Add Listing
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

    1602 Franklin St Chapel Hill, NC 27514-2885

    • Office buildings
    • 41,931 SF
    • 5.10 lot acres
    OFF-MARKET
    Value Estimations
    $10,035,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2369512
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Signature HealthCARE of Chapel Hill / Nursing Home
    • Julie Mcfarlin / Physician

    Property Details for 1602 Franklin St

    Year built
    1979
    Lot size
    5.10 lot acres
    Property size
    41,931 SF
    Zone code
    OI-2/R-5
    Property type
    Office buildings
    APN
    9799-14-1643
    APU
    9799141643

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,515,000
      6.5%
      $10,625,000
      7%
      $9,870,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,625,000
      Market price range: $10.6M - $26.9M
      AI Estimate
      $8,849,000
      Market price range: $8.85M - $21.3M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $16,565,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Chapel Hill
    County
    Orange
    State
    North Carolina
    Longitude
    -79.0298
    Latitude
    35.9335
    CBSA code
    20500
    CBSA name
    DURHAM-CHAPEL HILL, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $56,172
    $1,869,500
    $1,409,500
    $3,279,000
    -
    $1,869,500
    $1,409,500
    $3,279,000

    Comparable in this City

    • Value Estimation
      $7,165,000
      27,818 SF

      600 Eastowne Dr

      OFFICE BUILDING • 27,818 SF
      600 Eastowne Dr, Chapel Hill, NC 27514-2277
      View Details
    • Value Estimation by Request
      868 SF

      141 Providence Rd Ste, Unit 220

      OFFICE BUILDING • 868 SF
      141 Providence Rd Ste, Chapel Hill, NC 27514-6200
      View Details
    • Value Estimation by Request
      971 SF

      141 Providence Rd Ste, Unit 120

      OFFICE BUILDING • 971 SF
      141 Providence Rd Ste, Chapel Hill, NC 27514-6200
      View Details
    • Value Estimation by Request
      1,287 SF

      141 Providence Rd Ste, Unit 140

      OFFICE BUILDING • 1,287 SF
      141 Providence Rd Ste, Chapel Hill, NC 27514-6219
      View Details
    • Value Estimation
      $855,000
      2,349 SF

      150 Providence Rd Ste, Unit 200

      OFFICE BUILDING • 2,349 SF
      150 Providence Rd Ste, Chapel Hill, NC 27514-2208
      View Details
    • Value Estimation by Request
      536 SF

      901 Willow Dr Ste, Unit 3

      OFFICE BUILDING • 536 SF
      901 Willow Dr Ste, Chapel Hill, NC 27514-7078
      View Details

    Similar Nearby for Sale

    • $2,900,000
      14,739 SF

      Chapel Hill Office Building For Sale

      Class B office building with flexible space in Chapel Hill.
      300 Silver Cedar Ct, Chapel Hill, NC 27514
      View Details
    • Contact for pricing
      12,800 SF

      Chapel Hill Office Building For Sale

      East Franklin Street office building with lease income.
      1600 E Franklin St, Chapel Hill, NC 27514
      View Details
    • $975,000
      0.46 Acres

      Chapel Hill Office Development Site

      Highly visible site with approved plans for office building.
      1751 Dobbins Dr, Chapel Hill, NC 27514
      View Details
    • Contact for pricing
      4,716 SF

      Modern Office Condo Near UNC

      Office condo near I-40, downtown Chapel Hill, and UNC campus.
      101 Cosgrove Ave, Chapel Hill, NC 27514
      View Details
    • Contact for pricing
      5,000 SF

      Chapel Hill Coworking Space

      Coworking space in Chapel Hill with value-add opportunity.
      1506 E Franklin St, Chapel Hill, NC 27514
      View Details
    • New
      $750,000
      2,769 SF

      New Chapel Hill Duplex Investment

      New construction duplex in Chapel Hill, ideal for investment.
      255 Erwin Rd, Chapel Hill, NC 27514
      View Details

    Similar Nearby for Lease

    • $325,839
      12,090 SF

      Renovated Office Building with Solar

      Office space with modern amenities and logistical advantages for lease.
      605 Eastowne Dr, Chapel Hill, NC 27514
      View Details
    • $20 SF/Yr
      3,350 SF

      Prime Orange County Executive Suites

      Modern Offices, Flexible Lease Options
      88 Vilcom Center Dr, Chapel Hill, NC 27514
      View Details
    • Contact for pricing
      3,000 SF

      Class A Office Space Available

      Prime office space near UNC, food, and retail.
      201 Sage Rd, Chapel Hill, NC 27514
      View Details
    • Contact for pricing
      4,976 SF

      Chapel Hill Office Space Available

      4,976 SF office space with abundant natural light.
      1600 E Franklin St, Chapel Hill, NC 27514
      View Details
    • New
      $2,776 /Mo
      1,586 SF

      Chapel Hill Office Space Available

      Office space for lease in a desirable Chapel Hill location.
      901 Willow Dr Unit, Chapel Hill, NC 27514
      View Details
    • $21 SF/Yr
      7,801 SF

      Chapel Hill Executive Office Suite

      7,801 SF Office Space For Lease
      1600 Franklin St, Chapel Hill, NC 27514
      View Details

    Property Visit Statistics

    • Visits by month
      9.0k
    • Visitors by month
      6.2k
    • Avg Time on site
      14 min
    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.
    1602 Franklin St
    Chapel Hill, NC 27514-2885
    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.
    Sign Up Successful!
    You now have access to more from Realmo!