517 Buck Jones Road
Raleigh, NC 27606
4.84 acres | #10097033
Description
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 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
Property Details
- Utility FeaturesCable Available, Cable Connected, Electricity Available, Natural Gas Connected, Septic Connected, Sewer Available, Water Availab
- Middle SchoolWake - Lufkin Road
- High SchoolWake - Athens Dr
- Property SubtypeUnimproved Land
- SubdivisionRoylene Acres
- Sewer InformationPublic Sewer
- Elementary SchoolWake - Adams
- ViewTrees/Woods
- Lot FeaturesCity Lot
- Lot DescriptionCity Lot
- Property TypePurchase
- MLS #10097033
- MLS #10097033
- Taxes Annual$10,925
- Cost2380890
- Utility SourcePublic
- Acres4.84
- CountyWake
Location
Legal
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Last Updated:Â . Source: TRIANGLEMLS
Listing Courtesy
Listing Agent: Charles Santos (#87260)
Listing Office: NorthGroup Real Estate, Inc. (#77026)
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