Glenwood South Development
For Sale
$1,699,000
407 & 411 N Boylan Avenue, Raleigh, NC 27603
COMMERCIAL - Raleigh, NC
Property Size4,492 SF
Lot Size0.26 Acres
Price / SF$378.23
Days on Market109
Property Features for 407 & 411 N Boylan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OX-3
Lot features
City Lot, Rectangular Lot, Zero Lot Line
Standard status
Active
APN
1704.18-40-0938 0044238 01 & 1704.18-41-0023 0014
Size
4,492 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
N Boylan Avenue
Tax Annual Amount
17928
Legal Description
N Boylan Avenue
Utilities
Sewer type
Public Sewer
Building Details
Year built
1910
Listing Agency:
Compass -- Raleigh
(919) 726-6548
Listed By:
Martin Verdi
(919) 771-7772
Added: Apr 13
Changed: May 19
Last Checked: Jul 30 at 7:06PM
MLS# 10159858
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is an exceptional development or renovation opportunity in the heart of Downtown Raleigh's Glenwood South neighborhood. The property offers a rare chance to build in one of the city's most active and desirable areas, benefiting from high visibility, strong foot traffic, and walkable access to dining, nightlife, and entertainment. The sale includes two adjacent parcels (407 & 411 N. Boylan Ave), totaling 0.26 acres (0.13 acres each). There are three existing dwellings on the lots, totaling approximately 4,492 square feet. Zoned OX-3 (mixed-use, residential with business use), the site supports a wide range of uses including detached single-family homes, townhomes, condos, apartments, retail, office space, or a combination of mixed-use development. Parcels may be developed together or separately. The maximum building height is 3 stories under current zoning. The site is subject to NCOD overlay, which includes restrictions on roof pitch, setbacks, and similar design standards. Rezoning is possible and may allow for higher density or additional stories. Utilities are available. The property is located in Raleigh, NC, 27603, Wake County.
Key Highlights
- Prime development/renovation opportunity in the heart of Downtown Raleigh's Glenwood South.
- Two adjacent parcels (0.26 acres total) being sold together.
- Zoned OX‑3, supporting a wide range of uses.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $117.0k | $26.04 |
| − Vacancy | −$26.6k | −$5.91 |
| EGI | $90.4k | $20.13 |
| − OpEx | −$22.6k | −$5.03 |
| NOI | $67.8k | $15.10 |
4,492 SF · lease $26.04/SF/yr · vacancy 22.70% · expense 25.00%
Alternative Uses
Best Use
Office B
$968.8K
$847.7K – $1.13M
NOI $67,814 @ 7.0% cap · market cap 3.99%
Second Best
Mixed Use
$847.1K
$741.2K – $988.2K
NOI $59,294 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,462 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,537
Businesses Nearby
Explore this area
Business Placement
Demographics for 27603, NC
54,616
Population
24,030
Households
2.3
Avg Household Size
34
Median Age
48%
College-Educated
94%
High-School Grad
51.4 sq mi
ZIP Area
1,063
Density / Sq Mi
$87,939
Median Household Income
$51,856
Median Earnings
$1,496
Median Rent
$347,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Prime downtown Raleigh location for development or renovation.
Where is this commercial land located?
The property is located at 407 & 411 N Boylan Avenue Raleigh, NC.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Prime development/renovation opportunity in the heart of Downtown Raleigh's Glenwood South.; Two adjacent parcels (0.26 acres total) being sold together.; Zoned OX‑3, supporting a wide range of uses.
