Development Opportunity with Rental
For Sale
$3,678,900
517 Buck Jones, Raleigh, NC 27606
3186 sq. ft. property with ASR approval for development.
Property SizeContact for details
Days on Market471
Property Features for 517 Buck Jones
General Information
Standard status
Active
Taxes and HOA fees
Annual Taxes
$10,925
Listing Agency:
NORTHGROUP REAL ESTATE, INC.
Listed By:
CHARLES SANTOS
Source:
Corcoran
Added: May 17, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NORTHGROUP REAL ESTATE, INC.
Investment Insights
Based on property information with market context.
This 3186 sq. ft. property presents a development opportunity with immediate cash flow in Raleigh, NC. It features a renovated Midcentury home, currently operating as a short-term rental. 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. The property is situated in a Frequent Transit Area, supporting higher density and offering growth potential in Raleigh's market. Townhomes in the area are selling for $589K per unit. The project requires 20% of units (beyond the first 12) to meet affordability criteria. The sale includes Lot 5323 Barclay Dr., Raleigh, NC.
Key Highlights
- ASR approval for a 64‑unit multifamily apartment development or a 54‑unit townhome community.
- Immediate cash flow from a fully renovated Midcentury home operating as a successful short‑term rental.
- Strategic location in a Frequent Transit Area, supporting higher density and growth potential.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 27606, NC
48,343
Population
22,199
Households
2.2
Avg Household Size
29
Median Age
59%
College-Educated
93%
High-School Grad
24.5 sq mi
ZIP Area
1,973
Density / Sq Mi
$75,640
Median Household Income
$40,950
Median Earnings
$1,369
Median Rent
$423,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 3186 sq. ft. property with ASR approval for development.
Where is this apartment building located?
The property is located at 517 Buck Jones Raleigh, NC.
What is the asking price?
The asking price for this property is $3,678,900.
What are key features of this property?
This property features: ASR approval for a 64‑unit multifamily apartment development or a 54‑unit townhome community.; Immediate cash flow from a fully renovated Midcentury home operating as a successful short‑term rental.; Strategic location in a Frequent Transit Area, supporting higher density and growth potential.
