Renovated Multifamily
For Sale
$1,295,000
543-549 Cedar Lake Road Chapel Hill NC 27516, Chapel Hill, NC 27516
Chapel Hill, NC
Property Size5,301 SF
Lot Size3.00 Acres
Price / SF$244.29
Days on Market67
Property Features for 543-549 Cedar Lake Road Chapel Hill NC 27516
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 12, Bedroom 3, Bedroom 10, Bedroom 7, Bedroom 4, Bedroom 2, Bedroom 6, Bedroom 5, Bedroom 9, Bedroom 1, Bedroom 11, Bedroom 8
Subdivision
Cedar Lake
Elementary school
Chatham - Chatham Grove Elementary
Middle school
Chatham - Margaret B Pollard Middle School
High school
Chatham - Northwood High
Standard status
Active
Lot size
3.00 Acres
Amenities
washer/dryer in unit
covered front porch
private rear patio
exterior storage/mechanical room
Building Details
Year built
1978
Listing Agency:
Chapel Hill
(919) 942-4822
Listed By:
Chad Lloyd · License #243094
(919) 606-8511
Added: Aug 5
Changed: Sep 12
Last Checked: Oct 10 at 11:06AM
MLS# 10184491
Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property comprises three brick, single-story duplex buildings on approximately 3 acres, with six residential units totaling 5,301 heated square feet. Each residence includes two bedrooms, one full bathroom, a living room, eat-in kitchen, storage closets, laundry space, covered front porch, rear patio, and attached exterior storage or mechanical room. Washers and dryers convey with the sale. Five units are leased, while one is vacant for showings and immediate occupancy. The property was renovated during 2018-2019 with architectural shingle roofs and gutters, updated flooring, appliances, fixtures, countertops, and interior and exterior paint. No units contain carpet.
Electricity is separately metered through Duke Energy. Water service is provided by a private well, with septic systems serving the property. The owner-paid utility profile is limited primarily to the well pump house and vacant-unit utilities. The property is located 4.5 miles from UNC-Chapel Hill and downtown Chapel Hill, less than one mile from shopping and UNC park-and-ride facilities, and approximately 3 miles from Briar Chapel. Cedar Lake Road is privately maintained.
Electricity is separately metered through Duke Energy. Water service is provided by a private well, with septic systems serving the property. The owner-paid utility profile is limited primarily to the well pump house and vacant-unit utilities. The property is located 4.5 miles from UNC-Chapel Hill and downtown Chapel Hill, less than one mile from shopping and UNC park-and-ride facilities, and approximately 3 miles from Briar Chapel. Cedar Lake Road is privately maintained.
Key Highlights
- Six residential units across three duplex buildings on approximately 3 acres
- 5,301 heated square feet; each duplex contains 1,767 heated square feet
- Five units leased and one unit vacant for showings and immediate leasing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,518
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$910,360
$910.4K
Cap Rate 7%
$650,257
$650.3K
Cap Rate 9%
$505,756
$505.8K
Market Conditions
NOI Build-Up for 5,301 SF
Gross rent
$73.2K $13.80/SF
− Vacancy
−$8.1K −$1.53/SF
EGI
$65.0K $12.27/SF
− OpEx
−$19.5K −$3.68/SF
NOI
$45.5K $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%
$910,360
Cap Rate 7%
$650,257
Cap Rate 9%
$505,756
Alternative Uses
Best Use
Multifamily LT 5
$650.3K
$569.0K – $758.6K
NOI $45,518 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$573.7K
$502.0K – $669.4K
NOI $40,161 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,823 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
187
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three single-story duplex buildings offer six two-bedroom residences with separate electric metering and private outdoor areas.
Where is this multifamily property located?
The property is located at 543-549 Cedar Lake Road Chapel Hill NC 27516 Chapel Hill, NC.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Six residential units across three duplex buildings on approximately 3 acres; 5,301 heated square feet; each duplex contains 1,767 heated square feet; Five units leased and one unit vacant for showings and immediate leasing
