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    255 Erwin Road Chapel Hill, NC 27514

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    For Sale
    $750,000

    MULTI_FAMILY - Chapel Hill, NC

    Property size:
    2,769 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $270/SF
    Added:
    Jul 28, 2025
    Days on Market:
    275
    Last Refresh:
    Apr 28 at 4:06 am

    Property Features for 255 Erwin Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Bedrooms
    6
    Bathrooms
    6
    Rooms
    Bathroom 46, Bathroom 59, Bathroom 55, Bathroom 51, Dining Room, Bedroom 6, Bathroom 9, Bathroom 11, Bathroom 4, Bathroom 29, Bathroom 56, Bathroom 14, Bathroom 16, Bathroom 44, Bedroom 3, Bathroom 33, Bathroom 39, Bathroom 15, Bathroom 6, Bathroom 17, Bathroom 20, Bathroom 18, Bathroom 37, Bathroom 8, Bathroom 40, Bathroom 54, Bathroom 35, Bathroom 22, Bathroom 28, Bathroom 3, Bedroom 2, Bedroom 4, Bathroom 21, Bathroom 42, Bathroom 58, Bathroom 7, Bathroom 53, Bathroom 24, Bedroom 5, Bathroom 12, Bathroom 52, Bathroom 36, Bathroom 41, Bathroom 13, Bathroom 30, Bathroom 1, Bathroom 32, Bathroom 2, Bathroom 48, Bathroom 34, Bathroom 38, Bathroom 50, Bathroom 27, Bathroom 43, Bathroom 49, Bathroom 57, Bathroom 47, Bathroom 26, Bathroom 23, Bathroom 10, Bathroom 31, Bathroom 5, Bathroom 19, Bathroom 45, Bedroom 1, Bathroom 60, Bathroom 25
    Parking features
    Driveway
    Patio and Porch features
    Porch
    Interior features
    Bathtub/Shower Combination, Ceiling Fan(s), Eat-in Kitchen, Kitchen/Dining Room Combination, Open Floorplan, Quartz Counters, Second Primary Bedroom, Smooth Ceilings, Walk-In Closet(s)
    Exterior features
    Rain Gutters
    Appliances
    Electric Range, Microwave, Refrigerator
    Standard status
    Active
    APN
    9890-51-1404
    Size
    2,769 SF
    Lot size
    0.26 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    2 AMID ALVAND
    Tax Annual Amount
    7500

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Heat Pump (Heating)
    Cooling system
    Separate Meters, Ceiling Fan(s), Multi Units, Heat Pump, Central Air
    Water source
    Public

    Building Details

    Year built
    2025
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Wood, Vinyl, Tile - Ceramic
    Building materials
    Fiber Cement
    Roof type
    Shingle

    We can help!

    Listing Contact
    Kim Pendergrass

    Listing agent Kim Pendergrass License #186199

    Listing office Grow Local Realty, LLC 140 Raleigh Street, Holly Springs, NC

    Listing date Jul 28, 2025

    MLS# 10130212 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.

    Overview

    New Chapel Hill Duplex Investment

    This new construction duplex, built in 2025, presents an investment opportunity in Chapel Hill. The property features a total of 6 bedrooms, 5 full bathrooms, and 2 half baths, offering flexibility for multi-generational living, rental income, or owner-occupancy with supplemental income. One unit features a 3-bedroom, 3.5-bathroom layout designed for modern living, with open floor plans, generous natural light, and a well-appointed kitchen. The other unit, slightly smaller, includes 3 bedrooms and 2.5 bathrooms. The primary bedroom in the larger unit is located on the main level with an en-suite bathroom, and each bedroom in that unit has its own full bathroom. The property includes private outdoor space and ample parking. Situated on a 0.26-acre lot, the location is convenient to shopping, dining, entertainment, and Bus line D. The property size is 2769 square feet. There is no HOA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

    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
    -79.0169085
    Latitude
    35.9521372

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    FAQs

    What type of property is this?
    Duplex - New construction duplex in Chapel Hill, ideal for investment.
    Where is this duplex located?
    The property is located at 255 Erwin Road Chapel Hill, NC.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: New construction duplex (built in 2025) offering flexibility for rental income or multi‑generational living.; Two units: one with 3 bedrooms/3.5 bathrooms, the other with 3 bedrooms/2.5 bathrooms.; Primary bedroom on the main level with en‑suite bathroom in the larger unit.
    (252) 432-5691
    We can help!
    Listing Contact
    Kim Pendergrass
    Real Estate License ID: 186199
    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.

    More about this property
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