Residential stock consists of a tenth to a third of an acre privatively owned single family houses of about 1000 sq ft. at $70/sq.ft. The area is racially diverse.  Caraleigh has some larger industrial sites incompatible with residential uses.   It was originally a mill village owned by Fred Whitker Co. and supported the cotton mill located on Maywood Drive. The housing was rented to mill workers and consisted of small houses on lots with renovations. The houses were sold over the years, and many are now rented. The Mill made cotton into thread until the late 1990's, and was redeveloped recently into a gated community of condos selling for $185 /sq.ft.  Along Maywood Drive there are several industrial businesses on 3-4 acre plots.  Much development potential exists; but, few large parcels are present.  On the extreme south east corner of Penmarc/Caraleigh Neighborhood, accessible only by the east entry driveway, is the Earnest Battle Bain water treatment facility. This is a little known treasure to Raleigh. The original 1887 building remains, adjacent to the new building. The pump station  pumped water from the site at Walnut Creek to the water tower that still remains on south side of West Morgan Street.  In 1938 it  became clear that this old facility would not provide for the city's needs. So, in 1938, the then and long time superintendent, Ernest Battle Bain, had this structure built. It is the foremost Art Deco buildings, certainly in Wake County, or even perhaps the state. It opened in the mid-1940s, with no interruption of water service to the Raleigh community. It pumped 10 million gallons of water a day from that site up until it was taken out of commission in 1987, and reduced to a storage facility for the public works department of Raleigh.  The interior of this historic building is quite astounding. The main entryway is a three story space with a wonderful mezzanine, and charming wrought iron railings, the wings are of a comfortable scale, and in true deco style, have decorative, ornate plaster moldings and square clearstory, antique glass windows, at the 13 bays. The original quarry tile floor is still in great shape.  The waterworks building has been purchased by a consortium of private developers, led by Greg Hatam, a steward of historic properties in Raleigh. The plans for this building include an adaptive reuse as retail, restaurant or both.