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    Westbrook Ave Elon, NC 27244
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    Westbrook Ave Elon, NC 27244

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    • Land
    • 19.66 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Westbrook Ave

    Lot size
    19.66 lot acres
    Property type
    Land

    Description

    This exceptional 19.66-acre parcel is situated at the intersection of Westbrook Avenue and University Drive in Elon, North Carolina. The property enjoys a highly desirable location, just two miles north of the I-40/I-85 interchange and two miles south of Elon University. Its zoning designation is Suburban Residential (SBR) within the Town of Elon, further enhanced by a Priority Corridor (PCO) zoning overlay. The Alamance County PIN is 108625. This strategic location benefits from high traffic volume, with approximately 15,000 vehicles per day traversing University Drive. The property's adjacency to Twin Lakes Community, a substantial master-planned continuing care retirement community, adds to its appeal. The area boasts abundant amenities and is experiencing significant new development, presenting a compelling opportunity for residential development. This significant landholding offers exceptional potential for a variety of residential projects, capitalizing on its prime location and favorable zoning. The property's size and location make it an attractive investment opportunity in a thriving North Carolina community. The property is located in Alamance County, NC, zip code 27244.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Elon
    County
    Alamance
    State
    North Carolina
    Longitude
    -79.5243
    Latitude
    36.0902

    Comparable in this City

    • Value Estimation
      $1,640,000
      17,112 SF

      756 Haggard Ave

      APARTMENT HOUSE (5+ UNITS) • 17,112 SF
      756 Haggard Ave, Elon, NC 27244-8417
      View Details
    • Value Estimation by Request
      9.40 Acres

      2224 Phibbs Rd

      MOBILE HOME PARK, TRAILER PARK • 9.40 Acres
      2224 Phibbs Rd, Elon, NC 27244-8418
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    • Value Estimation by Request
      6.52 Acres

      2342 Drew Ln

      MOBILE HOME PARK, TRAILER PARK • 6.52 Acres
      2342 Drew Ln, Elon, NC 27244-9258
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    • Value Estimation by Request
      1.33 Acres

      204 Neal St

      MOBILE HOME PARK, TRAILER PARK • 1.33 Acres
      204 Neal St, Elon, NC 27244-9210
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    • Value Estimation by Request
      4.50 Acres

      2224 Phibbs Rd

      MOBILE HOME PARK, TRAILER PARK • 4.50 Acres
      2224 Phibbs Rd, Elon, NC 27244-8418
      View Details
    • Value Estimation
      $1,780,000
      24,108 SF

      100 Haggard Ave

      APARTMENT HOUSE (5+ UNITS) • 24,108 SF
      100 Haggard Ave, Elon, NC 27244
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Land For Sale in Elon

      Approximately 19.66 acres available near Elon University.
      Westbrook Ave, Elon, NC 27244
      View Details
    • Contact for pricing
      80,000 SF

      Development Land For Sale

      Land with potential for single-family or multifamily development.
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      Land Near Elon University

      Land with mixed-use zoning near Elon University.
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    • $450,000
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      Elon Mixed-Use Redevelopment Opportunity

      Mixed-use property near Elon University with redevelopment potential.
      813 E Haggard Ave, Elon, NC 27244
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    • $285,000

      Elon University Area Development Opportunity

      Prime land parcel near Elon University for redevelopment or renovation.
      805 Haggard Ave, Elon, NC 27244
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    • $285,000

      Land Near Elon University

      0.808-acre parcel near Elon University with redevelopment potential.
      805 Haggard Ave, Elon, NC 27244
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    Westbrook Ave
    Elon, NC 27244
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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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    Westbrook Ave, Elon, NC, 27244
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