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Alicia Rivera

aliciariverarealtor@gmail.com +1(919) 578-7891

Listed by Compass -- Cary

$ 625,000

Est. payment | -/mo

8 Beds

2 Baths

1,777 SqFt

Save

$ 625,000

Est. payment | -/mo

Save

8 Beds

2 Baths

1,777 SqFt

Key Details

Property Type Single Family Home

Sub Type Single Family Residence

Listing Status Active

Purchase Type For Sale

Square Footage 1,777 sqft

Price per Sqft $351

Subdivision Capitol Heights

MLS Listing ID 10174326

Bedrooms 8

Full Baths 2

HOA Y/N No

Year Built 1950

Annual Tax Amount $4,258

Lot Size 1,777 Sqft

Acres 0.22

Property Sub-Type Single Family Residence

Source Doorify MLS

Land Area 1777

Property Description

Exceptional opportunity to acquire a cash-flowing asset in one of Raleigh's most desirable and rapidly evolving urban neighborhoods. Located at 700 Glascock Street, this income-producing property sits on a highly visible corner lot comprising approximately 0.22 acres and offers investors immediate returns alongside compelling long-term redevelopment potential. The property is zoned R-10 and positioned within one of Raleigh's most active redevelopment corridors. Surrounded by luxury new construction and high-end infill development, the site is ideally situated to benefit from continued neighborhood growth and increasing land values. Currently operating as an 8-room income-producing property generating approximately $62,700 in annual gross income ($5,225/month), the asset benefits from strong rental demand and flexible month-to-month occupancy agreements. The property has been well maintained and improved, with major updates already completed, including a new roof in 2023; HVAC systems installed in 2019; furnaces replaced in 2018 and 2019; a hot water heater installed in 2019; updated bathrooms and kitchen cabinetry in 2023; new windows installed in 2024 and 2025; new gutters in 2025; and fresh interior and exterior paint completed in 2025. Public water and sewer service, along with approximately 10 off-street parking spaces, further enhance the property's functionality and appeal. Beyond the property's income potential, the location offers the highly desirable lifestyle amenities driving demand throughout Downtown Raleigh's urban core. Residents are close to a growing collection of restaurants, retail destinations, and neighborhood gathering spots while enjoying convenient access to Oakwood Park, Gateway Plaza, area schools, greenway trails, and public transit. A nearby dog park and numerous recreational amenities further enhance the area's appeal. The combination of connectivity, and the city's sought-after "live, work, play" lifestyle makes this location particularly attractive to both tenants and long-term investors. Whether pursuing stable cash flow, a value-add investment strategy, land banking, or future redevelopment, 700 Glascock Street offers multiple paths to value creation in one of Raleigh's strongest growth markets. Opportunities combining current income, corner-lot positioning, and proximity to Downtown Raleigh are increasingly difficult to find.

Location

State NC

County Wake

Community Capitol Heights

Area 0.22

Zoning R-10

Rooms

Basement Unfinished, Crawl Space

Interior

Cooling Central Air, Electric

Flooring Luxury Vinyl, Tile, Wood

Fireplace No

Appliance Washer/Dryer

Laundry Common Area

Exterior

Parking Features Other

Roof Type Shingle

Garage No

Building

Lot Description Corner Lot

Story One

Water Public

New Construction No

Schools

Elementary Schools Wake - Conn Elementary

Middle Schools Wake - Ligon Middle

High Schools Wake - William G Enloe High

Others

Tax ID 171413230654000 0042639

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

NEARBY SCHOOLS & PROPERTIES

“As your trusted realtor, my job is to provide luxury service and expert advice to clients to ensure informed decisions are made during the buying, selling of properties! ”

+1(919) 578-7891

aliciariverarealtor@gmail.com

5960 Fairview Rd Suite 400, Charlotte, NC, 28210, United States

700 Glascock ST Raleigh, NC 27604