Land Near Elon
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813-815 E Haggard Ave, Elon, NC 27244
Land with mixed-use zoning near Elon University.
Property Size1,400 SF
Price / SF$321.43
Days on Market157
Property Features for 813-815 E Haggard Ave
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Land, Mixed Use, Multifamily, Retail
Zoning
GMX General Mixed Use
Building Details
Buildings
1
Stories
1
Listing Agency:
David Massey Real Estate
(336) 380-0800
Listed By:
Jeff Deal · License #NC 56039
Source:
Crexi
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 20 at 3:10PM
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 David Massey Real Estate
Investment Insights
Based on property information with market context.
This property, located in Elon, North Carolina, is zoned GMX (General Mixed Use), which allows for a variety of commercial, residential, and institutional uses. The zoning permits a maximum building height of three stories. It is within walking distance of Elon University’s Francis Center (School of Health Sciences) and the east campus. The site includes an existing detached residence at 813 E. Haggard, offering approximately 1,400 square feet of space, which can provide rental income during redevelopment. The property is also located near the LabCorp York Court complex and Glen Raven corporate headquarters. It features almost 200 feet of frontage on E. Haggard Avenue, which has an NCDOT 2024 AADT of 3,300.
Key Highlights
- GMX zoning allows for numerous commercial, residential, and institutional uses.
- Quick walking distance to Elon University’s Francis Center and east campus.
- Almost 200 feet of frontage on busy E. Haggard Avenue (NCDOT 2024 AADT 3,300).**
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,175
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$283,500
$283.5K
Cap Rate 7%
$202,500
$202.5K
Cap Rate 9%
$157,500
$157.5K
Market Conditions
NOI Build-Up for 1,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.2K $18.00/SF
− Vacancy
−$2.5K −$1.80/SF
EGI
$22.7K $16.20/SF
− OpEx
−$8.5K −$6.07/SF
NOI
$14.2K $10.13/SF
Area
Alamance County, NC
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$283,500
Cap Rate 7%
$202,500
Cap Rate 9%
$157,500
Alternative Uses
Best Use
Mixed Use
$202.5K
$177.2K – $236.3K
NOI $14,175 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$461.6K
$403.9K – $538.5K
NOI $32,310 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
145
Businesses Nearby
Explore this area
Business Placement
Demographics for 27244, NC
16,671
Population
5,740
Households
2.9
Avg Household Size
28
Median Age
35%
College-Educated
91%
High-School Grad
53.8 sq mi
ZIP Area
310
Density / Sq Mi
$70,982
Median Household Income
$22,318
Median Earnings
$831
Median Rent
$248,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Land with mixed-use zoning near Elon University.
Where is this commercial land located?
The property is located at 813-815 E Haggard Ave Elon, NC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: GMX zoning allows for numerous commercial, residential, and institutional uses.; Quick walking distance to Elon University’s Francis Center and east campus.; Almost 200 feet of frontage on busy E. Haggard Avenue (NCDOT 2024 AADT 3,300).**
