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Listed by Ninja Realty
$ 495,000
Est. payment | /mo
13,800 SqFt
$ 495,000
Est. payment | /mo
13,800 SqFt
Key Details
Property Type Other Types
Sub Type Hotel/Motel
Listing Status Active
Purchase Type For Sale
Square Footage 13,800 sqft
Price per Sqft $35
MLS Listing ID 10148505
HOA Y/N No
Year Built 1949
Annual Tax Amount $4,895
Lot Size 0.317 Acres
Acres 1.18
Lot Dimensions See plats
Property Sub-Type Hotel/Motel
Source Doorify MLS
Land Area 13800
Property Description
HISTORICAL TAX CREDITS AVAILABLE!
Redevelopment opportunity at the signalized intersection of S. Garnett Street and Raleigh Road -- one of the busiest and most highly trafficked intersections in the city. The property benefits from strong visibility, direct access to US-1, and proximity to I-85, providing convenient regional connectivity to Raleigh and Durham.
Originally constructed in 1949, the property consists of a 25-room former hotel with 4 additional apartment units. Most guest rooms feature private baths, with a limited number configured with shared community baths consistent with traditional mid-century hotel design. A breezeway connects the primary lodging structure to a second building that previously operated as a restaurant.
The site spans three parcels totaling approximately 1.181 acres and includes dedicated on-site parking -- a significant advantage for downtown-adjacent redevelopment.
The property is currently vacant and requires substantial rehabilitation. No operating financials are available. Offering is well suited for experienced investors or developers seeking a value-add repositioning opportunity.
Zoned OIA (Office, Institutional & Residential), the property allows for a flexible mix of potential uses, including:
Boutique or flagged hotel redevelopment
Office or medical conversion (nearby hospital systems)
Multifamily or workforce housing conversion
Mixed-use redevelopment
Institutional or community use
Located within walking distance to downtown and near regional medical facilities. Vance County, home to Kerr Lake, continues to benefit from recreational tourism and regional traffic flow.
Property is being sold as-is.
Redevelopment opportunity at the signalized intersection of S. Garnett Street and Raleigh Road -- one of the busiest and most highly trafficked intersections in the city. The property benefits from strong visibility, direct access to US-1, and proximity to I-85, providing convenient regional connectivity to Raleigh and Durham.
Originally constructed in 1949, the property consists of a 25-room former hotel with 4 additional apartment units. Most guest rooms feature private baths, with a limited number configured with shared community baths consistent with traditional mid-century hotel design. A breezeway connects the primary lodging structure to a second building that previously operated as a restaurant.
The site spans three parcels totaling approximately 1.181 acres and includes dedicated on-site parking -- a significant advantage for downtown-adjacent redevelopment.
The property is currently vacant and requires substantial rehabilitation. No operating financials are available. Offering is well suited for experienced investors or developers seeking a value-add repositioning opportunity.
Zoned OIA (Office, Institutional & Residential), the property allows for a flexible mix of potential uses, including:
Boutique or flagged hotel redevelopment
Office or medical conversion (nearby hospital systems)
Multifamily or workforce housing conversion
Mixed-use redevelopment
Institutional or community use
Located within walking distance to downtown and near regional medical facilities. Vance County, home to Kerr Lake, continues to benefit from recreational tourism and regional traffic flow.
Property is being sold as-is.
Location
State NC
County Vance
Area 1.18
Zoning OIA
Interior
Fireplace No
Exterior
Garage Spaces 20.0
Total Parking Spaces 20
Garage No
Building
Water Public
New Construction No
Others
Tax ID 0005 07019 & 0005 07005
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Nearby Locations
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