Unimproved Land - Raleigh, NC

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 d...