For Sale
$170,000
406 Courtland Drive, Sanford, NC 27330
CommercialSale, Sanford, NC
Property Size1,179 SF
Price / SF$144.19
Days on Market336
Property Features for 406 Courtland Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
OI - Office And Institutional
Lot features
Level
Directions
From Raleigh: US1 South to Sanford. Take exit 69A onto NC-87 South, Bus US-421, Horner Blvd. Turn Right onto Horner Blvd. Go approx 3 miles. Turn Right onto Courtland. Go to Stop light. Property directly across the street.
Standard status
Active
APN
9652-04-9344-00
Size
1,179 SF
Taxes and HOA fees
Tax Description
LOT 97, 98, 99, 100 BLK 209 PC 2/436 & lots 93,94,95,96
Legal Description
LOT 97, 98, 99, 100 BLK 209 PC 2/436 & lots 93,94,95,96
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1950
Building materials
WoodFrame
Listing Agency:
SMITH GROUP REALTY LLC
(919) 718-9027
Listed By:
LESLIE OLDHAM · License #188755
(919) 708-3138
Added: Oct 17, 2025
Changed: Sep 12
Last Checked: Sep 17 at 3:06AM
MLS# 752033
Copyright © 2026 Longleaf Pine Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,156
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$203,120
$203.1K
Cap Rate 7%
$145,086
$145.1K
Cap Rate 9%
$112,844
$112.8K
Market Conditions
NOI Build-Up for 1,179 SF
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.
Gross rent
$19.7K $16.68/SF
− Vacancy
−$1.2K −$1.02/SF
EGI
$18.5K $15.66/SF
− OpEx
−$8.3K −$7.05/SF
NOI
$10.2K $8.61/SF
Area
Lee County, NC
Vacancy
6.10%
Lease Rate
$16.68 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$203,120
Cap Rate 7%
$145,086
Cap Rate 9%
$112,844
Alternative Uses
Best Use
Apartment 5plus
$145.1K
$127.0K – $169.3K
NOI $10,156 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$286.7K
$250.9K – $334.5K
NOI $20,068 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 27330, NC
39,489
Population
17,026
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
210.7 sq mi
ZIP Area
187
Density / Sq Mi
$60,726
Median Household Income
$37,477
Median Earnings
$966
Median Rent
$213,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
Where is this commercial land located?
The property is located at 406 Courtland Drive Sanford, NC.
What is the asking price?
The asking price for this property is $170,000.
