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    Multifamily Development Opportunity Near I-540 Title is generated by Realmo AI

    3304 Clearfield Dr, Raleigh, NC 27616

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

    Type:Multifamily, Land
    Lot size:
    8.50 Acres
    Added:
    May 15, 2026
    Days on Market:
    24
    Last Refresh:
    May 16 at 8:45 pm

    Property Features for 3304 Clearfield Dr

    General Information

    Standard status
    Active
    Lot size
    8.50 Acres
    Property subtype
    Multifamily, Land

    We can help!

    Listing Contact
    Sarah Godwin
    Sarah Godwin

    Listing agent Sarah Godwin License #270966

    Listing office Foundry Commercial Raleigh

    Listing date May 15, 2026

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Foundry Commercial Raleigh

    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.
    • Developer eligible for various reimbursements over a five‑year period from the City of Raleigh.
    • Conceptually planned for 259 multifamily units with surface parking, capitalizing on strong location and visibility.
    • Close proximity to urban amenities and abundant greenspace/parks.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.58481
    Latitude
    35.878415

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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.
    (919) 309-5819 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Sarah Godwin
    Sarah Godwin
    Real Estate License ID: 270966
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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