3304 Clearfield Dr Raleigh, NC 27616

Listing agency Foundry Commercial Raleigh Show Phone

Listed by Sarah Godwin · License #270966

Source Crexi

Added: May 16 Updated: Jul 10 at 1:34PM Checked: Jul 22 at 11:48AM

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Investment Insights

Based on property information with market context.

This is an 8.50-acre multifamily development opportunity located just north of I-540 and three minutes from the I-540 and Capital Boulevard interchange. The property is zoned CX-12-CU and within the SHOD-2 overlay, allowing for by-right multifamily and a variety of commercial uses. The City of Raleigh has planned for Sumner Boulevard to be extended to the north, providing access to the site and connectivity to Gresham Lake Road. The developer is eligible for various reimbursements over a five-year period. Conceptually, the property has been planned for 259 multifamily units with surface parking. The location provides access to Triangle Town Center, Wake Tech Northern Campus, North Hills, and Downtown Raleigh. The area surrounding the site includes Millbrook Exchange Park, Durant Nature Preserve, the WRAL Soccer Park, the Neuse River Greenway Trail, and Horseshoe Park. Strong rent comparables support River Hills Multifamily, with average rents of $1,723 across nearby comparable properties. Town Triangle Crossing, delivered in 2024, is averaging $1,903 average chunk rents. The property offers access to Capital Boulevard and I-540, and surrounding amenities.

Key Highlights

• Multifamily development opportunity on ±8.50 acres with by‑right multifamily zoning, allowing for a wide variety of commercial uses.
• Excellent location with convenient access to I‑540 and Capital Boulevard interchange (three minutes away).
• City of Raleigh planned roadway extension (Sumner Boulevard) providing access to the site and connectivity to Gresham Lake Road.

Property Analytics

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FAQs

What type of property is this?

Land - 8.50-acre multifamily development opportunity with convenient access to amenities.

Where is this land located?

The property is located at 3304 Clearfield Dr Raleigh, NC.

What are key features of this property?

This property features: Multifamily development opportunity on ±8.50 acres with by‑right multifamily zoning, allowing for a wide variety of commercial uses.; Excellent location with convenient access to I‑540 and Capital Boulevard interchange (three minutes away).; City of Raleigh planned roadway extension (Sumner Boulevard) providing access to the site and connectivity to Gresham Lake Road.