6-Unit Multifamily
For Sale
$1,150,000
348-360 Cedar Lake Road A & B, Chapel Hill, NC 27516
Six two-bedroom residences sit within a wooded setting, with all units currently leased.
Property Size4,416 SF
Lot Size5.00 Acres
Price / SF$260.42
Days on Market152
Property Features for 348-360 Cedar Lake Road A & B
General Information
Standard status
Active
Size
4,416 SF
Lot size
5.00 Acres
Property subtype
Duplex
Occupancy
100%
Financials
Gross Income
$68,400
Average Monthly Rent
$950
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Building Details
Building Size
4,416 SF
Year Built
1981
Buildings
3
Listing Agency:
Compass
Listed By:
Hendren Realty Group
(919) 946-2766
Source:
Hendrenrealtygroup
Added: Jun 1
Changed: Oct 29
Last Checked: Oct 26 at 2:55PM
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 Compass
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1981, this multifamily property comprises three duplex buildings with six residences in total. Each unit has two bedrooms and one bathroom. The buildings are in good condition and have not been updated. All six units are leased.
The property occupies a wooded 5-acre parcel near shopping and a park-and-ride facility. The buildings contain a combined 4,416 square feet.
The property occupies a wooded 5-acre parcel near shopping and a park-and-ride facility. The buildings contain a combined 4,416 square feet.
Key Highlights
- Three duplex buildings with six units total
- Each residence has 2 bedrooms and 1 bathroom
- 4,416 square feet across the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,919
Cap Rate
3.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$758,380
$758.4K
Cap Rate 7%
$541,700
$541.7K
Cap Rate 9%
$421,322
$421.3K
Market Conditions
NOI Build-Up for 4,416 SF
Gross rent
$60.9K $13.80/SF
− Vacancy
−$6.8K −$1.53/SF
EGI
$54.2K $12.27/SF
− OpEx
−$16.3K −$3.68/SF
NOI
$37.9K $8.59/SF
Area
Orange County, NC
Vacancy
11.11%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$758,380
Cap Rate 7%
$541,700
Cap Rate 9%
$421,322
Alternative Uses
Best Use
Multifamily LT 5
$541.7K
$474.0K – $632.0K
NOI $37,919 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$477.9K
$418.2K – $557.6K
NOI $33,456 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,818 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
261
Businesses Nearby
Explore this area
Business Placement
Demographics for 27516, NC
45,841
Population
18,684
Households
2.5
Avg Household Size
35
Median Age
72%
College-Educated
96%
High-School Grad
93.5 sq mi
ZIP Area
490
Density / Sq Mi
$100,788
Median Household Income
$48,638
Median Earnings
$1,446
Median Rent
$508,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Six two-bedroom residences sit within a wooded setting, with all units currently leased.
Where is this multifamily property located?
The property is located at 348-360 Cedar Lake Road A & B Chapel Hill, NC.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Three duplex buildings with six units total; Each residence has 2 bedrooms and 1 bathroom; 4,416 square feet across the property
