Last Sold Price
23,438 sqft$55/sqft
306 S Allen Rd, Wake Forest, NC 27587

Description

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
...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. 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

A rare approved opportunity in a thriving downtown location with strong senior housing demand.
LISTING CLOSED: 05/29/2026 12:00 AM

  1. Listed by James Hutson • Ninja Realty

Property Details for 306 South Allen Road

Status
MLS #
10133837
Taxes
$22,441 / year
HOA Fees
-
Condo/Co-op Fees
-
Property Type
MLS Type
Commercial Sale / Multi Family
Year Built
1958
Lot Size
2.74 AC / 119,354 SF

Location

Listing Courtesy of Ninja Realty

Sold By Ninja Realty

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Building Information for 306 South Allen Road

Stories1Residences-Year Built1958Building Size-Lot Size2.74 AC / 119,354 SF

Payment Calculator

$8,478 per month

30 year fixed, 6.55% Interest

Principal and Interest

$6,608

Property Taxes

$1,870

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 306 South Allen Road

Summary
Location and General Information
  • 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
Taxes and HOA Information
  • Tax Annual Amount: $22,441.03
  • City Limits Of: Wake Forest
  • City Limits YN: Yes
  • Lot Number: x
Contract Information
  • Original MLS: Triangle MLS Inc
  • Property Leased YN: No
  • Years Owned: 1 or More Year(s)
  • Due Diligence Expiration Date: 2026-05-10
Property
Lot Information
  • Building Area Total: 23438.0
  • Lot Size Dimensions: See plat
  • Parcel Number: 1840688987
  • Structure Type: Multi Family
  • List PriceAcre: 492700.73
  • Sold PriceAcre: 474452.55
  • Sold PriceList Price: 0.96
Property and Assessments
  • New Construction: No
  • Photos Count: 48
  • Below Grade Finished Area Units: Square Feet
  • Property Condition: Fixer
Utilities
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Sewer Connected, Water Connected
  • Water Source: Public
  • Water_Sewer: Public, Public Sewer, Electricity Connected, Sewer Connected, Water Connected
Interior and Exterior Features
Exterior Features
  • Construction Materials: Other
  • Pool Private: No
  • New Construction Type: Other, Multi Family
Interior Features
  • Stories: 1
  • Cooling?: Yes
  • Heating?: Yes
  • Interior: Electricity Connected, Sewer Connected, Water Connected, Other
Agent
Sale and Listing
  • Property Type: Commercial Sale
  • Property Class Name: CrossProperty

Property History for 306 South Allen Road

DateEvent & SourcePriceAppreciation
May 29, 2026

Sold

TRIANGLEMLS #10133837

$1,300,000
May 26, 2026

Sold (Public Record)

Public Record #1940917346

$1,300,000

+8.0% / yr

Feb 24, 2026

Pending

TRIANGLEMLS #10133837

DateEvent & SourcePrice
05/29/2026

Sold

TRIANGLEMLS #10133837

$1,300,000
05/26/2026

Sold (Public Record)

Public Record #1940917346

$1,300,000

+8.0% / yr

02/24/2026

Pending

TRIANGLEMLS #10133837

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 306 South Allen Road

Taxable ValueLand$96,800Additions$2,147,681Total$2,244,481
Tax Record2025$22,441 ($1,870 / month)
Home Facts
Total Finished SqFt11,501 SqFtAbove Grade Finished SqFt11,501 SqFtStories1Lot Size119,790 SqFtStyleMiscellaneous ResidentialYear Built1958ZoningGR5CountyWAKEAPN1840.07-68-8987 0018046

Schools near 306 South Allen Road

This home is within Wake County School District.
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 any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim 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 seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Ninja Realty

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