Raleigh Multifamily Development
For Sale
$6,000,000
2521 Lake Wheeler Road, Raleigh, NC 27603
Land, Raleigh, NC
Property SizeContact for details
Lot Size8.30 Acres
Days on Market165
Property Features for 2521 Lake Wheeler Road
General Information
Property type
Land
Property subtype
Other
Zoning
R-10
Vegetation
Cleared, Wooded
Subdivision
Not in a Subdivision
Lot features
Cleared, Wooded
Elementary school
Wake - Yates Mill Elementary
Middle school
Wake - Dillard Drive Middle
High school
Wake - Athens Drive High
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
Legal Description
Myatt LD
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: Aug 19
Last Checked: Aug 21 at 3:06AM
MLS# 10151560
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.
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
Current Use
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 27603, NC
54,616
Population
24,030
Households
2.3
Avg Household Size
34
Median Age
48%
College-Educated
94%
High-School Grad
51.4 sq mi
ZIP Area
1,063
Density / Sq Mi
$87,939
Median Household Income
$51,856
Median Earnings
$1,496
Median Rent
$347,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
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.
