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    110 S Estes Dr Chapel Hill, NC 27514

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    For Sale
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    Two-story building on 0.66 acres in established commercial corridor.

    Property size:
    9,800 SF
    Lot size:
    0.66 Acres

    Property Features for 110 S Estes Dr

    General Information

    Standard status
    Active
    Zoning
    CC/R2 | Medical Office/Retail
    Size
    9,800 SF
    Lot size
    0.66 Acres

    Building Details

    Year built
    1980

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    Listing Contact
    Asher Wenig
    Source: Crexi

    Listing Agency: SAB Capital Listing Agent: Asher Wenig

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Chapel Hill Freestanding Building

    Located at 110 S Estes Drive in Chapel Hill, North Carolina, this property features a 9,800 square foot, two-story freestanding building on 0.66 acres. Situated within one of Chapel Hill’s established commercial corridors, the property benefits from visibility and access along S Estes Drive, with exposure to approximately 15,500 vehicles per day. The site includes 44 parking spaces, yielding a parking ratio of 4.49 per 1,000 square feet. The property is currently subject to a NNN lease with Wake Radiology Services through December 31, 2026, generating approximately $278,078 in net operating income. The property is positioned just off University Place, a mixed-use destination. The surrounding area features dense residential neighborhoods and strong daily traffic. The asset is located near the University of North Carolina at Chapel Hill, serving more than 68,000 residents within a three-mile radius with an average household income exceeding $134,000. Zoned CC/R2 and currently configured for medical office/retail use, the existing building footprint and infrastructure lend themselves well to re-leasing, adaptive reuse, or repositioning into single-tenant or multi-tenant retail, medical, quick-service, automotive, or service-oriented concepts.
    Location Intelligence

    Current Use by Public Records

    Wake Radiology UNC ... Medical Clinic Dr. Philip R. ... Physician

    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
    -79.0328824
    Latitude
    35.927766

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    FAQs

    What type of property is this?
    Retail space - Two-story building on 0.66 acres in established commercial corridor.
    Where is this retail space located?
    The property is located at 110 S Estes Dr Chapel Hill, NC.
    What are key features of this property?
    This property features: - Premier location in a supply-constrained commercial corridor of Chapel Hill, near University Place and the University of North Carolina at Chapel Hill.; - Short-term NNN lease with Wake Radiology Services in place through December 31, 2026, providing approximately $278,078 in net operating income.; - Significant flexibility for investors or developers due to the short lease term, allowing for planning and execution of a longer-term strategy (re-leasing, adaptive reuse, or redevelopment).
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    110 S Estes Dr Chapel Hill, NC 27514
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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.

    More about this property
    110 S Estes Dr Chapel Hill, NC 27514
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    We can help!
    Listing Contact
    Asher Wenig
    Real Estate License ID: 10301219652
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