Description
310 Culvert Street | Downtown Apex, NC Prime Covered Land Investment | 1031 Exchange Opportunity | Redevelopment Potential Downtown Apex Shovel-Ready Development Site with Covered Income | Prime 1031 Exchange Opportunity Rare and exceptional opportunity to acquire a high-yield "covered land play" in the absolute heart of Downtown Apex. Perfect for 1031 Exchange buyers, boutique builders, and forward-thinking investors, 310 Culvert Street offers immediate, stable cash flow from four existing fully occupied units while providing a de-risked, pre-vetted path to immediate or future multi-family redevelopment. The "Covered Land" & Development Premium: Unlike standard multi-family assets tied strictly to current rental math, this property's true value lies in its 0.4-acre lot and advanced municipal positioning. A proposed five-unit luxury condominium development has already completed its initial preliminary review with the Town of Apex. This represents a massive savings in both time and capital for the next owner, effectively bypassing 6 to 9 months of initial bureaucratic red tape and zoning delays for a future for-sale or high-end build-to-rent project. Current owner had a 5 unit condo plans and renderings that have preliminary been reviewed by the Town of Apex. This is a huge savings in both time and money for next owner looking to do a redevelopment with best of use of land in mind.
Details
| MLS # | 10197879 |
|---|---|
| Listing Type | For Lease |
| Status | Active |
| Year | 1985 |
| Days On Site | 8 |
| Listing Provided By | LPT Realty, LLC | Jeremy James Glasson |
Features
| Bed(s) | 8 |
|---|---|
| Bath(s) | 8 Total |
| SQ Feet | 4,032 |
| Story(s) | 2 |
| Zoning | HD MF |
| Acreage | 0.40 |
| Property View | See Remarks, Trees, Woods |
Interior
| Interior Features | Chandelier, Laminate Counters, Bathtub/Shower Combination, Eat-in Kitchen |
|---|---|
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Cooling | Central Air |
| Fireplace Yes / No | No |
| Laundry Features | Laundry Closet, Electric Dryer Hookup, Inside, Washer Hookup, Washer/Dryer Hookups |
| Rooms Total | 24 |
Exterior
| Exterior Features | Other |
|---|---|
| Roof | Shingle |
| Foundation Details | Brick/Mortar, Concrete Perimeter, Pillar/Post/Pier, Raised, Crawlspace |
| Lot Features | Back Yard, Few Trees, Front Yard |
| Community Features | Suburban, Street Lights |
| View | See Remarks, Trees/Woods |
| Construction Materials | Vinyl Siding |
| Security Features | Fire Alarm |
| Window Features | Wood Frames |
| Patio And Porch Features | Deck, Porch |
| Pool Features | None |
Parking
| Garage Yes / No | No |
|---|---|
| Parking Features | Open |
Location
| Association Amenities | None |
|---|---|
| Community Features | Suburban, Street Lights |
Utilities
| Utilities | Cable Available, Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Phone Available, Sewer Available, Sewer Connected, Water Available, Water Connected |
|---|---|
| Sewer | Public Sewer |
Taxes
| Tax Assessed Value | 1801669 |
|---|---|
| Tax Legal Description | Prop Of Richard Hurlock |
| Tax Year | 2026 |
| Tax Map Number | 0742 19 |
Area Information
| State | NC |
|---|---|
| County | Wake |
| City | Apex |
| Zip Code | 27502 |
| Area | Wake |
| Community Name | Town Lot |
| School District | Wake - Apex High |
| Elementary School | Wake - Apex Elementary |
| High School | Wake - Apex High |
| Listing VS Median (in Town Lot) | |
Price: $1,288,000 low | high Med: $1,288,000 sqft: 4,032 low | high Med: 4,032 $ / sqft: $319 low | high Med: $319 On site: 8 low | high Med: 8 | |
Market Activity 27502
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Learn More About This Property
| State | NC |
|---|---|
| County | Wake |
| City | Apex |
| Zip Code | 27502 |
| Area | Wake |
| Community Name | Town Lot |
| School District | Wake - Apex High |
| Elementary School | Wake - Apex Elementary |
| High School | Wake - Apex High |
| Listing VS Median (in Town Lot) | |
Price: $1,288,000 low | high Med: $1,288,000 sqft: 4,032 low | high Med: 4,032 $ / sqft: $319 low | high Med: $319 On site: 8 low | high Med: 8 | |
 | $1,250,000311 Culvert StreetApex, NC 27502 |