Novaglen Rd, Durham, NC 27712

Foundry Commercial, a North Carolina broker, has been retained as the exclusive agent for the owner of Novaglen Estates (the “Property”), a ±10-lot single-family development opportunity in Durham County, NC on ±19.74 acres. Novaglen Estates provides by-right development of large-lot single-family homes with individual well and septic system. This site is zoned RS-20 which allows for by-right development to single-family detached homes up to 2 units per acre. Preliminary assessment of the site indicates that a mix of low profile/conventional septic systems can be utilized alongside anaerobic drip and TSII drip systems. Novaglen Road will also need to be extended approximately 1,650 feet in order to access all lots which has an estimated cost of $425,000. Novaglen Estates offers residential developers a unique opportunity in a rapidly growing North Durham submarket with a strong demand for large-let residential homes.

The property allows developers and homebuilders to capitalize on an incredibly strong residential sales market fueled by a lack of re-sale supply and a general lack of large lot single-family homes. Resale volume for existing product within nearby Treyburn has been incredibly strong with 34 sales in the last 12 months at prices up to $1,025,000. Overall new construction has been limited due to lack of supply, however, The View which recently delivered has sold 12 units in the last 7 months at prices averaging $728,666.

Supported by a rapidly growing north Durham location, Novaglen Estates is located 10 miles from Downtown Durham, 8 miles from I-85, and 13 miles from Duke University and the Duke University Health System. Novaglen Estates provides a unique opportunity for homeowners seeking seclusion on large lot residences with convenient access to employment in Treyburn Corporate Park, Downtown Durham, Duke University, RTP, and the greater Triangle area.