6019 Hillsborough St Raleigh, NC 27606

Property Details for 6019 Hillsborough St

Lot size

1.70 lot acres

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a shovel-ready, 56-unit apartment complex ideally situated in Raleigh, North Carolina, at 6019 Hillsborough St, 27606. The property boasts a prime location adjacent to the North Carolina State University campus and the Lenovo Center, offering immediate access to a large and consistent student population and a thriving commercial hub. The single, five-story building sits on a 1.7-acre lot and is zoned NX-5-GR-CU (Neighborhood Mixed Use), allowing for the permitted and approved construction of a 58-unit apartment building. Currently, the project is designed for 56 units, comprising 33 one-bedroom and 23 two-bedroom apartments. Final permits are anticipated in the first quarter of 2025. The property is connected to Raleigh's municipal water and sewer systems. This Class A multifamily property is offered for sale as-is or upon receipt of final permits and approvals. The asking price is $4,000,000, representing a price per unit of $71,428. Its proximity to NC State, the Lenovo Center, downtown Raleigh, and Raleigh-Durham International Airport (within 15 minutes) ensures strong rental demand and potential for significant returns. This is a rare chance to acquire a nearly completed, high-demand student housing project in a rapidly growing area.