1010 S Garnett Street

Description

HISTORICAL TAX CREDITS AVAILABLE! Redevelopment opportunity at the signalized intersection of S. Garnett Street and Raleigh Road -- one of the busiest and most highly trafficked intersections in the city. The property benefits from strong visibility, direct access to US-1, and proximity to I-85, providing convenient regional connectivity to Raleigh and Durham. Originally constructed in 1949, the property consists of a 25-room former hotel with 4 additional apartment units. Most guest rooms feature private baths, with a limited number configured with shared community baths consistent with traditional mid-century hotel design. A breezeway connects the primary lodging structure to a second building that previously operated as a restaurant. The site spans three parcels totaling approximately 1.181 acres and includes dedicated on-site parking -- a significant advantage for downtown-adjacent redevelopment. The property is currently vacant and requires substantial rehabilitation. No operating financials are available. Offering is well suited for experienced investors or developers seeking a value-add repositioning opportunity. Zoned OIA (Office, Institutional & Residential), the property allows for a flexible mix of potential uses, including: Boutique or flagged hotel redevelopment Office or medical conversion (nearby hospital systems) Multifamily or workforce housing conversion Mixed-use redevelopment Institutional or community use Located within walking distance to downtown and near regional medical facilities. Vance County, home to Kerr Lake, continues to benefit from recreational tourism and regional traffic flow. Property is being sold as-is.