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    5061 Lundy Dr, Unit 101 Raleigh, NC 27606

    View on Map
    Sponsored
    For Sale
    $3,575,000

    MULTI_FAMILY - Raleigh, NC

    Property size:
    11,875 SF
    Days on Market:
    23
    Last Refresh:
    Mar 15 at 11:06 pm

    Property Features for 5061 Lundy Dr

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    Rooms
    Bedroom 7, Bedroom 6, Bedroom 5, Bedroom 3, Bedroom 8, Bathroom 15, Bathroom 18, Bedroom 9, Bathroom 10, Bathroom 17, Bedroom 12, Bedroom 10, Bathroom 5, Bedroom 4, Bedroom 13, Bathroom 1, Bedroom 1, Bedroom 15, Bathroom 6, Bathroom 8, Bathroom 12, Bathroom 19, Bathroom 11, Bathroom 20, Bedroom 11, Bathroom 4, Bathroom 7, Bedroom 2, Bathroom 16, Bathroom 14, Bathroom 2, Bathroom 13, Bathroom 3, Bathroom 9, Bedroom 14
    Bedrooms
    15
    Bathrooms
    18
    APN
    see tax records
    Parking
    10
    Parking features
    On Street
    Patio and Porch features
    Patio, Porch
    Interior features
    Bathtub/Shower Combination, Ceiling Fan(s), Double Vanity, Entrance Foyer, High Ceilings, Kitchen Island, Pantry, Quartz Counters, Shower Only, Smooth Ceilings, Storage, Walk-In Closet(s), Walk-In Shower, Water Closet
    Exterior features
    Rain Gutters
    Appliances
    Dishwasher, Electric Range, Electric Water Heater, ENERGY STAR Qualified Appliances, Microwave, Plumbed For Ice Maker, Refrigerator, Self Cleaning Oven
    Size
    11,875 SF

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Zoned, Heat Pump (Heating)
    Cooling system
    Zoned, Heat Pump, Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    2025
    Floors in Building
    3
    Number of units
    5
    Flooring type
    Hardwood, Carpet, Tile
    Building materials
    Fiber Cement
    Roof type
    Shingle
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Johnny Chappell
    Johnny Chappell

    Compass North Carolina (212) 913-9058

    Listing agent Johnny Chappell (919) 737-2247

    Listing date Feb 20, 2026

    MLS# 10115231

    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.

    Learn more

    Property Insight Report

    Overview

    Move-In Ready Raleigh Homes

    Located between Downtown Raleigh and Cary, these completed homes offer convenient access to Fenton, Lake Johnson trails, and RTP tech hubs. The available homes are part of a community where 19 units have already been sold. Completed in 2025, these homes offer contemporary design and comfortable living. The floor plans, ranging from three to four bedrooms, can be modified to meet buyer needs. Each home features three bedrooms, three and a half baths, and open living areas. The kitchens are sleek, and the finishes are fresh. A top-floor flex space provides options for a work-from-home setup, media retreat, or guest suite. Patios and green pockets offer outdoor space. The location provides access to everyday essentials and is minutes from Lake Johnson Park, NC State, the Museum of Art, and the Fairgrounds. The homes are located on Lundy Drive.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.719415
    Latitude
    35.777477

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    FAQs

    What type of property is this?
    Apartment building - Completed homes near Downtown Raleigh and Cary, ready for occupancy.
    Where is this apartment building located?
    The property is located at 5061 Lundy Dr, Unit 101 Raleigh, NC.
    What is the asking price?
    The asking price for this property is $3,575,000.
    What are key features of this property?
    This property features: - Move-in ready new construction homes completed in 2025.; - Spacious layouts with over 2,400 square feet, **3-4 bedrooms, and 3.5 baths.**; - Prime location between Downtown Raleigh and Cary, near Fenton, Lake Johnson, and RTP.
    (919) 737-2247
    Request Owner's contact information
    5061 Lundy Dr, Unit 101 Raleigh, NC 27606
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    Raleigh, NC 27606
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5061 Lundy Dr, Unit 101 Raleigh, NC 27606
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    We can help!
    Listing Contact
    Johnny Chappell
    Johnny Chappell
    Real Estate License ID: 267248
    (919) 737-2247 (919) 909-0004
    Learn more
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