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    1718 Covington Dr Fayetteville, NC 28306
    Property profile & analytics

    1718 Covington Dr, Fayetteville, NC 28306

    View on Map
    • Commercial real estate
    • 29.00 lot acres
    Off-Market
    Property ID
    US53-1685509
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1718 Covington Dr

    Lot size
    29.00 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 29-acre commercial land parcel presents a unique development opportunity in Fayetteville, North Carolina. Strategically located at a high-traffic intersection of Hope Mills and Camden Roads, the property boasts unparalleled visibility and accessibility. Its prime location is directly across from a Walmart Supercenter and behind a Walgreens, ensuring high foot traffic and strong commercial viability. Approximately 14 acres of this expansive site are situated above the 100-year floodplain, making it ideal for a variety of projects, including hotels, multi-family residential developments, churches, or schools. The property's R10 & CD zoning allows for flexibility in development plans. Existing structures on the site include a brick house, barns, and other dwellings, which could be repurposed or removed to suit future development needs. While water and sewer connections are conveniently located nearby, extension to the property will be required. This versatile land offers a blend of residential and commercial potential, making it an attractive investment for developers seeking a high-impact location in a thriving market. The property is zoned R10 & CD and is situated in Cumberland County, NC, with the address being 1718 Covington Dr, Fayetteville, NC 28306.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Fayetteville
    County
    Cumberland
    State
    North Carolina
    Longitude
    -78.9696378
    Latitude
    34.9865933

    Comparable in this City

    • $60,000
      0.25 Acres

      Land For Sale, Hope Mills

      5 acre commercial land available in Hope Mills, NC.
      238 Grady St, Hope Mills, NC 28306
      View Details
    • $249,000
      0.39 Acres

      Golf Course Lot in Gated Community

      Residential land in gated community to build your dream home.
      6789 Surrey Rd, Fayetteville, NC 28306
      View Details
    • $35,000
      0.44 Acres

      Fayetteville Corner Lot Opportunity

      Prime 0.44-acre corner lot in Fayetteville, North Carolina.
      George Owen Rd, Fayetteville, NC 28306
      View Details
    • $88,000
      7.79 Acres

      Fayetteville Land Opportunity Awaits

      Prime lot in Fayetteville, NC, ready for your vision.
      Sterling St, Fayetteville, NC 28306
      View Details
    • $299,000
      2.15 Acres

      Development Opportunity Near Shopping Center

      2.15 acre parcel near Millstone Shopping Center.
      6108 Camden Road Ext, Fayetteville, NC 28306
      View Details

    Similar Nearby for Sale

    • $60,000
      0.25 Acres

      Land For Sale, Hope Mills

      5 acre commercial land available in Hope Mills, NC.
      238 Grady St, Hope Mills, NC 28306
      View Details
    • $249,000
      0.39 Acres

      Golf Course Lot in Gated Community

      Residential land in gated community to build your dream home.
      6789 Surrey Rd, Fayetteville, NC 28306
      View Details
    • $35,000
      0.44 Acres

      Fayetteville Corner Lot Opportunity

      Prime 0.44-acre corner lot in Fayetteville, North Carolina.
      George Owen Rd, Fayetteville, NC 28306
      View Details
    • $88,000
      7.79 Acres

      Fayetteville Land Opportunity Awaits

      Prime lot in Fayetteville, NC, ready for your vision.
      Sterling St, Fayetteville, NC 28306
      View Details
    • $280,000

      Commercial Acres on Eastern Boulevard

      9.72 acres zoned for industrial use on Eastern Blvd.
      1185 South Eastern Blvd, Fayetteville, NC 28306
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Walmart Anchored Retail Space

      Retail space and outparcels available in Fayetteville shopping center.
      2800 Gillespie St, Fayetteville, NC 28306
      View Details
    • Contact for pricing

      Prime Development Site For Lease

      0.69-acre site in Opportunity Zone with high visibility.
      2428 Owen Dr, Fayetteville, NC 28306
      View Details
    • Contact for pricing

      0.5 Acre Commercial Lot

      Commercial land for lease with high visibility and utilities.
      2801 Owen Dr, Fayetteville, NC 28306
      View Details
    • Contact for pricing

      Commercial Land Along NC Hwy 87

      0.75 acre commercial land for rent on NC Hwy 87.
      4940 Nc Highway 87, Fayetteville, NC 28306
      View Details
    • $24 SF/Yr
      41,000 SF

      Airport Plaza Retail Space

      Fayetteville, NC Shopping Center Opportunity
      2800 Gillespie St, Fayetteville, NC 28306
      View Details
    • Contact for pricing

      Fayetteville Flex/Industrial Freestanding Building

      Functional industrial space in Fayetteville, ideal for various business uses.
      237 Tolar St, Fayetteville, NC 28306
      View Details
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    Fayetteville, NC 28306
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    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.

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