#2 · 8400 Henderson Road, Apex

6.97 acres, 15-lot subdivision plan, Town of Cary jurisdiction | MLS 10170310

List price$2,000,000 (active since ~May 2026; 4+ months on market)

Acreage6.97 acres

MLS10170310

ZoningTown of Cary jurisdiction (Apex address, 27539); planned for 15-lot residential subdivision

UtilitiesMunicipal water and sewer (Town of Cary); flat topography, minimal tree coverage

LocationOff Optimus Farm Road, Apex/SW Cary — one of Triangle's fastest-growing corridors

StrategyBuild 15 homes × 2,700 SF builder-grade at $285/SF ARV = $769,500/home

Out-of-pocket cash$2,893,794 (equity + closings + carry)

Financed$7,164,338 construction loan (~75% of project cost)

Modeled15 lots × 2,700 SF builder-grade @ $285/SF ARV (conservative Cary market; $300-315/SF for premium achieves ~10-15% margin)

Project cost

$10.0M

Gross revenue

$11,542,500

Net profit

+$716,393

Margin

6.2%

Max offer (20%)

$512,000

Pro Forma

Line	Amount
Gross revenue — 15 homes × 2,700 SF × $285/SF (conservative Cary comp)	$11,542,500
Land acquisition + closing (~2%)	($2,040,000)
Construction — builder cost (15 × 2,700 SF × $111 builder grade)	($4,495,500)
Home On builder margin (20% intro rate; standard 30%)	($1,123,875)
Site development / infrastructure (15 lots × $65k cost, incl. 20% margin)	($1,218,750)
Contingency (10% of construction, AT COST — typically returned if unused)	($449,550)
Soft costs — design/permits/survey (5% of construction, at cost)	($224,775)
Construction loan closing + carry (10% APR, 12-month build, avg half-drawn)	($465,682)
Selling costs (~7%) — paid at sale closing, not out-of-pocket	($807,975)
NET PROFIT TO INVESTOR	~$716,393 · 6.2% margin · 24.8% cash-on-cash

Cary/Apex new construction comps: median Cary 2025 sale $478k; 1444 Old Apex Rd Cary (2025 new construction) $1,199,900 / ~4,258 SF = $282/SF; Apex Friendship Station new construction median ~$209/SF listing price; upper-market Cary new construction $260-$300+/SF. Modeled at $285/SF × 2,700 SF = $769,500/home (mid-quality, standard finishes). At $300/SF: ~10.5% margin. At $315/SF: ~15.4% margin. MAO at 20% investor margin: $512,000 total (all 15 lots) vs. $2,000,000 ask — significant gap; deal only pencils if land price is negotiated down materially OR if premium $315+/SF builds are targeted.

Diligence Gates

GO: Municipal utilities confirmed; relatively flat site with minimal clearing; Town of Cary jurisdiction (faster permitting, strong infrastructure); R-10 or similar zoning likely supports 15 lots on 6.97 ac; 15-lot plan already prepared. VERIFY: Confirm final plat status (is preliminary plat approved or just a concept plan?); confirm exact zoning designation and min lot size with Town of Cary; negotiate price — 4+ months on market with no sale suggests room to move; confirm no FEMA floodplain, wetlands, or road-widening easements on perimeter; verify HOA/deed restrictions. STOP: If plat is only conceptual and TOC has concerns about density or road access; if seller is firm at $2M (MAO of $512k means the deal requires significant price reduction).

Verdict

Town of Cary jurisdiction with municipal utilities on a flat 6.97-acre site already planned for 15 lots is a legitimate development opportunity — but at $2M the land price ($133k/lot) compresses investor returns to ~6% margin at $285/SF Cary pricing. The path to GOOD: (1) negotiate hard — 4+ months on market, ask for $700-800k (MAO $512k); or (2) target premium 3,000 SF builds at $310-315/SF ($930k ARV/home), which gets the investor to ~15% margin. At ask price of $2M, investor nets $716,393 (6.2% margin, 24.8% cash-on-cash). Not a GREAT deal at list, but worth a low offer given the quality of the site and jurisdiction.

Deal Scout · 2026-10-02 Home On LLC · NC GC L-103184Confidential — Home On LLC