OFFERS RECEIVED- Deadline is 12pm March 7 for submissions. Rare Find: Income-Generating Downtown Parking Lot Adjacent to the Historic Lincoln Theatre This exceptional property presents a unique opportunity for developers and investors seeking a prime foothold in the heart of Raleigh's vibrant Central Business District. Situated on a highly visible corner lot at 124 E. Cabarrus St., this .09 acre property enjoys immediate proximity to the renowned Lincoln Theatre, a cultural landmark. Currently operating as a successful parking lot with a management lease, the property generates consistent income while offering significant upside potential.
Sold for $800,000 on 08/18/25
$800,000
124 E Cabarrus St, Raleigh, NC 27601
--beds
--baths
3,920.4Square Feet
Unimproved Land, Land
Built in ----
3,920.4 Square Feet Lot
$-- Zestimate®
$--/sqft
$1,723 Estimated rent
Home value
Not available
Estimated sales range
Not available
$1,723/mo
Zestimate® history
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Owner options
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What's special
Zillow last checked: 8 hours ago
Listing updated: October 28, 2025 at 12:43am
Listed by:
Meredith Mclaurin Little 919-757-2175,
Hodge & Kittrell Sotheby's Int
Bought with:
Non Member
Non Member Office
Source: Doorify MLS,MLS#: 10071291
Facts & features
Property
Features
- Has view: Yes
Lot
- Size: 3,920 sqft
- Dimensions: 56.42ft x 78.06ft x 58.49ft x 79.06ft
Details
- Parcel number: 1703765810
- Special conditions: Standard
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Electricity Available
Community & neighborhood
Location
- Region: Raleigh
- Subdivision: Not in a Subdivision
Other
Other facts
- Road surface type: Alley Paved, Asphalt, Concrete
Price history
| Date | Event | Price |
|---|---|---|
| 8/18/2025 | Sold | $800,000-4.8% |
Source:  Doorify MLS #10071291 Report a problem | ||
| 3/8/2025 | Pending sale | $840,000 |
Source: Doorify MLS #10071291 Report a problem | ||
| 2/28/2025 | Price change | $840,000-30% |
Source: Doorify MLS #10071291 Report a problem | ||
| 1/16/2025 | Listed for sale | $1,200,000 |
Source: Doorify MLS #10071291 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $9,397 +0.4% | $999,600 |
| 2024 | $9,361 +57.2% | $999,600 +96.2% |
| 2023 | $5,955 +7.1% | $509,600 |
Find assessor info on the county website
Neighborhood: Central
Nearby schools
GreatSchools rating
- 5/10Joyner ElementaryGrades: PK-5Distance: 2.8 mi
- 6/10Moore Square Museum Magnet MidGrades: 6-8Distance: 0.2 mi
- 7/10Needham Broughton HighGrades: 9-12Distance: 1.4 mi
Schools provided by the listing agent
- Elementary: Wake County Schools
- Middle: Wake County Schools
- High: Wake County Schools
Source: Doorify MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.