Infill Mixed Use Opportunity

Property Summary

  • 3116 Hillsborough Street, Raleigh NC
  • Site Size: 0.61 acres
  • Occupancy: 100%
  • Parking: 43 spaces
  • Traffic Count: 17,000 VPD
  • Residential Units: 16
  • Retail Units: 4 – 5,250 sf total

Infill Mixed Use Opportunity

3116 Hillsborough Street | Raleigh, NC 27607

CityPlat is pleased to present this one-of-a-kind, mixed use asset in the heart of the Hillsborough Street corridor adjacent to NC State. This property includes 16 apartments atop 4 retail bays with an abundance of on-site parking. Hillsborough Street (main artery to downtown Raleigh) is one of the most evolving strips in the Triangle in terms of development and reuse. This property is nestled between NC State’s campus which enrolls over 34,000 students and a group of high density, highly desirable neighborhoods. The university is projected to grow between 1.5% – 3% per year for the foreseeable future. Currently the asset is rented well below market rate on both the residential apartments and retail spaces. This is a tremendous value add proposition and with abundant future development potential.

Raleigh is the capital of North Carolina and the county seat of Wake County. July 2017 U.S. Census estimates the city has a population of approximately 464,758, making it the 2nd most populous city in North Carolina. NC State University, has an enrollment of students from all 100 North Carolina counties, 52 states, and 119 foreign countries. Wake County and the City of Raleigh are two of the fastest growing markets in the country; from 2000 to 2010, Wake County alone grew 43.5%.

Key Offering Highlights

  • 16 Residential Units
  • 4 Retail Bays
  • Parcel Number | 0063034
  • Zoning | NX-3-UG
  • 20,077 VPD