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
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    615 Eastowne Dr Chapel Hill, NC 27514-2211

    • Office buildings
    • 5,989 SF
    • 0.88 lot acres
    OFF-MARKET
    Value Estimations
    $1,865,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2024712
    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

    • Progressive Computer Systems / Computer Service / Data Recovery Service

    Property Details for 615 Eastowne Dr

    Year built
    1998
    Lot size
    0.88 lot acres
    Property size
    5,989 SF
    Zone code
    OI-2
    Property type
    Office buildings
    APN
    9890-81-1331
    APU
    9890811331

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,645,000
      6.5%
      $1,520,000
      7%
      $1,410,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,168,000
      Market price range: $1.52M - $3.85M
      AI Estimate
      $1,910,000
      Market price range: $1.26M - $3.04M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,365,000
      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
    -79.0064
    Latitude
    35.9517
    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
    $17,173
    $338,800
    $674,200
    $1,013,000
    -
    $338,800
    $674,200
    $1,013,000

    Comparable in this City

    • Value Estimation
      $1,080,000
      2,543 SF

      210 Columbia St

      OFFICE BUILDING • 2,543 SF
      210 Columbia St, Chapel Hill, NC 27514-3501
      View Details
    • Value Estimation
      $2,425,000
      6,240 SF

      151 Rosemary St

      OFFICE BUILDING • 6,240 SF
      151 Rosemary St, Chapel Hill, NC 27514-3539
      View Details
    • Value Estimation
      $520,000
      907 SF

      105 Conner Dr, Unit 1-1300

      OFFICE BUILDING • 907 SF
      105 Conner Dr, Chapel Hill, NC 27514-7125
      View Details
    • Value Estimation by Request
      928 SF

      104 Estes Dr Ste, Unit 201

      OFFICE BUILDING • 928 SF
      104 Estes Dr Ste, Chapel Hill, NC 27514-2866
      View Details
    • Value Estimation by Request
      1,802 SF

      180 Providence Rd Ste, Unit 3

      OFFICE BUILDING • 1,802 SF
      180 Providence Rd Ste, Chapel Hill, NC 27514-2206
      View Details
    • Value Estimation by Request
      1,207 SF

      180 Providence Rd Ste, Unit 5

      OFFICE BUILDING • 1,207 SF
      180 Providence Rd Ste, Chapel Hill, NC 27514-2206
      View Details

    Similar Nearby for Sale

    • $2,900,000

      Chapel Hill Office Building

      Two-story Class B office building in Chapel Hill, North Carolina.
      300 Silver Cedar Ct, 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
    • $1,179,000
      1,033 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
    • $2,280,000
      1.20 Acres

      Emmott Business Center Warehouses

      Northwest Houston industrial space for lease.
      100 Meadowbrook Dr, Chapel Hill, NC 27514
      View Details
    • $1,400,000
      0.28 Acres

      Chapel Hill Corner Lot Opportunity

      0.28-acre corner lot in desirable Chapel Hill historic district.
      401 E Rosemary St, Chapel Hill, NC 27514
      View Details

    Similar Nearby for Lease

    • $325,839
      12,090 SF

      Renovated Office Building with Solar

      Office building for lease or purchase near UNC and Duke.
      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
    • $21 SF/Yr
      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
    • $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
    • $20 SF/Yr
      3,350 SF

      Office Space with Treetop Views

      Office suites available near I-40 with natural light.
      88 Vilcom Center Dr, Chapel Hill, NC 27514
      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.
    615 Eastowne Dr
    Chapel Hill, NC 27514-2211
    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.