Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$590,000
Office Spaces
221 Providence Rd 10 Chapel Hill, NC 27514-2231
Entity Owned
~
Est. High Equity
Property ID
US53-2308430
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1982
Total area
1,038 SF
Lot
1 ac (43,560 SF)
Zoning code
OI-2
APN
9890-71-9843.010
UPID
US53-2308430
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Ballentine Associates PA Engineering Consultant Land Surveyor
-
Black Diamond Properties Inc Construction Company General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$370k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$587k
Blend (final)
Blend
$590k
Owner & transaction history
Retschle Holdings I LLC
Retschle Holdings I LLC
since 2025
Last sale
$740,000
3 recorded transactions
Zoning & alternative use
OI-2 · Chapel Hill, NC
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The Office or Institutional-2 (OI-2) district is intended to provide for medium intensity office and institutional development
Zone name
Office And Institutional 2
General category
CIVIC_INSTITUTIONAL
Zone area
872.03 ac
Source
Realmo
Top alternative use upside
Commercial (general)
$870,000
+111.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chapel Hill submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chapel Hill submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$370,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$410,000
Current use
COMMERCIAL (GENERAL)
$870,000
Change: +112% · Conversion: Easy
Blend value · Realmo final
$590k
Range $531k – $649k · ±10% · vs last sale $740k (Dec 10 2025)
Last sale anchor
$740k
Dec 10 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$568 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$4,675
Tax year 2023
Assessed value
$274,300
Assessed 2023
Previous assessed
$274,300
+0.0% YoY
Effective rate
1.70%
On assessed value
Assessed improvement
$274,300
Improvement market value
$274,300
Total market value
$274,300
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
1982
Heating
YES
Buildings
2
Stories
1
Total area
1,038 SF
Lot
1 ac (43,560 SF)
Zoning code
OI-2
APN
9890-71-9843.010
UPID
US53-2308430
Jurisdiction
ORANGE
Zoning & alternative use
OI-2 · Chapel Hill, NCZoning OI-2 · permitted uses
OI-2 · Chapel Hill, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The Office or Institutional-2 (OI-2) district is intended to provide for medium intensity office and institutional development
Zone name
Office And Institutional 2
General category
CIVIC_INSTITUTIONAL
Zone area
872.03 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$410,000
COMMERCIAL (GENERAL)
Est. value
$870,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1982
Heating
YES
Stories
1
Buildings
2
Lot
1 ac
Current owner
From public records · entity-resolved
Retschle Holdings I LLC
Entity
Mailing address
221 PROVIDENCE RD, CHAPEL HILL, NC 27514-2231
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 10, 2025
$740,000
Retschle Holdings I LLC
J Bruce Ballentine
Special Warranty Deed
$615,825 · The Fidelity Bank
—
—
Ballentine,james B & Pamela B
—
Deed Of Trust
related
$250,000 · Yadkin Bk
—
—
J Bruce Ballentine
—
Deed Of Trust
related
$250,000 · First South Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 221 Providence Rd, Unit 10?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
