20-Unit Apartment
New
For Sale
$4,200,000
4028 Mitchell Mill Road, Raleigh, NC 27616
Built in 2015, the property has two buildings with a mix of two- and three-bedroom apartments.
Property Size20,096 SF
Lot Size2.06 Acres
Days on Market3
Property Features for 4028 Mitchell Mill Road
General Information
Standard status
Active
Size
20,096 SF
Lot size
2.06 Acres
Property subtype
Apartment
Units
Unit Mix
12 x 2BR/2BA, 8 x 3BR/2BA
Multifamily Units
20
Amenities
stainless steel appliances
granite countertops
island
ceiling fans
walk-in closets
covered porches/balconies
washer/dryer connections
9-foot ceilings
lots of windows
LVP flooring
Building Details
Building Size
20,096 SF
Year Built
2015
Buildings
2
Listing Agency:
Keaton Barrow Realty
Listed By:
Michelle Keaton-Barrow · License #NC124745
(919) 271-8241
Source:
Dustinbennett
Added: Oct 8
Changed: Oct 10
Last Checked: Oct 10 at 2:12AM
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 Keaton Barrow Realty
Investment Insights
Based on property information with market context.
Completed in 2015, this apartment property comprises two buildings with 10 units apiece. Each building contains six two-bedroom, two-bathroom apartments and four three-bedroom, two-bathroom apartments. Interior features include stainless steel appliances, granite kitchen counters, islands, ceiling fans, walk-in closets, and washer and dryer connections. Covered porches or balconies, 9-foot ceilings, ample windows, and LVP flooring round out the unit details.
The property occupies 2.06 acres in Raleigh, North Carolina. Shopping, restaurants, and major highways are described as being close by.
The property occupies 2.06 acres in Raleigh, North Carolina. Shopping, restaurants, and major highways are described as being close by.
Key Highlights
- 20 apartments across two buildings
- Each building has six 2‑bedroom/2‑bathroom units and four 3‑bedroom/2‑bathroom units
- Built in 2015
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$205,715
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,114,300
$4.1M
Cap Rate 7%
$2,938,786
$2.9M
Cap Rate 9%
$2,285,722
$2.3M
Market Conditions
NOI Build-Up for 20,096 SF
Gross rent
$397.9K $19.80/SF
− Vacancy
−$23.9K −$1.19/SF
EGI
$374.0K $18.61/SF
− OpEx
−$168.3K −$8.38/SF
NOI
$205.7K $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 Rate 5%
$4,114,300
Cap Rate 7%
$2,938,786
Cap Rate 9%
$2,285,722
Alternative Uses
Best Use
Apartment 5plus
$2.94M
$2.57M – $3.43M
NOI $205,715 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.74M
$5.02M – $6.69M
NOI $401,654 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
122
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 2015, the property has two buildings with a mix of two- and three-bedroom apartments.
Where is this apartment building located?
The property is located at 4028 Mitchell Mill Road Raleigh, NC.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 20 apartments across two buildings; Each building has six 2‑bedroom/2‑bathroom units and four 3‑bedroom/2‑bathroom units; Built in 2015
