RALEIGH, N.C. (WNCN) – A prime piece of real estate is up for grabs in downtown Raleigh. It only costs $20,000, but it’s also only 871 square feet.
It’s located in a booming area right by the Morgan Street Food Hall.
“Fifty years ago, it was us and the street people,” said Don Hess. “It was a warehouse district. There was nothing down here.”
While Wilson’s Outdoor Equipment has called Morgan Street home for 52 years, Hess was never able to buy the property that houses his business.
“That’s just the way it is,” said Hess. “They wouldn’t sell back then.”
Hess can’t imagine what the land might be worth today.
“Oh my goodness I couldn’t afford it,” said Hess. “I don’t even venture to say how much it would be. In the millions I’m sure.”
A quick search online shows a lot for sale next door for only $20,000, but it’s only 871 square feet.
“I don’t know what could survive on that small of property,” Hess said.
Tax records show the North Carolina Department of Transportation bought the property in 1997 for $67,000. It’s currently valued just over $113,000.
Hess said a car might be able to fit on the parcel of land.
Despite the price, Hess said he’s confident a developer will purchase the property just as they have all of the land surrounding his business.
“They could sell at any time,” Hess said. “Hopefully they’ll give me enough warning that I can get out of here somehow and go somewhere.”
Click here for information on the listing.
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