5500 Novaglen Road new to site Save Request In-Person Tour Request Virtual Tour
Durham,NC 27712
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
Subdivision Northwood Forest
MLS Listing ID 10119287
Annual Tax Amount $27
Lot Size 19.740 Acres
Property Sub-Type Unimproved Land
Property Description
Excellent investment opportunity in Durham, NC! This +/-10 lot subdivision proivdes by-right development for single-family well and septic lots in Durham County, NC on approximately 20 acres. Novaglen Road will need to be extended with an estimated cost of $425,000. This offers residential developers a unique opportunity in a rapidly growing North Durham submarket with a strong demand for large-lot residential homes.
This property allows for devleopers 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 Treybutn has been strong with 34 sales in the last 12 months at prices up to $1,025,000. Overall new constructionhas been limited due to lack of supply, however, The View which recently delivered, has over a dozen sales in the last 12 months with prices averaging over $700,000.
Location
State NC
County Durham
Zoning RS20
Exterior
Utilities Available Septic Available
View Y/N Yes
Building
Sewer Septic Needed
Water Need Well
Schools
Elementary Schools Durham - Little River
Middle Schools Durham - Lucas
High Schools Durham - Northern
Others
Special Listing Condition Standard