306 S Allen Road Wake Forest, NC 27587
23,438 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 23,438 sqft
Price per Sqft $57
MLS Listing ID 10133837
Style Multi Family
Abv Grd Liv Area 23,438
Year Built 1958
Annual Tax Amount $22,441
Lot Size 2.740 Acres
Acres 2.74
Property Sub-Type Multi Family
Source Triangle MLS
Property Description
For Sale - Reduced by $150,000 to $1.35 Million
Presenting 306 S. Allen Road, a 2.74-acre parcel in the heart of Downtown Wake Forest. This site is already zoned and site-plan approved for a 31-unit senior apartment building totaling 23,438 square feet.
The property is ideally located with easy access to major highways and direct connectivity to Raleigh via US 1/Capital Boulevard, making it convenient for residents and visitors alike.
Demographics within a 10-mile radius:
- Total population: 271,184 residents
- Ages 62-64: 35,609 residents
- Ages 65 and older: 42,571 residents
This property represents an excellent investment opportunity in one of Raleigh's most popular and growing suburbs. While the site needs redevelopment work, the seller is open to joint-redevelopment discussions, offering flexibility for developers and investors alike.
Note: 100% of the dwelling units must be designated for residents 62 years and older.
Highlights:
- 2.74 acres in Downtown Wake Forest
- 23,438 sq ft site-plan-approved development
- Zoned for 31 senior apartment units
- Easy access to US 1/Capital Blvd
Seller open to joint-redevelopment discussions.
A rare approved opportunity in a thriving downtown location with strong senior housing demand.
Location
State NC
County Wake
Direction From Wake Forest head south on Front St toward E Roosevelt Ave. Turn left onto E Roosevelt Ave. Continue onto Wait Ave. Turn right onto S Franklin St. At the traffic circle, take the 3rd exit onto Elm Ave. Turn right onto S Allen Rd. Destination will be on the right
Exterior
Utilities Available Electricity Connected, Sewer Connected, Water Connected
Street Surface Paved
Private Pool No
Building
Building Description Other, High Speed Internet
Faces From Wake Forest head south on Front St toward E Roosevelt Ave. Turn left onto E Roosevelt Ave. Continue onto Wait Ave. Turn right onto S Franklin St. At the traffic circle, take the 3rd exit onto Elm Ave. Turn right onto S Allen Rd. Destination will be on the right
Story 1
Sewer Public Sewer
Water Public
Level or Stories 1
Structure Type Other
New Construction No
Others
Senior Community No
Tax ID 1840688987
Special Listing Condition Standard
