Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2601 Myrtle Ln Hillsborough, NC 27278

    • Land
    • 20.23 lot acres
    For Sale
    View listing
    $600,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 2601 Myrtle Ln

    Lot size
    20.23 lot acres
    Property type
    Land

    Description

    This exceptional 20.23-acre commercial land parcel presents a unique investment opportunity in Hillsborough, North Carolina. Located at 2601 Myrtle Ln, this property boasts convenient access to key amenities and infrastructure. Its strategic location offers easy access to Research Triangle Park, UNC Hospitals Hillsborough Campus, various grocery stores, pharmacies, and the vibrant downtown Hillsborough area. The gentle topography makes it particularly suitable for residential development projects. A comprehensive soil suitability report is readily available for review. Further details, including aerial photography, are accessible through supplemental materials. The property is zoned R-1 by Orange County, with a minimum lot size requirement of 40,000 square feet. While situated adjacent to the town of Hillsborough, it's important to note that it is not located within the extraterritorial jurisdiction (ETJ). Public water and sewer services are conveniently located nearby. This expansive lot offers significant potential for a variety of development ventures, making it an attractive proposition for discerning investors. The asking price for this remarkable property is $600,000. Detailed information and supporting documentation are available upon request. The zip code is 27278.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Hillsborough
    County
    Orange
    State
    North Carolina
    Longitude
    -79.1118
    Latitude
    36.0459

    Comparable in this City

    • Value Estimation by Request
      4.80 Acres

      Old Nc 86 Hwy

      Land • 4.80 Acres
      0 Old Nc 86 Hwy, Hillsborough, NC 27278
      View Details
    • Value Estimation by Request
      4.62 Acres

      224 Oakdale Dr

      Land • 4.62 Acres
      224 Oakdale Dr, Hillsborough, NC 27278
      View Details
    • Value Estimation by Request
      5.50 Acres

      86 At Oakdale Dr

      Land • 5.50 Acres
      86 At Oakdale Dr, Hillsborough, NC 27278
      View Details
    • Value Estimation by Request
      4.40 Acres

      Us-70

      Land • 4.40 Acres
      0 Us-70, Hillsborough, NC 27278
      View Details
    • Value Estimation by Request
      5.00 Acres

      378 Churton St

      Land • 5.00 Acres
      378 Churton St, Hillsborough, NC 27278
      View Details
    • Value Estimation by Request
      3.50 Acres

      2201 Moorefields Rd

      Land • 3.50 Acres
      2201 Moorefields Rd, Hillsborough, NC 27278
      View Details

    Similar Nearby for Sale

    • $2,500,000
      5.50 Acres

      Hillsborough Commercial Land - $2.5M

      5.5-acre commercial lot, prime location.
      86 At Oakdale Dr, Hillsborough, NC 27278
      View Details
    • $695,000
      2.54 Acres

      Hillsborough Commercial Land - $695K

      2.54 Acres, High-Intensity Commercial Zoning
      1807 Nc-86, Hillsborough, NC 27278
      View Details
    • $600,000
      20.23 Acres

      Hillsborough Commercial Land - 20 Acres

      Prime 20-acre commercial lot, ideal for development.
      2601 Myrtle Ln, Hillsborough, NC 27278
      View Details
    • Contact for pricing
      4.80 Acres

      Hillsborough Commercial Land Opportunity

      4.8 Acres, Prime I-85 Location
      0 Old Nc 86 Hwy, Hillsborough, NC 27278
      View Details
    • $820,000
      4.40 Acres

      Hwy 70 East Hillsborough Land

      4.4 Acres Commercial Land, High Visibility
      0 Us Highway 70, Hillsborough, NC 27278
      View Details
    • $2,200,000
      15.30 Acres

      Hillsborough Industrial Land Investment

      15.3 Acres, Prime Commercial Location
      1700 Nc 86, Hillsborough, NC 27278
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      60,984 SF

      Hillsborough Commercial Land Lease

      1.4-Acre Commercial Lot, I-85 Access
      111 Cardinal Dr, Hillsborough, NC 27278
      View Details
    • Contact for pricing
      1 SF

      Commercial Land Near I-85

      1.40-acre parcel suitable for commercial, retail, or food establishment.
      111 Cardinal Dr, Hillsborough, NC 27278
      View Details
    • $24 SF/Yr
      6,290 SF

      Hillsborough Executive Office Suite

      1,140 SF Office Space Available Now
      1000 Corporate Dr, Hillsborough, NC 27278
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2601 Myrtle Ln
    Hillsborough, NC 27278
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.