3304 Clearfield Dr, Raleigh, NC 27616 For Sale

Foundry Commercial, a North Carolina broker, has been retained as the exclusive agent for the owner of River Hills Multifamily (the "Property"), a ±8.50-acre multifamily development opportunity just north of I-540 and three minutes from the I-540 (86,000 VPD) / Capital Boulevard (64,500 VPD) interchange. Zoned CX-12-CU and within the SHOD-2 overlay, the property allows by-right multifamily and a wide 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. Per conversations with the City of Raleigh, the developer is eligible for various reimbursements over a five year period.

Considering the zoning and the roadway extension, the property has been conceptually planned for 259 multifamily units with surface parking, providing a unique opportunity to capitalize on the property's strong location, incredible visibility, and convenient access to Capital Boulevard and I-540.

Located three minutes from the I-540 / Capital Boulevard interchange, River Hills offers easy access to Triangle Town Center (3 minutes), Wake Tech Northern Campus (11 minutes), North Hills (13 minutes), and Downtown Raleigh. In addition to these urban amenities, the area immediately surrounding the site is rich with greenspace and parks including Millbrook Exchange Park (7 minutes), the 237-acre Durant Nature Preserve (9 minutes), the WRAL Soccer Park (9 minutes), the 27+ mile Neuse River Greenway Trail (12 minutes), and Horseshoe Park (13 minutes).

River Hills Multifamily is supported by a strong rent comparable set, with average rents of $1,723 ($1.79 PSF) across nearby comparable properties. Notably, Town Triangle Crossing, which delivered in 2024, is currently averaging $1,903 average chunk rents ($1.88 PSF). The abundance of nearby parks, seamless access to Capital Boulevard and I-540, and strong surrounding amenities create a compelling lifestyle for rents. Combined with in-place zoning and an excellent location, River Hills Multifamily presents a unique opportunity to capitalize on a rapidly growing submarket.