8245 Chapel Hill Rd
$243K NOI | 6.25% Cap Rate in Downtown Cary | Future Redevelopment Opportunity
Marketing description
Rare opportunity to acquire four contiguous parcels totaling approximately 1.60 acres in downtown Cary, with in-place income. Zoned TC (Town Center), the site offers exceptional flexibility for mixed-use, multifamily, retail, or commercial development. Existing improvements provide stable cash flow. With premium frontage along Chapel Hill Road and Field Street, this assemblage is ideally positioned for a signature urban infill project.
The property is located along Chapel Hill Road just northeast of Downtown Cary, and benefits from strong frontage and an active growth corridor. Downtown Cary has seen robust public and private investment in recent years, including downtown streetscape improvements, the award-winning Downtown Cary Park, and new mixed-use projects, continuing to drive demand and value in the immediate area.
Investment highlights
- $243,616 NOI
- 6.25% cap rate
- ±1.60 acres across four contiguous parcels
- Covered land play with income offsetting hold costs
- Zoning and future land use allow for mixed-use redevelopment
- Frontage on Chapel Hill Road near Downtown Cary
- ±11,700 SF commercial + residential income streams
- Wake County GIS Parcels: 0764637147, 0764639118, 0764730258, 0764730294
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