1 of 49

Want to see this property?

113 Ellen Place

Chapel Hill, NC 27514

4 beds
2 baths
2,004 sqft
~1/2 acre lot
$261 per sqft
1972 build
– on site

High-Yield Investment Opportunity: Dual-Income Lakefront Property in Prime Chapel Hill Location! Rare investment opportunity in a highly desirable Chapel Hill location. This property features a fully renovated, turnkey 3-bedroom ranch with a separate, income-generating lower-level apartment, maximizing rental potential and long-term appreciation. Situated on a private .41-acre lakefront lot on Lake Ellen, this property offers immediate cash flow and significant upside in a market with consistently high demand. *Investment Highlights: Dual Income Stream: *Main level: A fully renovated 3-bedroom, 1-bathroom ranch, ideal for premium rental or owner occupancy. *Lower-level apartment: A completely separate, updated 1,002 sq ft unit with private access, perfect for Airbnb, long-term rental, or executive suite, generating substantial supplemental income. *Significant Value-Add: Recent renovations: New roof (2023), HVAC (2019), mini-splits (2019, 2023), luxury vinyl plank flooring, new kitchen and bath fixtures, and updated appliances, minimizing immediate capital expenditures. *Potential for increased rental income: The lower-level apartment's versatility offers flexible rental strategies to maximize returns. *Prime Location: Lakefront property on Lake Ellen: A highly sought-after location with limited availability, ensuring strong appreciation. *Chapel Hill School District *Proximity to amenities: Walking distance to bus lines, trails (Booker Creek Trail, Carolina North), and minutes from UNC Chapel Hill, enhancing tenant appeal. *Strong Market Fundamentals: Chapel Hill's rental market: Consistently strong demand due to the presence of UNC Chapel Hill and the area's robust economy. *Appreciation potential: Lakefront properties in prime locations like Chapel Hill consistently appreciate, offering significant long-term returns. *Outdoor Living and Amenities: Gorgeous flagstone patio, fire pit, established gardens, and private lake access with kayak storage, enhancing tenant appeal and potential rental premiums. New storage shed, and fenced in yard. *Financial Projections: Detailed rental income projections and potential ROI analysis are available upon request. The separate apartment provides a substantial opportunity to increase overall rental income. The improvements made to the property reduces future expenditures.

Listing courtesy of DMLS / Local Market Realty, LLC

Last checked: Checking… • Last updated Mar 26, 2025 •

MLS# 10084222 —

This property is listed in more than one place. See it here.

The Building

Building Features:

Cable TV
Year Built:

1972
New Construction:

false
Construction Materials:

Brick
Structure Type:

Duplex
Direction Faces:

West
Roof:

Shingle
Foundation Details:

Other
Stories:

2
Levels:

Two
Basement:

true
Basement:

Apartment
Patio And Porch Features:

Front Porch
Accessibility Features:

Level Flooring
Building Area Total:

2004
Building Area Units:

Square Feet
# of Units Total:

2
Above Grade Finished Area:

1002
Above Grade Finished Area Units:

Square Feet
Below Grade Finished Area:

1002
Below Grade Finished Area Units:

Square Feet

Interior

Interior Features:

Apartment/Suite
Flooring:

Ceramic Tile
Fireplace:

false
Laundry Features:

Laundry Closet

Room Dimensions

Living Area:

2004
Living Area Units:

Square Feet
Living Area Source:

Appraiser

Location

Latitude:

35.946174
Longitude:

-79.054049
Coordinates:

-79.054049, 35.946174

The Property

Property Type:

Residential Income
Lot Features:

Front Yard
Property Subtype:

Duplex
Parcel Number:

9789399242
Lot Size Acres:

0.41
Lot Size Area:

17859.6
Lot Size SqFt:

17859.6
Lot Size Units:

Square Feet
Exterior Features:

Fenced Yard
Other Structures:

Shed(s)
Road Frontage Type:

City Street
Road Surface Type:

Paved
Fencing:

Back Yard
View:

true
View:

Lake
Waterfront:

true
Waterfront Features:

Waterfront
Water Body Name:

Lake Ellen

Listing Agent

Contact info:

Taxes

Tax Annual Amount:

4259.52

Beds

Bedrooms Total:

4

Baths

Total Baths:

2
Total Baths:

2
Total Baths:

2
Full Baths:

2

The Listing

Virtual Tour URL Unbranded:

https://motionpads.hd.pics/113-Ellen-Place/idx
Special Listing Conditions:

Standard

Heating & Cooling

Heating:

Ductless
Heating:

true
Cooling:

Central Air
Cooling:

true

Utilities

Utilities:

Cable Available
Sewer:

Septic Tank
Water Source:

Public

Appliances

Appliances:

Dryer

Schools

Elementary School:

CH/Carrboro - Estes Hills
Middle Or Junior School:

CH/Carrboro - Smith
High School:

CH/Carrboro - East Chapel Hill

The Community

Subdivision Name:

North Forest Hills
Association:

false
Pool Private:

false
Senior Community:

false

Parking

Garage:

false
Attached Garage:

false
Carport:

false
Parking Features:

Driveway
Open Parking:

false

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
3/26/25 Mar 26, 2025	Pending	DMLS	$525,000
3/22/25 Mar 22, 2025	Listed / Active	DMLS	$525,000

Want a closer look?

Go see 113 Ellen Place

Or Call Toll Free 1-800-241-3327

We guarantee that we’ll never spam you.

* indicates a required field

More homes

Newest listings in Chapel Hill, NC

Similar sold homes

This multifamily located in Ashley Forest, Chapel Hill, NC 27514 is currently pending sale for $525,000. 113 Ellen Place is a 2,004 square foot multifamily with 4 beds and 2 baths that has been on Estately for 6 days. 113 Ellen Place is in the Ashley Forest neighborhood of Chapel Hill and has a WalkScore® of 29, making it car-dependent. This multifamily is in the attendance area of Estes Hills Elementary School, Smith Middle School, and East Chapel Hill High School.

Listing Courtesy of: DMLS and Local Market Realty, LLC.

Listings marked with a Doorify MLS icon are provided courtesy of the Doorify MLS, of North Carolina, Internet Data Exchange Database. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. The listing broker shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers’ personal, non-commercial use. Copyright 2025 Doorify MLS of North Carolina. All rights reserved.