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31 Unit Senior Living Apartment Building 306 S Allen Rd 31 Unit Apartment Building $1,350,000 ($43,548/Unit) Wake Forest, NC 27587
Investment Highlights
- 306 S Allen Road presents a 2.75-acre parcel improved by a 23,438-square-foot site plan approved for a 31 unit senior apartment building.
- The facility is no longer licensed, but there are plans and approvals in place to house residents over the age of 62.
- In the heart of Downtown Wake Forest with easy access to highways and direct access to Raleigh via US 1/Capital Boulevard.
- Of the 10-mile population of 271,184 residents, approximately 35,609 are within the 62 to 64 age group, and 42,571 are older.
Executive Summary
Prime Downtown Wake Forest Redevelopment Opportunity – Approved Senior Housing Project
For Sale – Reduced by $150,000 to $1.35 Million
Presenting 306 S. Allen Road, a 2.74-acre parcel in the heart of Downtown Wake Forest. This site is already zoned and site-plan approved for a 31-unit senior apartment building totaling 23,438 square feet.
The property is ideally located with easy access to major highways and direct connectivity to Raleigh via US 1/Capital Boulevard, making it convenient for residents and visitors alike.
Demographics within a 10-mile radius:
- Total population: 271,184 residents
- Ages 62–64: 35,609 residents
- Ages 65 and older: 42,571 residents
This property represents an excellent investment opportunity in one of Raleigh’s most popular and growing suburbs. While the site needs redevelopment work, the seller is open to joint-redevelopment discussions, offering flexibility for developers and investors alike.
Note: 100% of the dwelling units must be designated for residents 62 years and older.
Highlights:
- 2.74 acres in Downtown Wake Forest
- 23,438 sq ft site-plan-approved development
- Zoned for 31 senior apartment units
- Easy access to US 1/Capital Blvd
Seller open to joint-redevelopment discussions.
A rare approved opportunity in a thriving downtown location with strong senior housing demand.
For Sale – Reduced by $150,000 to $1.35 Million
Presenting 306 S. Allen Road, a 2.74-acre parcel in the heart of Downtown Wake Forest. This site is already zoned and site-plan approved for a 31-unit senior apartment building totaling 23,438 square feet.
The property is ideally located with easy access to major highways and direct connectivity to Raleigh via US 1/Capital Boulevard, making it convenient for residents and visitors alike.
Demographics within a 10-mile radius:
- Total population: 271,184 residents
- Ages 62–64: 35,609 residents
- Ages 65 and older: 42,571 residents
This property represents an excellent investment opportunity in one of Raleigh’s most popular and growing suburbs. While the site needs redevelopment work, the seller is open to joint-redevelopment discussions, offering flexibility for developers and investors alike.
Note: 100% of the dwelling units must be designated for residents 62 years and older.
Highlights:
- 2.74 acres in Downtown Wake Forest
- 23,438 sq ft site-plan-approved development
- Zoned for 31 senior apartment units
- Easy access to US 1/Capital Blvd
Seller open to joint-redevelopment discussions.
A rare approved opportunity in a thriving downtown location with strong senior housing demand.
Data Room Click Here to Access
- Offering Memorandum
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
Property Facts
| Price | $1,350,000 | Building Class | C |
| Price Per Unit | $43,548 | Lot Size | 2.74 AC |
| Sale Type | Investment | Building Size | 23,438 SF |
| No. Units | 31 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 0.94/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RMX-CD - 100% of the dwelling units must be designated for residents 62 years and older | ||
| Price | $1,350,000 |
| Price Per Unit | $43,548 |
| Sale Type | Investment |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.74 AC |
| Building Size | 23,438 SF |
| No. Stories | 1 |
| Year Built | 1958 |
| Parking Ratio | 0.94/1,000 SF |
| Zoning | RMX-CD - 100% of the dwelling units must be designated for residents 62 years and older |
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Presented by
Ninja Realty
31 Unit Senior Living Apartment Building | 306 S Allen Rd
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