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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2350 Lillington Hwy Spring Lake, NC 28390-1844

    • Grocery and convenience stores
    • 5,000 SF
    • 2.00 lot acres
    OFF-MARKET
    Value Estimations
    $625,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1817750
    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.

    Current Use by Public Records

    • ATM / Atm
    • FUBAR Productions, LLC. / Bar & Pub

    Property Details for 2350 Lillington Hwy

    Year built
    1981
    Lot size
    2.00 lot acres
    Property size
    5,000 SF
    Zone code
    C1P
    Property type
    Grocery and convenience stores
    APN
    0513-50-0271
    APU
    513500271

    Description

    This exceptional 5,500 square foot commercial property in Spring Lake, North Carolina, presents a unique leasing opportunity. Located at 2350 Lillington Hwy, zip code 28390, this single-story building offers 2,190 square feet of immediately available space, perfect for a variety of uses. The property is categorized as Retail, Office, and Special Purpose, with suitable subtypes including coworking, medical office, creative office, and traditional office spaces. The building underwent a complete renovation in 2023, ensuring modern and updated facilities. Electricity is supplied by SREMC. The space previously served as a game room and private club, offering a flexible layout adaptable to diverse business needs. The asking lease rate is $9.00 per square foot. The property is situated in Cumberland County and features multiple tenancies, making it ideal for businesses requiring flexible space arrangements. This prime location in Spring Lake offers excellent visibility and accessibility. The building's total square footage is 5,500 square feet, with the vacant space ready for immediate occupancy. This is an exceptional opportunity to secure a well-maintained, versatile commercial space in a thriving North Carolina community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $835,000
      6.5%
      $770,000
      7%
      $715,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $643,000
      Market price range: $643k - $2.40M
      AI Estimate
      $455,000
      Market price range: $455k - $1.05M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $660,000
      Current use
      RESTAURANT
      $990,000
      Change: +50% Conversion: Difficult
      MEDICAL BUILDING
      $850,000
      Change: +29% Conversion: Difficult
      OFFICE BUILDING
      $785,000
      Change: +19% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $760,000
      Change: +15% Conversion: Difficult
      RETAIL STORES
      $595,000
      Change: -10% Conversion: Easy
      COMMERCIAL (GENERAL)
      $565,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Spring Lake
    County
    Cumberland
    State
    North Carolina
    Longitude
    -78.9496
    Latitude
    35.2068
    CBSA code
    22180
    CBSA name
    FAYETTEVILLE, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,172
    $72,229
    $145,191
    $217,420
    -
    $72,229
    $145,191
    $217,420

    Comparable in this City

    • Value Estimation by Request
      2,440 SF

      621 Lillington Hwy

      CONVENIENCE STORE • 2,440 SF
      621 Lillington Hwy, Spring Lake, NC 28390-2133
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    • Value Estimation by Request
      2,560 SF

      513 Main St

      CONVENIENCE STORE • 2,560 SF
      513 Main St, Spring Lake, NC 28390-3718
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    • Value Estimation by Request
      2,400 SF

      801 Bragg Blvd

      CONVENIENCE STORE • 2,400 SF
      801 Bragg Blvd, Spring Lake, NC 28390-3363
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    • Value Estimation by Request
      3,116 SF

      30 Anderson Ponds Dr

      CONVENIENCE STORE • 3,116 SF
      30 Anderson Ponds Dr, Spring Lake, NC 28390-1100
      View Details
    • Value Estimation by Request
      2,584 SF

      316 Nc 210th N

      CONVENIENCE STORE • 2,584 SF
      316 Nc 210th N, Spring Lake, NC 28390-3428
      View Details
    • Value Estimation by Request
      2,400 SF

      844 Lillington Hwy

      CONVENIENCE STORE • 2,400 SF
      844 Lillington Hwy, Spring Lake, NC 28390-2126
      View Details

    Similar Nearby for Sale

    • $585,000
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      Retail & Garage/Warehouse on Highway

      Retail and garage/warehouse buildings on 0.8 acres with highway frontage.
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    • $75,000
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      0.53-acre lot, R6 zoning, high traffic area.
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    • $210,000
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      Land in Quiet Country Setting

      Unrestricted land with utilities, convenient to Fayetteville and Lillington.
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    • $75,000
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      Commercial Land in Spring Lake

      Commercial land with potential for rezoning in Spring Lake, NC.
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    Similar Nearby for Lease

    • $2,000 /Mo

      Retail Space in Spring Lake

      Corner retail space in a busy Spring Lake plaza.
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    • $8,200 /Mo

      Large Retail Space in Plaza

      8200 sqft retail space in busy Spring Lake plaza.
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    • $1,600 /Mo

      Retail Space in Southwind Plaza

      1200 SF retail space in thriving Spring Lake plaza.
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    • $1,800 /Mo

      Retail Space in Spring Lake

      Retail space in a thriving commercial center near Fort Liberty.
      1187 N Bragg Blvd, Spring Lake, NC 28390
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    • $1,600 /Mo

      Retail Space in Southwind Plaza

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    • $8 SF/Yr
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      Prime Spring Lake location, 30,781 sq ft.
      1060 Lillington Hwy, Spring Lake, NC 28390
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    Spring Lake, NC 28390-1844
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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.

    More about this property
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