2521 Lake Wheeler Rd, Raleigh, NC 27603

Property Description

Prime multifamily development opportunity in one of Raleigh's most active growth corridors. 8.30 acres with 437.5± LF of road frontage on Lake Wheeler Road, zoned R-10 with an Apartment land use designation. By-right density supports approximately 83 units; rezoning potential to 150-200 units for qualified developers. City of Raleigh gravity sewer confirmed at property boundary. No wetlands, no hydric soils -- Cecil sandy loam dominant, well-drained and highly buildable throughout. Two existing structures (c. 1927) on-site; demolition required. Situated in the rapidly developing Lake Wheeler Road/Dorothea Dix Park corridor with $21.8M in City-funded road improvements underway, The Weld (675-unit luxury high-rise) under construction nearby, and Allora Pines (224-unit Class A community, 2024) immediately adjacent. Approximately 4 miles to Downtown Raleigh, 4 miles to NC State University, and 20 minutes to Research Triangle Park. Offering Memorandum available upon request. Do not disturb occupants.