Raleigh Multifamily Development
2521 Lake Wheeler Road Raleigh, NC 27603
For Sale
$6,000,000
LAND - Raleigh, NC
Lot Size8.30 Acres
Days on Market138
Property Features for 2521 Lake Wheeler Road
General Information
- Property type
- Land
- Property subtype
- Other
- Zoning
- R-10
- Vegetation
- Wooded, Cleared
- Standard status
- Active
- APN
- 0792663596
- Lot size
- 8.30 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- Myatt LD
- Tax Annual Amount
- 18301
Utilities
- Utilities
- Water Available
- Sewer type
- Public Sewer, Septic Tank
- Water source
- Public
Listing Agency:
Performance Property Partners LLC
(919) 625-1676
Listed By:
Ken Stancil
(919) 422-1093
Added: Mar 10
Changed: Jul 24
Last Checked: Jul 25 at 8:06AM
MLS# 10151560
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Investment Insights
Based on property information with market context.
This 8.30-acre property presents a multifamily development opportunity in Raleigh, North Carolina. Zoned R-10 with an Apartment land use designation, the site supports approximately 83 units by right, with potential for rezoning to accommodate 150-200 units for qualified developers. The property features 437.5+/- linear feet of road frontage on Lake Wheeler Road. City of Raleigh gravity sewer is confirmed at the property boundary. The land consists primarily of Cecil sandy loam, is well-drained, and highly buildable throughout, with no wetlands or hydric soils present. Two existing structures, dating back to approximately 1927, are located on the site and will require demolition. The property is situated in the Lake Wheeler Road/Dorothea Dix Park corridor, which is experiencing rapid development. The area has $21.8 million in City-funded road improvements underway. Nearby developments include The Weld, a 675-unit luxury high-rise currently under construction, and Allora Pines, a 224-unit Class A community scheduled for completion in 2024, which is immediately adjacent to the property. The location is approximately 4 miles from Downtown Raleigh and NC State University, and 20 minutes from Research Triangle Park.
Key Highlights
- Prime multifamily development opportunity in a rapidly growing Raleigh corridor.
- Zoned R‑10 supporting approximately 83 units by‑right, with rezoning potential for 150‑200 units.
- Confirmed City of Raleigh gravity sewer at property boundary.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Residential land & home ...
FAQs
What type of property is this?
Land - 8.3 acres zoned R-10, prime for multifamily development.
Where is this land located?
The property is located at 2521 Lake Wheeler Road Raleigh, NC.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Prime multifamily development opportunity in a rapidly growing Raleigh corridor.; Zoned R‑10 supporting approximately 83 units by‑right, with rezoning potential for 150‑200 units.; Confirmed City of Raleigh gravity sewer at property boundary.
