Under-Construction Apartment
For Sale
$5,750,000
3712 Mineral Mill, Raleigh, NC 27616
MULTI_FAMILY - Raleigh, NC
Property Size28,224 SF
Price / SF$203.73
Days on Market131
Property Features for 3712 Mineral Mill
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R-4
Bedrooms
42
Bathrooms
53
Full bathrooms
42
Half bathrooms
21
Rooms
Bathroom 5, Bedroom 28, Bedroom 4, Bedroom 30, Bathroom 4, Bathroom 32, Bedroom 19, Bathroom 3, Bedroom 22, Bathroom 36, Bedroom 18, Bathroom 24, Bathroom 48, Bedroom 3, Bedroom 37, Bathroom 12, Bathroom 17, Bedroom 11, Bedroom 35, Bathroom 19, Bathroom 7, Bathroom 41, Bathroom 10, Bedroom 16, Bathroom 40, Bathroom 46, Bathroom 11, Bathroom 62, Bathroom 34, Bathroom 31, Bedroom 5, Laundry Room, Bathroom 52, Bathroom 38, Bathroom 56, Bathroom 22, Bathroom 50, Bedroom 29, Bathroom 53, Bathroom 18, Bedroom 41, Bathroom 6, Bedroom 9, Bathroom 57, Bathroom 45, Bedroom 23, Bedroom 1, Bathroom 20, Bathroom 13, Bathroom 26, Bathroom 43, Bedroom 20, Bedroom 27, Bathroom 9, Bedroom 36, Bedroom 26, Bathroom 37, Dining Room, Bathroom 49, Bathroom 63, Bedroom 7, Bedroom 32, Bathroom 60, Bathroom 15, Bathroom 2, Bedroom 40, Bedroom 38, Bathroom 27, Bathroom 33, Bathroom 55, Bedroom 31, Bedroom 13, Bedroom 24, Bathroom 47, Bathroom 35, Bedroom 39, Bedroom 17, Bathroom 8, Bedroom 42, Bedroom 2, Bedroom 10, Bedroom 34, Bathroom 28, Bedroom 14, Bathroom 14, Bathroom 21, Bathroom 23, Bathroom 39, Bedroom 33, Bathroom 25, Bedroom 12, Bathroom 42, Bedroom 25, Bedroom 21, Bathroom 1, Bedroom 6, Bathroom 51, Bathroom 58, Bathroom 29, Bathroom 54, Bathroom 59, Bedroom 15, Bathroom 44, Bathroom 16, Bathroom 61, Bedroom 8, Bathroom 30
Parking features
Garage
Vegetation
Grassed
Patio and Porch features
Deck
Interior features
Bathtub/Shower Combination, Ceiling Fan(s), Entrance Foyer, Kitchen Island, Kitchen/Dining Room Combination, Low Flow Plumbing Fixtures, Open Floorplan, Pantry, Shower Only, Smooth Ceilings, Storage, Walk-In Closet(s), Walk-In Shower
Exterior features
Rain Gutters
Appliances
Dishwasher, Free-Standing Range, Microwave, Plumbed For Ice Maker, Water Heater
Subdivision
Mitchell Mill
Lot features
Landscaped
Elementary school
Wake - Harris Creek Elementary
Middle school
Wake - Rolesville Middle School
High school
Wake - Rolesville High School
Standard status
Active
APN
See Tax Records
Size
28,224 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
Lo1-14 Mitchell Mill Townhomes Bm2025-711
HOA Fee
$190 Monthly
Legal Description
Lo1-14 Mitchell Mill Townhomes Bm2025-711
Utilities
Sewer type
Public Sewer
Heating system
Central, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Floors in Building
3
Number of units
14
Flooring type
Vinyl, Carpet, Tile
Building materials
Fiber Cement
Roof type
Shingle, Metal
Additional Structures
Storage
Listing Agency:
Compass -- Raleigh
(919) 726-6548
Listed By:
Johnny Chappell · License #267248
(919) 737-2247
Added: Apr 1
Changed: Aug 4
Last Checked: Aug 9 at 4:06AM
MLS# 10156846
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction apartment community is part of Mitchell Mill, a craftsman-style townhome collection featuring three levels of living. The homes are designed with open floorplans, a kitchen island, pantry storage, and a kitchen/dining room combination. Interior finishes and systems include forced air heating with central air conditioning, smooth ceilings, and flooring across carpet, tile, and vinyl. Bedrooms include walk-in closets, and bathrooms feature walk-in shower options and bathtub/shower combinations. Outdoor living is supported by a deck, and each home includes a one-car garage.
The property is zoned R-4 and is served by public water and public sewer. Construction materials include fiber cement, with roof elements described as shingle and metal. The community notes quick access to I-540 for cross-triangle connectivity.
At 28,224 SF, this is a bundled package offering of multiple townhome residences at Mitchell Mill for a single purchase.
The property is zoned R-4 and is served by public water and public sewer. Construction materials include fiber cement, with roof elements described as shingle and metal. The community notes quick access to I-540 for cross-triangle connectivity.
At 28,224 SF, this is a bundled package offering of multiple townhome residences at Mitchell Mill for a single purchase.
Key Highlights
- 28,224 SF under‑construction apartment community
- Zoned R‑4 with public water and public sewer
- Year built 2026; homes described as under construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$288,918
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,778,360
$5.8M
Cap Rate 7%
$4,127,400
$4.1M
Cap Rate 9%
$3,210,200
$3.2M
Market Conditions
NOI Build-Up for 28,224 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$558.8K $19.80/SF
− Vacancy
−$33.5K −$1.19/SF
EGI
$525.3K $18.61/SF
− OpEx
−$236.4K −$8.38/SF
NOI
$288.9K $10.24/SF
Area
ZIP 27616
Vacancy
6.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,778,360
Cap Rate 7%
$4,127,400
Cap Rate 9%
$3,210,200
Alternative Uses
Best Use
Apartment 5plus
$4.13M
$3.61M – $4.82M
NOI $288,918 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.06M
$7.05M – $9.40M
NOI $564,106 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
94
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R-4 zoned, under-construction apartment community with decked outdoor space and garage parking.
Where is this apartment building located?
The property is located at 3712 Mineral Mill Raleigh, NC.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 28,224 SF under‑construction apartment community; Zoned R‑4 with public water and public sewer; Year built 2026; homes described as under construction
