Add Listing
    For Sale
    • 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

    2515 Little River Dr Hillsborough, NC 27278

    View on Map
    New
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Nearly 6 acres in North Durham with development potential.

    Lot size:
    5.88 Acres

    Property Features for 2515 Little River Dr

    General Information

    Standard status
    Active
    Lot size
    5.88 Acres

    We can help!

    Listing Contact
    Lakisha Antoinette Chichester
    Source: Corcoran

    Listing Agency: KELLER WILLIAMS ELITE REALTY Listing Agent: Lakisha Antoinette Chichester

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

    Learn more

    Overview

    North Durham Land Opportunity

    This property offers nearly 6 acres in North Durham, providing a natural setting with gently rolling terrain. Located along Little River Drive, the parcel is situated minutes from Little River Regional Park and offers access to Interstate 85 and the retail corridor in northern Durham. The property was previously approved for a 3-bedroom septic system, but that approval has expired and a new permit is required.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Hotel & Motel Electronics & Wireless Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Hillsborough
    County
    Orange
    State
    North Carolina
    Longitude
    -78.9596768
    Latitude
    36.1413147

    Nearby Similar for Sale

    • $600,000
      Pending

      Historic Commercial Building in Hillsborough

      Historic commercial building in downtown Hillsborough with prime Churton Street location.
      118 S Churton St, Hillsborough, NC 27278
      View Details
    • $1,100,000

      Downtown Hillsborough Commercial Building Opportunity

      Commercial building in downtown Hillsborough with redevelopment potential.
      110 N Churton St, Hillsborough, NC 27278
      View Details
    • $3,062,500
      12,500 SF

      Former Auto Dealership on 2.68 Acres

      12,500 SF building ideal for motor vehicle-related businesses.
      259 S Churton St, Hillsborough, NC 27278
      View Details
    • $2,875,500
      500 SF

      38-Acre Farm Opportunity

      38 acres with income potential near I-40 in Hillsborough.
      4008 Old Nc 86, Hillsborough, NC 27278
      View Details
    • $300,000

      Hillsborough Retail Space - I-85 Access

      Prime Hillsborough location, office/retail space.
      112 John Earl St, Hillsborough, NC 27278
      View Details
    • $300,000
      2.01 Acres

      Highway 70 Commercial Land Opportunity

      Prime Hillsborough location, 2.01 acres, high visibility.
      740 Cornelius St, Hillsborough, NC 27278
      View Details
    • Contact for pricing
      1,056 SF

      Modern Condo in Historic Hillsborough

      Modern condominium with den, two bathrooms, and private terrace.
      515 N Churton St, Hillsborough, NC 27278
      View Details
    • $389,000
      1.17 Acres

      Hillsborough Commercial Land Opportunity

      1.17 Acres, Prime Location, $389,000
      415 Nc 86, Hillsborough, NC 27278
      View Details
    • Contact for pricing
      19.48 Acres

      Hillsborough Restaurant Opportunity

      Prime NC Retail Pad, 19 Acres
      0 Waterstone Dr, Hillsborough, NC 27278
      View Details

    FAQs

    What type of property is this?
    Land - Nearly 6 acres in North Durham with development potential.
    Where is this land located?
    The property is located at 2515 Little River Dr Hillsborough, NC.
    What are key features of this property?
    This property features: - Nearly 6 acres of land in North Durham; - Peaceful, natural setting with gently rolling terrain; - Convenient location near Little River Regional Park
    (984) 244-5830
    Request Owner's contact information
    2515 Little River Dr Hillsborough, NC 27278
    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.
    2515 Little River Dr
    Hillsborough, NC 27278
    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
    2515 Little River Dr Hillsborough, NC 27278
    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
    Lakisha Antoinette Chichester
    (984) 244-5830
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!