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Prime 2.33-Acre Development Opportunity in Raleigh – Zoned for Multifamily/Townhomes!

North Carolina Property Listings
September 24, 2024•2 min read
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🏗️ 🔥 Exceptional Development Opportunity in Raleigh! 🔥 🏗️

📐 2.33-Acre Parcel Zoned RA – Ready for Development!

Developers, here’s your chance to capitalize on this prime 2.33-acre parcel in a rapidly growing area of Raleigh. Zoned RA, this property allows for the construction of up to 18 homes, situated close to Downtown Raleigh and Wake-Med Raleigh. The property is equipped with city utilities, which makes your development process even more efficient!

📍 Location Benefits:

  • Less than 5 miles from Downtown Raleigh 🏙️

  • Right off New Bern Ave for easy access 🚗

  • Close to Wake-Med Raleigh – a major hospital and employment hub 🏥

  • Townhome communities across the street and to the north, showcasing proven potential for development 🏘️

📊 Financial Breakdown:

  • Average Home Price in the Area: $515,000 💰

  • Developer Potential: $9.5 Million+

  • Land Cost: $2,708,388.74 (~$26.69 per sq. ft.) 💸

🏘️ Why This Parcel Is a Developer's Dream:

  • Zoning RA allows for multifamily or townhome developments, offering flexibility and profitability.

  • City utilities are available, cutting down on infrastructure costs and expediting the build process.

  • Existing Structures: The property includes 5 detached homes (2 rented month-to-month) and 1 vacant lot, providing immediate cash flow and development head start.

  • Neighboring Townhomes: Proven development success nearby ensures that this parcel is ripe for a high-density residential project.

💡 Nearby Rental Rates:

Developers, take note of the strong rental market in this area! Raleigh is booming, and the demand for quality rental properties is high.

  • Average Rent for Townhomes (3-bed, 2-bath): $2,100 - $2,400/month

  • Average Rent for Single-Family Homes: $2,300 - $2,800/month

  • 1-2 Bedroom Apartments: $1,600 - $2,000/month

With rental demand continuing to rise, this development could attract long-term renters, ensuring consistent cash flow for the end developer. 💵

🚀 VALUE IS IN THE LAND 🚀

This 2.33-acre parcel offers an unbeatable opportunity to develop multifamily or townhomes in a high-demand area with excellent rental potential. Whether your vision is a custom home community or modern townhomes, this land offers the flexibility to turn your project into a high-revenue success.

📞 Contact:
Jervon Thompson
Managing Member
JNA Dynamic Holdings LLC
📱 Phone: 469-949-3363

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