618 Hillsborough StRaleigh, NC 27603

Property Details for 618 Hillsborough St

Year built

1960

Construction

CONCRETE BLOCKS

Lot size

0.38 AC

Property size (Sq ft)

864 SF

Zone code

NX-7

Property type

Drive through restaurants

APN

1703.06-49-2349 0072810

APU

1703064923490072810

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $307,860

  6.5%

  $284,178

  7%

  $263,880

• Comparable approach

  Method

  Valuation

  Relative Method

  $576,373

  Geo Method

  $499,773

• Alternative Use

  Use

  Valuation

  Residential

  $239,715

  Hospitality

  $219,578

  Educational

  $182,686

  Medical

  $188,969

  Retail

  $284,178

Location Insight

City

Raleigh

County

Wake

State

North Carolina

Latitude

35.7811

Longitude

-78.6485

CBSA code

39580

CBSA name

RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].