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    618 Hillsborough St Raleigh, NC 27603

    Sponsored
    For Sale
    Contact for pricing

    Prime Glenwood South location, high-potential development

    Property size:
    13,440 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 0.68-acre parcel in downtown Raleigh's vibrant Glenwood South offers a rare development opportunity. Situated directly across from the landmark Bloc83 mixed-use development, this property benefits from its prime location within a thriving retail center generating over $1.2 billion in annual resident and visitor spending, with food and beverage tax collections exceeding $124 million. The combined 618 and 630 Hillsborough Street addresses encompass two buildings totaling between 13,440 and 16,552 square feet, currently housing a restaurant and a closed garage. The property is zoned Downtown Mixed-Use, allowing for up to 20 stories and a variety of uses including hotel, retail, apartments, office, and industrial space. A site plan for a 3,200 square foot restaurant is already approved, with renderings available upon request. This is one of the last remaining development sites in this highly sought-after area, presenting a unique chance to capitalize on the significant growth and investment in downtown Raleigh. The property's 11 units and its strategic location offer exceptional potential for a high-return investment. The permitted zoning ensures flexibility for a wide range of development options, catering to diverse market demands. This is a truly remarkable opportunity to create a landmark development in one of Raleigh's most dynamic neighborhoods.

    Property Features for 618 Hillsborough St

    General Information

    Property type
    Land
    Square Feet
    13,440 SF
    Class
    A
    Lot Size
    29,621 SF

    Building Details

    Units
    11

    HighLights

    • 0.68‑acre combined parcel at 618 & 630 Hillsborough Street.
    • Prime Glenwood South location in Downtown Raleigh's booming retail center, generating over $1.2 billion in annual spending.
    • Across from Bloc83 mixed‑use development.
    • One of the last remaining development sites in Glenwood South.
    • Existing improvements include a Char‑Grill restaurant (approx. 16,552 SF) and a closed garage (approx. 13,440 SF) on a signalized corner lot.
    • Downtown Mixed‑Use zoning allows for up to 20 stories and various uses including hotel, retail, apartments, office, and industrial.
    Property Profile Location Intelligence

    Current Use by Public Records

    Char Grill Restaurant O K L ... Cafe

    Suggested Use

    Realty agency Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Daycare Center Clothing Store Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6485173
    Latitude
    35.7810728

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    FAQs

    What type of property is this?
    Land - Prime Glenwood South location, high-potential development
    Where is this land located?
    The property is located at 618 Hillsborough St Raleigh, NC.
    What are key features of this property?
    This property features: 0.68-acre combined parcel at 618 & 630 Hillsborough Street.; Prime Glenwood South location in Downtown Raleigh's booming retail center, generating over $1.2 billion in annual spending.; Across from Bloc83 mixed-use development.
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    618 Hillsborough St Raleigh, NC 27603
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    Raleigh, NC 27603
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    Realmo Value Estimation

    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.

    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.

    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
    618 Hillsborough St Raleigh, NC 27603
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