Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Garner Commercial Land Opportunity Title is generated by Realmo AI

    11114 Cleveland, Garner, NC 27529

    View on Map
    Claim this Listing
    For Sale
    $520,000

    1.429-acre commercial lot with partially finished home in Garner, NC.

    Type:Commercial
    Property size:
    2,000 SF
    Lot size:
    1.43 Acres
    Price / SF:
    $260/SF
    Added:
    Oct 7, 2025
    Days on Market:
    242
    Last Refresh:
    Apr 5 at 9:11 pm

    Property Features for 11114 Cleveland

    General Information

    Standard status
    Active
    Size
    2,000 SF
    Lot size
    1.43 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    L. CALVIN RAMSEY

    Listing agent L. CALVIN RAMSEY

    Listing office RAMSEY REALTORS TEAM INC

    Listing date Oct 7, 2025

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of RAMSEY REALTORS TEAM INC

    HighLights

    • High‑visibility 1.429‑acre commercial lot in a rapidly growing area of Garner, NC.
    • Flexible zoning allows for diverse uses: small business, office, retail, or mixed‑use development.
    • Convenient access to I‑40, I‑540, Hwy 42, Raleigh, Clayton, and Garner business hubs.
    • Partially finished house on‑site provides a flexible foundation for conversion or redevelopment.
    • Located near retail, restaurants, and new development.
    • Water and electricity available, supporting immediate development.

    Overview

    Located in a high-visibility commercial area of Garner, NC, this 1.429-acre parcel presents an opportunity for investors, builders, or business owners. The property features a partially finished house with a gutted interior, offering a flexible foundation for residential conversion, office space, or redevelopment. Situated along Cleveland Road, within one of Johnston County's rapidly growing corridors, the property benefits from strong traffic counts and convenient access to I-40, I-540, and Highway 42. It is also near Raleigh, Clayton, and Garner business hubs. The location is centrally located near retail, restaurants, and new development. The zoning allows for a variety of potential uses, including small business operations, office or retail development, and mixed-use concepts. Water and electricity are available. Nearby commercial development is continuing to expand, positioning this site for future growth and investment. The property size is 2000 square feet.

    Local Financial Insights For Mixed Use

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $48.0k $24.00
    − Vacancy −$3.8k −$1.92
    EGI $44.2k $22.08
    − OpEx −$16.6k −$8.28
    NOI $27.6k $13.80
    2,000 SF · lease $24.00/SF/yr · vacancy 8.00% · expense 37.50%

    Alternative Uses

    Best Use
    Mixed Use
    $394.3K
    $345.0K – $460.0K (±1% cap)
    NOI $27,600 @ 7.0% cap · market cap 5.31%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $571.1K
    $499.7K – $666.2K (±1% cap)
    NOI $39,974 @ 7.0% cap · market cap 7.69%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Garner
    County
    Wake
    State
    North Carolina
    Longitude
    -78.5548
    Latitude
    35.5877

    Nearby Similar for Sale

    • $1,900,000
      9,479 SF

      Office/Retail Condo in Prime Location

      Office/retail condo in a rapidly developing, highly visible area.
      141 Technology Drive, Garner, NC 27529
      View Details
    • $800,000
      4,624 SF

      Garner Multifamily Investment Opportunity

      Five-unit property with income potential in a growing area.
      613 Bellhaven Street, Garner, NC 27529
      View Details
    • $1,200,000
      5,868 SF

      Commercial Building in Developing Area

      Commercial building in a rapidly developing area, visible from I-40.
      143 Technology Drive, Garner, NC 27529
      View Details
    • $419,900
      2,388 SF

      Corner Lot Duplex with Central Air

      Fully rented duplex on a fenced corner lot with central air, in-unit kitchen appliances, and tenant-paid utilities.
      100 Madrid Court, Garner, NC 27529
      View Details
    • $799,000

      Prime Land in Garner, NC

      3.3 acres near I-40, ideal for commercial development.
      1015 Martin Branch Road, Garner, NC 27529
      View Details
    • $164,900

      Prime Downtown Garner Investment Opportunity

      0.34-acre lot in Historic Downtown Garner's business district.
      200 Rand Mill Road, Garner, NC 27529
      View Details
    • $99,999

      Residential Parcel in Growing Area

      Build-ready 0.98-acre lot in Garner, NC, with no HOA.
      00-00 Creech Rd, Garner, NC 27529
      View Details
    • $48,000

      Residential Land in Garner, NC

      Residential land available in an established Garner neighborhood.
      4517 Imperial Street, Garner, NC 27529
      View Details
    • $225,000

      Residential Land in Garner, NC

      3.48-acre residential lot with building potential in Garner, NC.
      2609 New Bethel Church Road, Garner, NC 27529
      View Details
    • $1,950,000

      Undeveloped Land Near White Oak

      9+ acres of undeveloped land with great potential.
      7626 White Oak Road, Garner, NC 27529
      View Details
    • $125,000

      Land in Garner, North Carolina

      Residential land with potential in Garner, Wake County, North Carolina.
      2601 New Bethel Church Road, Garner, NC 27529
      View Details
    • $175,000

      Land in Garner, North Carolina

      Residential land with potential for custom home building.
      2605 New Bethel Church Road, Garner, NC 27529
      View Details

    FAQs

    What type of property is this?
    Commercial land - 1.429-acre commercial lot with partially finished home in Garner, NC.
    Where is this commercial land located?
    The property is located at 11114 Cleveland Garner, NC.
    What is the asking price?
    The asking price for this property is $520,000.
    What are key features of this property?
    This property features: High‑visibility 1.429‑acre commercial lot in a rapidly growing area of Garner, NC.; Flexible zoning allows for diverse uses: small business, office, retail, or mixed‑use development.; Convenient access to I‑40, I‑540, Hwy 42, Raleigh, Clayton, and Garner business hubs.
    (919) 427-4328
    We can help!
    Listing Contact
    L. CALVIN RAMSEY
    Learn More
    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.
    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

    Thank You for Inquiry
    11114 Cleveland, Garner, NC 27529
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!