Sold
Last Sold Price
23,438 sqft
306 S Allen Rd, Wake Forest, NC 27587
OtherProperty Type
2.74 acresLot Size
1958Year Built
$55/sq ftPrice per sq ft

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.
  • Listed by: James Hutson 252.915.2311 jameshutson@ninjarealtync.com Brokerage DRE #C26126 • Ninja Realty
Listing closed: 05/29/2026 12:00 AM • Source: Doorify MLS (fka Triangle MLS), MLS#: 10133837

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Sold By Ninja Realty

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$8,810 per month

30 year fixed, 7.03% Interest

Principal and Interest

$6,940

Property Taxes

$1,870

HOA Dues

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Property Information for 306 South Allen Road

Property Details
  • Taxes: $22,441 / year
  • MLS Type: Commercial Sale / Multi Family
  • County: Wake County
  • Subdivision: NOT IN SUBDIVISION
Building Information
  • Stories: 1
  • Year Built: 1958
  • Lot Size: 2.74 AC / 119,354 SF
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
  • Subdivision Name: NOT IN SUBDIVISION
  • 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
  • Has City Limits: Yes
  • Lot Number: x
Contract Information
  • Original MLS: Triangle MLS Inc
  • Has Property Leased: No
  • Years Owned: 1 or More Year(s)
  • Due Diligence Expiration Date: 2026-05-10
Property
Lot Information
  • Building Area Total: 23438.0
  • Building Features: High Speed Internet
  • Lot Size Dimensions: See plat
  • Parcel Number: 184-068-8987
  • Structure Type: Multi Family
  • List PriceAcre: 492700.73
  • Sold PriceAcre: 474452.55
  • Sold PriceList Price: 0.96
Property and Assessments
  • New Construction: No
  • Business Type: Other
  • Property Condition: Fixer
Utilities
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Sewer Connected, Water Connected
  • Water Source: Public
Interior and Exterior Features
Exterior Features
  • Construction Materials: Other
  • New Construction Type: Multi Family, Other
Interior Features
  • Stories: 1

Property History for 306 South Allen Road

DateEvent & SourcePriceAppreciation
May 29, 2026

Sold

Doorify MLS (fka Triangle MLS) #10133837

$1,300,000—
May 26, 2026

Sold (Public Record)

Public Record #1940917346

$1,300,000

+8.0% / yr

Feb 24, 2026

Pending

Doorify MLS (fka Triangle MLS) #10133837

—
DateEvent & SourcePrice
05/29/2026

Sold

Doorify MLS (fka Triangle MLS) #10133837

$1,300,000
05/26/2026

Sold (Public Record)

Public Record #1940917346

$1,300,000

+8.0% / yr

02/24/2026

Pending

Doorify MLS (fka Triangle MLS) #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 SqFt23,438 SqFtAbove Grade Finished SqFt23,438 SqFtStories1Lot Size119,790 SqFtStyleMiscellaneous ResidentialYear Built1958Year Renovated1958ZoningRMXCountyWAKEAPN1840.07-68-8987-000

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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Listing Courtesy of Ninja Realty

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