518 W South St, Raleigh, NC 27601

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.