Listed by Foundry Commercial Raleigh, Northmarq Capital, LLC, NorthMarq
Unpriced
751 South Phase III
Details
APN 0717-04-42-6888
Property Type Multifamily, Land
Sub Type Commercial
Square Footage 300,000
Units 1340
Acreage 41.100
Zoning MU(D) - Mixed Use Development
Multifamily | 1,340 Units
Marketing description
41.1 Acre Mu(D) Opportunity Within 165 Acre Master Planned Rr(D) and Mu(D) Community; Entitled for Up to 1,340 Residential Units and 300,000 Sf of Commercial Space Within the Rapidly Densifying Raleigh/ Durham Csa Northmarq Multifamily, Llc a North Carolina Licensed Real Estate Broker(“northmarq”) and Foundry Commercial, Llc, a North Carolina Licensed Real Estate Broker (“foundry Commercial”) Have Been Retained as the Exclusive Sales Representative for 751 South Phase Iii, a Rare 41.1 Acre Opportunity for a Master-planned Mixed-use Development Fully Entitled for Up to 1,340 Residential Units and 300,000 Sf of Commercial Space. Located Within the High-growth Triangle Submarket (Raleigh/durham Csa) With Frontage on Major Thruway Nc-751 and a Direct Connection to I-40 (124,000 Vpd), 751 South Future Tenants Are Exceptionally Connected Throughout the Region. Notably, 751 South is Just10 Minutes From the Recently Announced Apple Campus (3,000+ Employees) Located in the Southern Half of Research
Triangle Park (55,000+employees) and 20 Minutes From Downtown Durham (23,000+ Employees). The Property Also Finds Itself Surrounded by Single Family Housing Developments With Prices Ranging From $400,000 - $3,000,000, as Well as Almost 3.2 Msf of Grocery Anchored and Experiential Retail.
Moreover, the 751 South Master-planned Community Features a Mix of Single Family Residential and Town homes Priced From the $400’s to $1m’s. The Community is Expected to Have Its Own Neighborhood Grocery Store. This Combination Checks Key Boxed for Employees and Residents Alike Offering a Superior Quality of Life That Has Driven the Rapid Growth In This Area. With Enough Acreage to Provide for Various Classes of Dense Development, This Unique Asset Has the Ability To Create an Remarkable Community in an Area Where the Population Has Doubled Since 2000.
Investment highlights
Prime Location To Capitalize On The Tailwinds Of The Triangle’S Continued Growth & Strong Demographics
- The Offering Provides a Unique Opportunity to Acquire a Fully-entitled Development Within the Rapidly Growing Raleigh-durham/south Durham Market.
- South Durham Submarket at Intersection of Highway 751 and Fayetteville Road. One Mile South of I-40, Streets at Southpoint and Renaissance Parkway
- Minutes From Chapel Hill, Rtp, Duke University, American Tobacco Trail, and Apple’s Future Rtp Campus (3,000+ Employees)
- New Elementary School, Fire Department, Parks and Green Space Integrated Into the Community
- Situated in One of the Most Dynamic and Sought-after Markets in the U.s
Fast-Tracked Development Timeline With In Place Infrastructure
- Fully Entitled Development Opportunity With Master Storm Water in Place and Utilities Stubbed to the Site
- Proposed, Grocery-anchored, Mixed-use Commercial Development Featuring Entitlements for Up to 300,000 Sf of Retail, 888 Residential Units and Over 300,000 Sf of Class a Office/medical Office Space
- A Rezoning is in Process Which Would Increase the Entitlements for Residential Units and Modestly Decrease the Square Footage of Commercial Entitlements
- Highway 751 Will Be Widened to Four Lanes and Three Traffic Lights Will Be Added Allowing Improved Ingress and Egress Into the Site Infrastructure and Roadway Improvements Are Triggered at the First Residential Co and Have a Two-year Timeline to Be Completed
- Total Remaining Infrastructure and Roadway Improvement Costs Are Estimated to Be Around $14.9m
- The Purchaser of Lot 7 (Grocery Store Phase) Will Be Responsible for Approximately $4.5m in Offsite Infrastructure Improvements
- The Purchaser of Lots 1, 2 and 5 Will Need to Account for Their Pro Rata Contribution of Approximately $3.4m in Offsite Infrastructure Improvements
Listing Contacts
Listed by Foundry Commercial Raleigh, Northmarq Capital, LLC, NorthMarq
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Zoning
MU(D) MixedMixed UseMixed Use
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