Booker Dairy Road, Smithfield, NC 27577 For Sale

Foundry Commercial, a North Carolina broker, has been retained as the exclusive agent for the owners of Booker Dairy Road (the "Property"), a ±50.15-acre residential development opportunity located within the Town Smithfield ETJ in Johnston County, NC. The property is currently zoned Highway Entranceway Business District (B-3), which allows for by-right development of a wide variety of commercial uses. The site maintains a favorable Future Land Use (FLU) of Medium Density Residential Neighborhood which typically allows for single-family detached and attached residential development generally from 3 to 8 units per acre. Given the strong FLU, the property has been conceptually planned for ±269 townhomes or a mix of ±81 single-family detached and ±161 townhomes lots. With a favorable future land use, nearly 1,400 feet of frontage along M. Durwood Stephenson Parkway, and core location, the property presents a unique opportunity to capitalize on a rapidly growing Smithfield submarket.

The Smithfield area has experienced robust growth in the last few years with a 16% population growth since 2020. This explosive growth has been fueled by the rapid expansion of surrounding markets as well as a strong employment base with numerous international companies setting up base and increasing their investments in the area. Johnston County is home to several large companies including but not limited to, Novo Nordisk, Grifols Therapeutics, and Amazon which collectively employ ±5,000 individuals. Each of these companies have recently expanded operations in Johnston County within the past 5 years, investing several billion dollars into their expansions further solidifying their position in Johnston County. In addition to these employers, UNC Health Johnston, a 205-bed hospital is located just 5 minutes from the site and employs over 2,000 individuals.

Given the strong employment base and ease of access to the Greater Triangle Area, Smithfield and Johnston County have seen robust residential growth, as evidenced by over 257 new construction sales with prices averaging $398,220 for detached product and $294,603 for townhome product, within 10 miles of the site in the last 12 months. Notably, Franklin Townes located just 2.4 miles from the site, sold 38 new construction townhomes between Aug 2024 and Dec 2024 (7.4 sales per month) with an average price of $263,500.