5500 Novaglen Road Durham , NC 27712

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 ~$500,000. Erosion control permits and DOT approval for the road construction were recently issued, so the property is ready for development! 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.