For Sale
$4,000,000

6019 Hillsborough StRaleigh, NC 27606

56-unit apartment complex, shovel-ready.

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • Shovel-ready 56-unit apartment complex in Raleigh, NC, near NC State University and Lenovo Center.
  • Located on a 1.7-acre lot zoned NX-5-GR-CU, permitting approved for 58 units.
  • 56-unit building (33 one-bedroom, 23 two-bedroom apartments); final permits expected Q1 2025.
  • $4,000,000 asking price ($71,428 per unit); connected to city water and sewer.
  • Class A multifamily property offered as-is or upon permit receipt; strong rental demand due to prime location.

Property Details for 6019 Hillsborough St

Property type
Apartment buildings
Class
A
Buildings
1
Stories
5
Lot Size (sq. ft)
74,052 SF
Units
56

Location Insight

City
Raleigh
County
Wake
State
North Carolina
Latitude
35.7866355
Longitude
-78.7337479
6019 Hillsborough St, Raleigh, North Carolina

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6019 Hillsborough St
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