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    622 Rainey Dr Spring Lake, NC 28390
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    622 Rainey Dr Spring Lake, NC 28390

    View on Map
    • Residential income homes
    • 1,563 SF
    • 0.45 lot acres
    Off-Market
    Property ID
    US53-2308847
    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

    • Residential income homes

    Property Details for 622 Rainey Dr

    Year built
    2024
    Lot size
    0.45 lot acres
    Property size
    1,563 SF
    Property type
    Residential income homes

    Description

    This exceptional investment opportunity presents a brand-new, two-unit duplex located at 622 Rainey Dr, Spring Lake, NC 28390, in Harnett County. Completed at the end of August 2024, this property offers a compelling return on investment. The duplex boasts a total of 3,126 square feet of net rentable space, spread across two units, each featuring three bedrooms and two and a half bathrooms. Situated on a 0.45-acre lot, the property's construction is of high quality, reflecting its recent completion. The asking price is $439,000, translating to a price per unit of $219,500 and a price per square foot of $280.87. This represents a strong value proposition in the current market. The property is classified as a multifamily investment, ideal for owner-users seeking a hands-on approach to real estate investment. The two-story building offers a total square footage of 1,563 square feet. This turnkey property is ready for immediate occupancy and income generation, making it an attractive option for savvy investors seeking a profitable addition to their portfolio. The property's location in Spring Lake, North Carolina, provides convenient access to local amenities and services.

    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
    Spring Lake
    County
    Harnett
    State
    North Carolina
    Longitude
    -78.949257
    Latitude
    35.235645

    Comparable in this City

    • New
      $330,000

      Renovated Triplex Expansion Potential

      Renovated triplex in Spring Lake, NC, with expansion potential.
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    • $199,000
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      Spring Lake Land For Sale

      3.4 acres in Spring Lake, NC, seller financing available.
      105 Micaville Cir, Spring Lake, NC 28390
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    • $359,000
      Pending

      Spring Lake Residential Investment Opportunity

      Four single-family homes on 4.8 acres in Spring Lake.
      560 W Manchester Rd, Spring Lake, NC 28390
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    • $430,000
      Pending

      Six-Unit Multifamily Investment Opportunity

      Multifamily asset in a growing Spring Lake corridor.
      1603 Easterling Dr, Spring Lake, NC 28390
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    • $224,900
      Pending

      Golf Front Condo in Gated Community

      One-story condo with golf front view and community amenities.
      62 Gallery Dr, Spring Lake, NC 28390
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    • $995,000
      2,600 SF

      Former Circle K Redevelopment Opportunity

      1.58-acre parcel suitable for redevelopment or reuse.
      1886 N Bragg Blvd, Spring Lake, NC 28390
      View Details

    Similar Nearby for Sale

    • New
      $330,000

      Renovated Triplex Expansion Potential

      Renovated triplex in Spring Lake, NC, with expansion potential.
      310 Old Hertford Ln, Spring Lake, NC 28390
      View Details
    • $199,000
      3.40 Acres

      Spring Lake Land For Sale

      3.4 acres in Spring Lake, NC, seller financing available.
      105 Micaville Cir, Spring Lake, NC 28390
      View Details
    • $359,000
      Pending

      Spring Lake Residential Investment Opportunity

      Four single-family homes on 4.8 acres in Spring Lake.
      560 W Manchester Rd, Spring Lake, NC 28390
      View Details
    • $430,000
      Pending

      Six-Unit Multifamily Investment Opportunity

      Multifamily asset in a growing Spring Lake corridor.
      1603 Easterling Dr, Spring Lake, NC 28390
      View Details
    • $224,900
      Pending

      Golf Front Condo in Gated Community

      One-story condo with golf front view and community amenities.
      62 Gallery Dr, Spring Lake, NC 28390
      View Details
    • $995,000
      2,600 SF

      Former Circle K Redevelopment Opportunity

      1.58-acre parcel suitable for redevelopment or reuse.
      1886 N Bragg Blvd, Spring Lake, NC 28390
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr

      Retail Space Near Fort Bragg

      Retail space in Spring Lake, minutes from Fort Bragg.
      1060 Lillington Hwy, Spring Lake, NC 28390
      View Details
    • Contact for pricing

      Land Available Near Fort Liberty

      Multiple outparcels for rent near Fort Liberty.
      Spring Ave, Spring Lake, NC 28390
      View Details
    • $62 SF/Yr
      6,000 SF

      Prime Spring Lake Warehouse

      6,000 SF Warehouse - Ideal Location
      212 Main St, Spring Lake, NC 28390
      View Details
    • $8 SF/Yr

      Spring Lake Retail Space Available

      Retail spaces available in well-located Spring Lake shopping center.
      1139 N Bragg Blvd, Spring Lake, NC 28390
      View Details
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    622 Rainey Dr
    Spring Lake, NC 28390
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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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