114 and 118 Hunt Street, Durham, NC 27701

Foundry Commercial, a North Carolina broker, has been retained as the exclusive agent for the owner of Hunt & Broadway (the "Property"), a ±0.86-acre infill residential development opportunity in Downtown Durham, NC. Hunt & Broadway is located within the Downtown Development Tier and has favorable Downtown Design S1 (DD-S1) zoning. The property is currently developed with a 1,616 SF converted residential building (114 Hunt Street), a 5,950 SF warehouse building (118 Hunt Street), and a 2,928 SF veterinary office (205 Broadway Street). Existing leases are in place for each building which expire in September 2025 and June 2025, respectively. In-place zoning supports a wide range of development options with no density restrictions and a height maximum of 100 feet. Located within the core of Downtown Durham, Hunt & Broadway enjoys a WalkScore of 92 and is close to many amenities such as the Durham Food Hall, Durham Convention Center, and The Carolina Theatre, as well as major employers such as Google and the Duke Clinical Research Institute. Hunt & Broadway benefits from its in-place zoning, walkability, and wide variety of residential final use types.

The in-place zoning supports a wide range of development options all of which have seen incredible demand in the Downtown Durham submarket over the past few years. Downtown Durham maintains some of the highest mid-rise multifamily rents in the Triangle area averaging $2.62 PSF. Located just west of the site, Foster on the Park sits on 1.04 acres and has maintained average chunk rents of $2,245 or $2.68 PSF. In addition to the for-rent market, the for-sale market has remained robust especially for urban infill townhomes and condo projects. Just northeast of the site, North & Broadway recently delivered with average sales prices of $737,000 ($385 PSF). The Vega, a 57-unit luxury condo project, has maintained strong absorption with nearly 4 sales per month at prices averaging $812,706 ($552 PSF).

The residential market in the Downtown Durham submarket is strongly supported by a robust employer base (17,000+ employees), numerous walkable amenities, and ease of access to Duke University, Research Triangle Park, and the greater Triangle area. Downtown Durham is a health care and technology hub, with major employers Duke Health, Google, Avalara, and Nutanix collectively employing over 10,000. Additionally, Downtown Durham is uniquely located in close proximity to Research Triangle Park which houses over 60,000 employees with household names such as Apple, Lilly, Pfizer, and Fujifilm Diosynth collectively announcing over $1.7B in additional investment in the area.