306 Allen Road
Wake Forest, NC 27587Prime 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.
$1,350,000
bedrooms
full bathrooms
2.74 acres
23,438 square feet
$58 per square foot
- Exterior Features
- Interior Features
- Property Features
- Building Features High Speed Internet
- Construction Materials Other
- Lot Size Acres 2.74
- Structure Type Multi Family
- Cooling Y/N Yes
- Heating Y/N Yes
- Tax Annual Amount 22441.03
- Water Source Public
- Year Built 1958
Additional Property Information
- TypeMulti Family
- Built1958
- Neighborhood
- CountyWake
- AreaWake Forest
- Elementary School
- Middle School
- High School
Listing courtesy of Ninja Realty. © 2025 Triangle MLS, Inc. of North Carolina. All Rights Reserved. Information deemed reliable but not guaranteed.
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