Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    306 S Allen Rd Wake Forest, NC 27587

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,500,000

    2.75 acres with approved site plan for 31 apartments.

    Property size:
    23,438 SF
    Lot size:
    2.75 Acres

    Property Features for 306 S Allen Rd

    General Information

    Standard status
    Active
    Size
    23,438 SF
    Lot size
    2.75 Acres

    Building Details

    Year built
    1958

    We can help!

    Listing Contact
    Mary Mcgee
    Mary Mcgee
    Source: Exitrealty

    Listing Agency: Dogwood Properties-Atlantic Beach Listing Agent: Mary Mcgee

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Wake Forest Development Opportunity

    This 2.75-acre property features an approved site plan for up to 31 apartments designated for residents aged 62 and over. The property includes a 23,438-square-foot former nursing home. Located in downtown Wake Forest, it offers convenient access to highways and a direct route to Raleigh via US 1/Capital Boulevard. The zoning is Residential Mixed-Use Conditional District (RMX\u0002CD). The existing single-story building provides easy access to all resident rooms on the main floor. The property features accessible parking and multiple entrance points. Numerous amenities and services are located nearby. The property has not been occupied for a number of years.
    Location Intelligence

    Current Use by Public Records

    ALF Nursing Home

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    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
    -78.503625
    Latitude
    35.9717313

    Nearby Similar for Sale

    • $750,000
      Pending

      Wake Forest Commercial Property

      Commercial property in the heart of Wake Forest.
      306 Wait Ave, Wake Forest, NC 27587
      View Details
    • $465,000
      2,750 SF

      Wake Forest Duplex Investment Opportunity

      Two fully rented duplexes near downtown Wake Forest.
      417 Pearce Ave, Wake Forest, NC 27587
      View Details
    • New
      $925,000
      1,200 SF

      Wake Forest Multifamily Investment Opportunity

      Four properties for sale, including homes and mobile home.
      12329 Old Falls Of Neuse Rd, Wake Forest, NC 27587
      View Details
    • $1,350,000
      Pending

      Wake Forest Senior Housing Opportunity

      2.74-acre site approved for 31 senior apartment units.
      306 S Allen Rd, Wake Forest, NC 27587
      View Details
    • $1,400,000
      7,440 SF

      Downtown Wake Forest Historic Building

      Historic, fully leased building in downtown Wake Forest.
      210 White St, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Wake Forest Office Space Available

      Office space for sale in rapidly developing Wake Forest corridor.
      1904 S Main St, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Wake Forest Retail Opportunity

      Retail spaces available in Wake Forest, North Carolina.
      12255 Capital Blvd, Wake Forest, NC 27587
      View Details
    • Contact for pricing

      Community Shopping Center For Sale

      203,006 SF shopping center at a high-traffic intersection.
      12536 Capital Blvd, Wake Forest, NC 27529
      View Details
    • Contact for pricing
      1,482 SF

      Wake Forest Commercial Property

      Commercial property in downtown Wake Forest suitable for redevelopment.
      306 Wait Ave, Wake Forest, NC 27587
      View Details
    • $1,013,200
      2.98 Acres

      Wake Forest Retail Land Opportunity

      High-traffic location, 2.98 acres.
      3832 Rogers Rd, Wake Forest, NC 27587
      View Details
    • Contact for pricing
      2,200 SF

      Wake Forest Car Wash Opportunity

      High-traffic location, redevelopment potential.
      2208 Main St, Wake Forest, NC 27587
      View Details

    FAQs

    What type of property is this?
    Senior housing / Retirement Home - 2.75 acres with approved site plan for 31 apartments.
    Where is this senior housing / retirement home 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 $1,500,000.
    What are key features of this property?
    This property features: - Approved site plan for up to 31 apartments for residents age 62 & over.; - Located in the heart of downtown Wake Forest with easy highway access and direct access to Raleigh via US 1/Capital Boulevard.; - Zoned Residential Mixed-Use Conditional District (RMX-CD).
    (434) 489-4295
    Request Owner's contact information
    306 S Allen Rd Wake Forest, NC 27587
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    306 S Allen Rd
    Wake Forest, NC 27587
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Mary Mcgee
    Mary Mcgee
    Real Estate License ID: 315611
    (434) 489-4295 (919) 427-9239
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!