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

Retail properties

Property subtype

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

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