Duplex with Private Outdoor
For Sale
$750,000
Ab-255 Erwin Rd, Chapel Hill, NC 27514
Two residential units offer flexible occupancy, supplemental income potential, and separate outdoor areas, including a fenced space for one side.
Property Size2,769 SF
Price / SF$270.86
Days on Market404
Property Features for Ab-255 Erwin Rd
General Information
Standard status
Active
Size
2,769 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/3.5BA, 1 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,500
Building Details
Year Built
2025
Listing Agency:
Grow Local Realty, LLC
(919) 830-5233
Listed By:
Kim Pendergrass · License #186199
(252) 432-5691
Source:
Exprealty
Added: Jul 28, 2025
Changed: Sep 2
Last Checked: Sep 2 at 1:24AM
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 Grow Local Realty, LLC
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two three-bedroom residences with distinct bathroom configurations. The larger unit includes 3 bedrooms and 3.5 bathrooms, with a primary suite on the main level and an en-suite bath. The second unit provides 3 bedrooms and 2.5 bathrooms. Both layouts feature open living areas, natural light, and dedicated kitchen space, while each bedroom in the larger residence has its own full bathroom. Private outdoor areas and ample parking support everyday residential use, and one side includes fencing.
The property is located on Erwin Road in Chapel Hill, near shopping, dining, and entertainment options, with access to Bus Line D. The duplex has no HOA and can support owner occupancy with supplemental income or separate rental use.
The property is located on Erwin Road in Chapel Hill, near shopping, dining, and entertainment options, with access to Bus Line D. The duplex has no HOA and can support owner occupancy with supplemental income or separate rental use.
Key Highlights
- Duplex completed in 2025
- 6 bedrooms, 5 full bathrooms, and 2 half baths total
- Larger unit: 3 bedrooms and 3.5 bathrooms
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
$23,777
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
3.17%
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%
$475,540
$475.5K
Cap Rate 7%
$339,671
$339.7K
Cap Rate 9%
$264,189
$264.2K
Market Conditions
NOI Build-Up for 2,769 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
$38.2K $13.80/SF
− Vacancy
−$4.2K −$1.53/SF
EGI
$34.0K $12.27/SF
− OpEx
−$10.2K −$3.68/SF
NOI
$23.8K $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 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%
$475,540
Cap Rate 7%
$339,671
Cap Rate 9%
$264,189
Alternative Uses
Best Use
Multifamily LT 5
$339.7K
$297.2K – $396.3K
NOI $23,777 @ 7.0% cap · market cap 3.17%
Second Best
Apartment 5plus
$299.7K
$262.2K – $349.6K
NOI $20,978 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$894.1K
$782.4K – $1.04M
NOI $62,590 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
Explore this area
Business Placement
Demographics for 27514, NC
33,809
Population
11,470
Households
2.9
Avg Household Size
27
Median Age
80%
College-Educated
98%
High-School Grad
19.6 sq mi
ZIP Area
1,725
Density / Sq Mi
$94,167
Median Household Income
$25,145
Median Earnings
$1,491
Median Rent
$628,700
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?
Duplex - Two residential units offer flexible occupancy, supplemental income potential, and separate outdoor areas, including a fenced space for one side.
Where is this duplex located?
The property is located at Ab-255 Erwin Rd 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: Duplex completed in 2025; 6 bedrooms, 5 full bathrooms, and 2 half baths total; Larger unit: 3 bedrooms and 3.5 bathrooms
