Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space Near UNC Campus Title is generated by Realmo AI

    123 West Franklin Street, Chapel Hill, NC 27516

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Dynamic mixed-use project near UNC's campus on Franklin Street.

    Type:Retail
    Property size:
    4,450 SF
    Added:
    Nov 22, 2025
    Days on Market:
    181
    Last Refresh:
    Apr 5 at 9:13 pm

    Property Features for 123 West Franklin Street

    General Information

    Standard status
    Active
    Size
    4,450 SF
    Property subtype
    Retail

    Spaces For Lease

    at 123 West Franklin Street Contact us

    We can help!

    Listing Contact
    Charlie Coyne

    Listing agent Charlie Coyne

    Listing office CBRE | Raleigh

    Listing date Nov 22, 2025

    Source Cbre

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

    All listing content including descriptions, pricing, images are the copyrighted material of CBRE | Raleigh

    HighLights

    • Dynamic mixed‑use project.
    • New hub of activity in Chapel Hill.
    • Unparalleled exposure.
    • Access to UNC's campus.
    • Located on Franklin Street.
    • Collaborative partnership (Cousins, Northwood Ravin, CBRE).

    Overview

    Carolina Square is a mixed-use project intended to serve as a hub of activity in Chapel Hill. The site offers exposure and access to the UNC campus along Franklin Street. The property contains 4450 square feet of retail space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    UNC Center for Galapagos ... Academic Department UNC Office of Research ... Research Institute UNC Collaborative Studies ... Association / Organization UNC Office of Ethics ... Corporate Office Improv At The Varsity Nightclub

    Suggested Use

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

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

    Similar Places Nearby

    • Greenbridge Condominiums — 601 W Rosemary St, Chapel Hill, NC 27516
    • East Main Square — 380 E Main St, Carrboro, NC 27510
    • The Central — 137 E Franklin St, Chapel Hill, NC 27514
    • Coinstar Kiosk - Bitcoin ATM — Harris Teeter, 310 N Greensboro St, Carrboro, NC 27510

    Location Insight

    • Map
    • Local Demand
    City
    Chapel Hill
    County
    Orange
    State
    North Carolina
    Longitude
    -79.055375
    Latitude
    35.913364

    Nearby Similar for Lease

    • $2,250/Mo
      1,000 SF

      Chapel Hill Office Space Available

      Office space for rent in Chapel Hill, utilities included.
      101 Conner Drive, Chapel Hill, NC 27514
      View Details
    • $2,776/Mo
      1,586 SF

      Chapel Hill Office Space Available

      Office space for lease in a desirable Chapel Hill location.
      901 Willow Drive, Chapel Hill, NC 27514
      View Details
    • $27,123 SF/Yr
      12,090 SF

      Renovated Office Space For Lease

      Modern office building with unique logistical advantages and cost-saving features.
      605 Eastowne Drive, Chapel Hill, NC 27514
      View Details
    • Sponsored
      $129-$3,867/Mo
      11-1,292 SF

      NC, Chapel Hill - Governors Dr

      50101 Governors Dr, Chapel Hill, NC 27517
      View Details
    • $5,250/Mo
      3,000 SF

      Professional Office Suite in Chapel Hill

      Adaptable office suite near UNC & downtown Chapel Hill.
      101 Connor Drive, Chapel Hill, NC 27514
      View Details
    • $24 SF/Yr
      11,728 SF

      Class A Office Building

      Five-story office building with amenities near UNC and I-40.
      100 Europa Drive, Chapel Hill, North Carolina 27517
      View Details
    • $36 SF/Yr
      1,873 SF

      Chapel Hill Office Suites Available

      First floor office suites in well-appointed Chapel Hill building.
      301 W Barbee Chapel Road, Chapel Hill, North Carolina 27517
      View Details
    • $25 SF/Yr
      6,383 SF

      Chapel Hill Office Space Available

      Office space for lease in the heart of Chapel Hill.
      1516 E Franklin Street, Chapel Hill, North Carolina 27514
      View Details
    • $26 SF/Yr
      2,496 SF

      Class A Office Space Available

      Class A office space in Orange County for rent.
      55 Vilcom Center Drive, Chapel Hill, North Carolina 27514
      View Details
    • $23 SF/Yr
      2,064 SF

      Office Condo in Eastowne Park

      Office condo for lease or sale in Chapel Hill.
      501 Eastowne Drive, Suite 265, Chapel Hill, North Carolina 27514
      View Details
    • $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
    • $20 SF/Yr
      2,184 SF

      Chapel Hill Office Space Available

      Office space featuring perimeter offices, conference room, and reception.
      910 Martin Luther King Jr Blvd, Chapel Hill, North Carolina 27514
      View Details

    FAQs

    What type of property is this?
    Shopping center - Dynamic mixed-use project near UNC's campus on Franklin Street.
    Where is this shopping center located?
    The property is located at 123 West Franklin Street Chapel Hill, NC.
    What are key features of this property?
    This property features: Dynamic mixed‑use project.; New hub of activity in Chapel Hill.; Unparalleled exposure.
    (919) 831-8268
    We can help!
    Listing Contact
    Charlie Coyne
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    123 West Franklin Street, Chapel Hill, NC, 27516
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!