517 Buck Jones Road

Raleigh, NC 27606

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

Listing courtesy of Charles Santos of NorthGroup Real Estate, Inc.



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Last checked: 2025-06-01 08:10 PM UTC