New Construction Apartment
For Sale
$5,700,000
3712 Mineral Mill, Raleigh, NC 27616
Residential Income, Raleigh, NC
Property Size28,224 SF
Price / SF$201.96
Days on Market178
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
Laundry Room, Bedroom 5, Bedroom 1, Bathroom 8, Bathroom 37, Bathroom 30, Bedroom 27, Bedroom 15, Bathroom 35, Bedroom 4, Bathroom 59, Bathroom 10, Bedroom 24, Bathroom 57, Bathroom 25, Bathroom 39, Bathroom 42, Bathroom 15, Bathroom 49, Bedroom 7, Bathroom 16, Bathroom 53, Bedroom 33, Bathroom 46, Bathroom 32, Bedroom 8, Bedroom 20, Bathroom 27, Bathroom 21, Bathroom 41, Bedroom 19, Bathroom 4, Bedroom 35, Bedroom 36, Bathroom 51, Bedroom 25, Bathroom 43, Bedroom 17, Bedroom 14, Bedroom 6, Bedroom 32, Bedroom 37, Bathroom 12, Bedroom 9, Bedroom 16, Bathroom 3, Bedroom 29, Bathroom 44, Bathroom 2, Bathroom 55, Bathroom 36, Bathroom 9, Bathroom 56, Bedroom 42, Bathroom 54, Bathroom 62, Bathroom 26, Bedroom 41, Bathroom 29, Bedroom 13, Bathroom 61, Bedroom 40, Dining Room, Bathroom 19, Bathroom 22, Bedroom 39, Bathroom 17, Bedroom 22, Bedroom 38, Bathroom 20, Bathroom 14, Bathroom 60, Bathroom 7, Bathroom 34, Bathroom 23, Bedroom 2, Bathroom 58, Bathroom 6, Bedroom 34, Bathroom 24, Bedroom 21, Bathroom 45, Bathroom 52, Bathroom 40, Bathroom 38, Bedroom 18, Bedroom 30, Bathroom 13, Bathroom 48, Bedroom 10, Bathroom 5, Bedroom 11, Bathroom 28, Bedroom 3, Bathroom 18, Bathroom 47, Bedroom 12, Bedroom 23, Bedroom 28, Bedroom 31, Bathroom 1, Bathroom 11, Bathroom 50, Bathroom 33, Bedroom 26, Bathroom 63, Bathroom 31
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
Forced Air, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Floors in Building
3
Number of units
14
Flooring type
Tile, Vinyl, Carpet
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: Sep 16
Last Checked: Sep 25 at 2:06PM
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 apartment building portfolio comprises multiple townhome residences totaling 28,224 square feet. The homes are under construction and arranged across three levels, with open main-floor living areas, three-bedroom plans, private bedroom suites, upper-level lofts, and second-floor laundry. Kitchens include islands, pantries, dishwashers, ranges, and microwaves. Additional features include walk-in closets, double-vanity primary bathrooms, built-in storage, decks, and one-car garages.
The property is in Raleigh, North Carolina, within Wake County and the 27616 ZIP code. Mitchell Mill is described as a craftsman-style townhome collection near trails and greenways, with access to I-540. Public water and public sewer serve the property. Zoning is R-4, and the recorded year built is 2026.
The property is in Raleigh, North Carolina, within Wake County and the 27616 ZIP code. Mitchell Mill is described as a craftsman-style townhome collection near trails and greenways, with access to I-540. Public water and public sewer serve the property. Zoning is R-4, and the recorded year built is 2026.
Key Highlights
- 28,224‑square‑foot apartment building portfolio
- Multiple townhome residences offered as one package
- Three‑level, three‑bedroom layouts with upper‑level lofts
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
5.07%
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 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.06M
$7.05M – $9.40M
NOI $564,106 @ 7.0% cap · market cap 9.90%
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
198
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Bundled townhome residences offer three-level layouts, private bedroom suites, attached garages, and flexible loft space.
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 $5,700,000.
What are key features of this property?
This property features: 28,224‑square‑foot apartment building portfolio; Multiple townhome residences offered as one package; Three‑level, three‑bedroom layouts with upper‑level lofts
