306 S Allen Rd
Description
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...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.
- Listed by James Hutson • Ninja Realty
Property Details for 306 South Allen Road
| Status | Active |
|---|---|
| MLS # | 10133837 |
| Days on Market | 37 |
| Taxes | $22,441 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Commercial Sale / Multi Family |
| Year Built | 1958 |
| Lot Size | 2.74 AC / 119,354 SF |
| County | Wake County |
Location
Building Information for 306 South Allen Road
Payment Calculator
$8,541 per month
30 year fixed, 6.28% Interest
$6,671
$1,870
$0
Property Information for 306 South Allen Road
- Directions: From Wake Forest head south on Front St toward E Roosevelt Ave. Turn left onto E Roosevelt Ave. Continue onto Wait Ave. Turn right onto S Franklin St. At the traffic circle, take the 3rd exit onto Elm Ave. Turn right onto S Allen Rd. Destination will be on the right
- Latitude: 35.971714
- Longitude: -78.503623
- Road Frontage Type: Public Road
- Road Surface Type: Paved
- Tax Annual Amount: $22,441.03
- City Limits Of: Wake Forest
- City Limits YN: Yes
- Lot Number: x
- Original MLS: Triangle MLS Inc
- Property Leased YN: No
- Years Owned: 1 or More Year(s)
- Building Area Total: 23438.0
- Lot Size Dimensions: See plat
- Parcel Number: 1840688987
- Structure Type: Multi Family
- List PriceAcre: 492700.73
- New Construction: No
- Photos Count: 48
- Below Grade Finished Area Units: Square Feet
- Property Condition: Fixer
- Sewer: Public Sewer
- Utilities: Electricity Connected, Sewer Connected, Water Connected
- Water Source: Public
- Water_Sewer: Public, Public Sewer, Electricity Connected, Sewer Connected, Water Connected
- Construction Materials: Other
- Pool Private: No
- New Construction Type: Other, Multi Family
- Stories: 1
- Cooling?: Yes
- Heating?: Yes
- Interior: Electricity Connected, Sewer Connected, Water Connected, Other
- Property Type: Commercial Sale
- Property Class Name: CrossProperty
Property History for 306 South Allen Road
| Date | Event & Source | Price | Appreciation |
|---|---|---|---|
| Nov 19, 2025 | Listed (Active) TRIANGLEMLS #10133837 | $1,350,000 | — |
| Sep 30, 2025 | Expired NCRMLS #100482908 | $1,500,000 | — |
| Jan 10, 2025 | Listed (Active) NCRMLS #100482908 | $1,500,000 | — |
| May 6, 2022 | Sold (Public Record) Public Record #1492539676 | $950,000 | — |
| Date | Event & Source | Price |
|---|---|---|
| 11/19/2025 | Listed (Active) TRIANGLEMLS #10133837 | $1,350,000 |
| 09/30/2025 | Expired NCRMLS #100482908 | $1,500,000 |
| 01/10/2025 | Listed (Active) NCRMLS #100482908 | $1,500,000 |
| 05/06/2022 | Sold (Public Record) Public Record #1492539676 | $950,000 |
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 306 South Allen Road
Schools near 306 South Allen Road
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | PK to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 13 |
Rating | School | Distance |
|---|---|---|
Wake Forest Elementary PublicPK to 5 | ||
Wake Forest Middle School Public6 to 8 | ||
Wake Forest High School Public9 to 12 | ||
North Wake College And Career Academy Public9 to 13 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.
Listing Courtesy of Ninja Realty
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