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    306 S Allen Rd Wake Forest, NC 27587

    For Sale
    $1,350,000

    MULTI_FAMILY - Wake Forest, NC

    Property size:
    23,438 SF
    Lot size:
    2.74 Acres
    Days on Market:
    19
    Last Refresh:
    Dec 7 at 12:06 am

    Property Features for 306 S Allen Rd

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    APN
    184-068-8987
    Size
    23,438 SF
    Lot size
    2.74 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1958
    Floors in Building
    1

    The James Hutson Group LLC (919) 342-8538 [email protected]

    Listing agent James Hutson (252) 915-2311

    Listing date Nov 19, 2025

    Copyright © 2025 Doorify MLS of North Carolina. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Wake Forest Redevelopment Opportunity

    Located in Downtown Wake Forest, the property at 306 S. Allen Road is a 2.74-acre parcel zoned and site-plan approved for a 31-unit senior apartment building totaling 23,438 square feet. The site benefits from convenient access to major highways and direct connectivity to Raleigh via US 1/Capital Boulevard. The property is designated for residents 62 years and older. The demographics within a 10-mile radius include a total population of 271,184 residents, with 35,609 residents aged 62-64 and 42,571 residents aged 65 and older. The seller is open to joint-redevelopment discussions.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    ALF Assisted Living Facility

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wake Forest
    County
    Wake
    State
    North Carolina
    Longitude
    -78.503623
    Latitude
    35.971714

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    FAQs

    What type of property is this?
    Commercial land - 2.74 acres in Downtown Wake Forest, approved for senior housing.
    Where is this commercial land located?
    The property is located at 306 S Allen Rd Wake Forest, NC.
    What is the asking price?
    The asking price for this property is $1,350,000.
    What are key features of this property?
    This property features: - Approved site plan for a **31-unit senior apartment building (23,438 sq ft)**.; - **Prime 2.74-acre parcel in Downtown Wake Forest**.; - Zoned for senior housing (62 years and older).
    (252) 915-2311
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    306 S Allen Rd Wake Forest, NC 27587
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