Multifamily Development Opportunity Near
For Sale
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3304 Clearfield Dr, Raleigh, NC 27616
8.50-acre multifamily development opportunity with convenient access to amenities.
Property SizeContact for details
Lot Size8.50 Acres
Days on Market114
Property Features for 3304 Clearfield Dr
General Information
Standard status
Active
Lot size
8.50 Acres
Property subtype
Multifamily, Land
Zoning
CX-12-CU
Investment Type
Redevelopment
Building Details
Units
259
Listing Agency:
Foundry Commercial Raleigh
Listed By:
Sarah Godwin · License #270966
(919) 309-5819
Source:
Crexi
Added: May 16
Changed: Aug 22
Last Checked: Sep 1 at 7:20AM
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
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
625
Businesses Nearby
Explore this area
Business Placement
Demographics for 27616, NC
56,941
Population
24,282
Households
2.3
Avg Household Size
34
Median Age
43%
College-Educated
91%
High-School Grad
22.5 sq mi
ZIP Area
2,531
Density / Sq Mi
$81,534
Median Household Income
$41,601
Median Earnings
$1,514
Median Rent
$314,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
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.
