20-Unit Apartment
New
For Sale
$4,200,000
4028 Mitchell Mill Road, Raleigh, NC 27616
Residential Income, Raleigh, NC
Property Size20,096 SF
Lot Size2.06 Acres
Price / SF$208
Days on Market2
Property Features for 4028 Mitchell Mill Road
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
NX-3
Bedrooms
3
Bathrooms
3
Full bathrooms
8
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 4, Bathroom 6, Bathroom 8, Bedroom 2, Bathroom 5, Bathroom 7, Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 2
Security features
Security Lighting
Appliances
Built-In Electric Range, Disposal, Electric Oven, Microwave, Water Heater
Subdivision
Not in a Subdivision
Elementary school
Wake County Schools
Middle school
Wake County Schools
High school
Wake County Schools
Standard status
Active
APN
174702661230000 0125758
Size
20,096 SF
Lot size
2.06 Acres
Taxes and HOA fees
Tax Year
2027
Tax Description
Lo2 J Stone Properties LLC Bm2013-00078
Tax Annual Amount
36003
Legal Description
Lo2 J Stone Properties LLC Bm2013-00078
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
stainless steel appliances
granite countertops
island
ceiling fans
walk-in closets
covered porches/balconies
washer/dryer connections
9-foot ceilings
LVP flooring
Building Details
Year built
2015
Floors in Building
2
Number of units
20
Flooring type
Vinyl
Building materials
Fiber Cement
Roof type
Shingle
Listing Agency:
Keaton Barrow Realty
(919) 571-9973
Listed By:
Michelle Keaton-Barrow · License #NC124745
(919) 271-8241
Added: Oct 8
Last Checked: Oct 9 at 9:06AM
MLS# 10197409
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.
Built in 2015, this 20,096-square-foot apartment property comprises 20 residences across two buildings. 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, walk-in closets, ceiling fans, nine-foot ceilings, and LVP flooring. Washer and dryer connections and covered porches or balconies are also provided. The site spans 2.06 acres and carries NX-3 zoning.
At 4028 Mitchell Mill Road in Raleigh, the property is described as close to shopping, restaurants, and major highways. Public water and sewer serve the site.
At 4028 Mitchell Mill Road in Raleigh, the property is described as close to shopping, restaurants, and major highways. Public water and sewer serve the site.
Key Highlights
- 20,096‑square‑foot apartment property with 20 residences
- Two buildings, each with six 2‑bedroom/2‑bathroom and four 3‑bedroom/2‑bathroom units
- 2.06‑acre site zoned NX‑3
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
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - The property combines two apartment buildings with a balanced mix of two- and three-bedroom floor plans.
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: 20,096‑square‑foot apartment property with 20 residences; Two buildings, each with six 2‑bedroom/2‑bathroom and four 3‑bedroom/2‑bathroom units; 2.06‑acre site zoned NX‑3
