Prime Development Opportunity with Immediate Cash Flow in Raleigh, NC This exceptional 3186 sq. ft. property features a fully renovated Midcentury home, currently operating as a successful short-term rental, generating steady cash flow while your development project progresses. The site has ASR approval for a 64-unit multifamily apartment development, with… Read More the flexibility to convert to a 54-unit townhome community with minor modifications to the approved ASR. Strategic Location: Situated in a Frequent Transit Area, this property supports higher density and offers significant growth potential in Raleigh's booming market. Market Insights: Townhomes in the area are selling for $589K per unit, highlighting strong demand and the high value of this site. Affordable Housing Component: The project requires 20% of units (beyond the first 12) to meet affordability criteria, aligning with the growing demand for attainable housing while enhancing community impact and project appeal. Inclusions: The sale includes Lot 5323 Barclay Dr., Raleigh, NC. This is a rare opportunity to capitalize on Raleigh's thriving market, delivering a high-impact project in a prime location with unmatched accessibility to major hubs, all while benefiting from immediate rental income from the renovated Midcentury home Read Less
Courtesy of NorthGroup Real Estate, Inc., Charles Santos, 704-412-2804.
Building Area Units: Square Feet, Living Area Units: Square Feet
Lot
Lot Features: "City Lot", Lot Size Acres: 4.84, Lot Size Area: 4.84, Lot Size Dimensions: see survey, Lot Size Square Feet: 210830.4, Lot Size Units: Acres
Property
Current Use: "Single Family", Property Sub Type: Unimproved Land, View: "Trees/Woods"
Information Not Guaranteed. Copyright 2024 Triangle MLS, Inc. of North Carolina. All rights reserved. Listings marked with an icon are provided courtesy of the Triangle MLS, Inc. of North Carolina, Internet Data Exchange Database.
Closed (sold) listings may have been listed and/or sold by a real estate firm other than the firm(s) featured on this website. Closed data is not available until the sale of the property is recorded in the MLS. Home sale data is not an appraisal, CMA, competitive or comparative market analysis, or home valuation of any property. Listings last updated on , .
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