3824 Mitchell Mill Rd - Apartments FOR SALE


Raleigh, NC 27616- Greater East Raleigh
$5,700,000 USD
919-909-0004
3824 Mitchell Mill Rd, Raleigh, NC for Sale
$5,700,000 USD
Apartments - FOR SALE
1/33
null | Request Cap Rate

3824 Mitchell Mill Rd
Raleigh, NC 27616
Greater East Raleigh


HIGHLIGHTS

  • Full 14-unit, new-construction townhome community with adjacent expansion land available
  • Prime North Raleigh location with convenient access to I-540, Downtown Raleigh, and RTP
  • Three units already leased through summer 2027 at $2,100–$2,295 per month

OVERVIEW

Mitchell Mill offers a rare opportunity to acquire a full 14-unit, new-construction townhome community in North Raleigh. Adjacent land may also be included for an amenity area, guest parking, or future expansion of up to four additional units. Leasing began in July, and three units are already leased through summer 2027 at $2,100, $2,195, and $2,295 per month, with additional inquiries continuing to come in. Each three-level townhome features three bedrooms, a flexible loft, open living areas, a private deck, second-floor laundry, generous storage, a spacious primary suite, and a one-car garage. Conveniently located near I-540, Mitchell Mill provides easy access to Downtown Raleigh, RTP, shopping, dining, and nearby greenways. With strong early leasing activity, new-construction quality, and expansion potential, the community presents a compelling investment opportunity.

FOR SALE DETAILS

PRICE

$5,700,000 USD

PRICE/SF

$202 USD /SF

# OF UNITS

14

PRICE/UNIT

$407,143

CAP RATE

Request Cap Rate

% LEASED

21%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mitchell Mill - 14 unit new construction

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2026

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.5 AC

LAND SF

65,340 SF

ZONING

R-4

APN/PARCEL ID

1747.01-37-6009-000

ASK ABOUT THIS PROPERTY

Johnny ChappellCompassMore Info
919-909-0004

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Johnny ChappellCompassMore Info
919-909-0004

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.