Raleigh Warehouse District Redevelopment
518 W South St, Raleigh, NC 27601
0.61-acre assemblage suitable for multifamily or restaurant/bar development.
Type:Land, Mixed Use, Multifamily, Retail
Lot size:
0.61 Acres- Added:
- Apr 10, 2025
- Days on Market:
- 403
- Last Refresh:
- Mar 16 at 1:13 pm
Property Features for 518 W South St
General Information
- Standard status
- Active
- Lot size
- 0.61 Acres
- Property subtype
- Land, Mixed Use, Multifamily, Retail
Listing agent Carter Worthy License #nc 81874
Listing office Carter Worthy Commercial Inc
Listing date Apr 10, 2025
Source Crexi
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 Carter Worthy Commercial Inc
HighLights
- Prime downtown Raleigh location in the dynamic Warehouse District
- .61‑acre assemblage suitable for multifamily development or restaurant/bar location
- Located within the Frequent Transit Area and Transit Overlay district, offering incentives for increased height and residential densities
- Proximity to key attractions: Red Hat Amphitheater, Center for Performing Arts, Raleigh Convention Center, Union Station, Bus Rapid Transit, Raleigh Greenway, and Dorothea Dix Park
- Two existing rented buildings provide modest net revenue during the development planning and approval process
- Zoned for Industrial Mixed Use (IX‑3 UL CUD), permitting a range of uses including retail, light industrial, and residential
Overview
This 0.61-acre assemblage in the Raleigh Warehouse District is suitable for a multifamily developer or a user/investor seeking a restaurant/bar location. The property includes two buildings that are currently functional and rented on short-term leases, providing net revenue during the development planning and approval process. The leases can be extended, or the buildings can be renovated to house two new food and beverage operations. The buildings offer surface parking and covered outdoor dining options, capitalizing on a downtown location with neighborhood accessibility. The property is situated near Red Hat Amphitheater, the Center for the Performing Arts, the Raleigh Convention Center, Union Station multi-modal hub, the Bus Rapid Transit line, the Raleigh Greenway, and Dorothea Dix Park. It is surrounded by over 2,500 new and under-construction residential units and lies within both the Frequent Transit Area and the Transit Overlay district, which provide options and incentives for increased height and greater residential densities. The property consists of four parcels of urban redevelopment land in the Raleigh Warehouse District. The property is zoned by the City of Raleigh for Industrial Mixed Use with Three Story Height Limit and Urban Limited frontage designation with conditions (IX-3 UL CUD). This zoning permits a range of uses including retail, light industrial, and residential, subject to zoning restrictions.
Location Intelligence
Current Use by Public Records
Vault Craft Beer
Bar & Pub
Prayer of Deliverance
Church
Location Insight
- Map
- Local Demand
- City
- Raleigh
- County
- Wake
- State
- North Carolina
- Longitude
- -78.632921
- Latitude
- 35.771894
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - 0.61-acre assemblage suitable for multifamily or restaurant/bar development.
Where is this mixed-use property located?
The property is located at 518 W South St Raleigh, NC.
What is the asking price?
The asking price for this property is $3,299,000.
What are key features of this property?
This property features: Prime downtown Raleigh location in the dynamic Warehouse District; .61‑acre assemblage suitable for multifamily development or restaurant/bar location; Located within the Frequent Transit Area and Transit Overlay district, offering incentives for increased height and residential densities
