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

    391 Old Fairground Rd Willow Springs, NC 27592

    • Land
    • 14.86 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 391 Old Fairground Rd

    Lot size
    14.86 lot acres
    Property type
    Land

    Description

    This exceptional 14.86-acre parcel of land presents a remarkable opportunity in the coveted McGee's Crossroads area of Johnston County, North Carolina. Boasting stunning views and approximately 931 feet of road frontage along Old Fairground Road (use GPS address 369 Old Fairground Rd for accurate location), this property offers unparalleled versatility. Its prime location provides convenient access to major transportation arteries, including Interstates 40 and 95, and is also within close proximity to local shopping amenities. The expansive acreage is well-suited for a variety of uses, including residential development, agricultural pursuits, or recreational activities. The land's potential is vast, making it an attractive investment for those seeking a substantial property with significant upside. The asking price for this exceptional piece of Johnston County real estate is $525,000. Don't miss this chance to acquire this highly desirable property in a rapidly growing area. The zip code is 27592.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Willow Springs
    County
    Johnston
    State
    North Carolina
    Longitude
    -78.5991
    Latitude
    35.549

    Comparable in this City

    • Value Estimation by Request
      10.40 Acres

      Mockingbird Ln

      Land • 10.40 Acres
      0 Mockingbird Ln, willow Springs, NC 27592
      View Details
    • Value Estimation by Request

      Old Stage Rd

      Land
      0 Old Stage Rd, WILLOW SPRINGS, NC 27592
      View Details
    • Value Estimation by Request
      7.50 Acres

      Wimberly Rd

      MOBILE HOME PARK, TRAILER PARK • 7.50 Acres
      Wimberly Rd, Willow Spring, NC 27592
      View Details
    • Value Estimation by Request
      48.89 Acres

      7033 Onslow Stephenson Rd

      MOBILE HOME PARK, TRAILER PARK • 48.89 Acres
      7033 Onslow Stephenson Rd, Willow Spring, NC 27592
      View Details
    • Value Estimation by Request
      23.60 Acres

      8501 Quail Crk Dr

      MOBILE HOME PARK, TRAILER PARK • 23.60 Acres
      8501 Quail Crk Dr, Willow Spring, NC 27592-9335
      View Details
    • Value Estimation by Request
      39.12 Acres

      6512 Blue Bonnett Dr

      MOBILE HOME PARK, TRAILER PARK • 39.12 Acres
      6512 Blue Bonnett Dr, Willow Spring, NC 27592-9030
      View Details

    Similar Nearby for Sale

    • New
      $725,000
      13.56 Acres

      Wake County Land For Sale

      13.56 acres in Wake County, ideal for horse farm.
      6400 Wimberly Rd, Willow Springs, NC 27592
      View Details
    • New
      $239,000
      Pending

      Cleared Land in Willow Springs

      3.25 acre cleared tract ready for development in Wake County.
      1 Mockingbird Ln, Willow Springs, NC 27592
      View Details
    • New
      $239,000
      Pending

      Willow Springs Acreage Ready to Build

      3.25 acre tract in Wake County ready for your vision.
      2 Mockingbird Ln, Willow Springs, NC 27592
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Willow Springs Commercial Land

      3.58-acre commercial lot for lease in NC.
      0 Old Stage Rd, WILLOW SPRINGS, NC 27592
      View Details
    • $5,000 /Mo
      3 SF

      3.58 Acre Commercial Lot

      Commercial land for lease at Hwy. 42 and Old Stage Road.
      42 Old Stage Rd And Hwy, Willow Spring, NC 27592
      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.
    391 Old Fairground Rd
    Willow Springs, NC 27592
    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.