.
    (704) 412-2804
    We can help!
    Listing Contact
    Ron Giovanni
    Learn More
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    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.

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