OFF MARKET

Off market feb 2025 for $590K

$629,778

Est. refi paymentEst. refi $3,963/mo

•

2,417

sq ft

5124 Melbourne Rd, Raleigh, NC 27606

About this home

Incredible investment opportunity in desirable Cardinal Hills/NC State area. Cash flowing, stabilized property with leases in place through 6/30/2026. This thoughtfully updated 5 bedroom, 2 bathroom home is located on a large, fenced 0.31 acre lot. Single lease in effect - Not individual. 7/1/24 - 6/30/25 Lease at $5,000/month. 7/1/25 - 6/30/26 Lease at $5,000/month. Extremely turnkey property with designer finishes and sleek new appliances. Improvements in 2023 include: New roof, updated kitchen, 2 full bathroom renovations, premium crawlspace encapsulation, Rheem tankless hot water heater, refinished hardwoods, and new concrete driveway. 3 bedrooms are located on the main level with 2 additional bedrooms located on the second floor. Two separate front entrances, interior spiral staircase, and second floor loft provide tenants with maximum living flexibility and privacy. Close proximity to NC State and 440. Appliances and Washer/Dryer convey. This investment property is As-Is and ready to go! Buyers & Buyers Agents, please reach out to Listing Agent for all property disclosures and full list of upgrades.

Single-familyProperty Type

1958Year Built

0.31 acresLot Size

$261Est. Price/Sq.Ft.

4 spacesParking

Listed by Ben Davis • Davis Realty And Development C

Listed by Elizabeth Jordan • Davis Realty And Development C

Bought with Darlene Zeitler • O'Meara Realty Group Inc.

Redfin checked: a minute ago

•Source:TMLS #10068373

Redfin Estimate

$629,778

$40K since sold in February 2025$7,000 since September

Recently sold homes
Estimate history
Homes for sale

This home's estimate is 12.6% lower than the average sale price ($720K) of 6 comparable homes.

SOLD OCT 7, 2026
$900,000
A
4 beds2 baths2,315 sq ft
119 Montgomery St, Raleigh, NC 27607
SOLD JUL 9, 2026
$837,500
B
4 beds2.5 baths2,570 sq ft
4001 Brothwell Ct, Raleigh, NC 27606
SOLD JUL 14, 2026
$650,000
C
4 beds3 baths2,473 sq ft
1001 Deboy St, Raleigh, NC 27606
SOLD JUL 10, 2026
$645,000
D
5 beds3.5 baths2,905 sq ft
5125 Wickham Rd, Raleigh, NC 27606
SOLD AUG 7, 2026
$675,000
E
4 beds2.5 baths2,423 sq ft
1022 Clare Ct, Cary, NC 27511
BOUGHT WITH REDFIN MAY 19, 2026
$614,900
F
4 beds2.5 baths2,343 sq ft
1400 Crete Dr, Raleigh, NC 27606

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$133,544

Est. take-home

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Est. cash available

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Rent

$2,793/mo

Redfin rental estimate

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Market trends in 27606, NC

Last updated September 2026

Buyer's Market

Seller's Market

Seller's market

Sale-to-list price

97.7%

0.3% MoM

Median sale price

$530K

$58K MoM

Avg. days on market

40d

5 days MoM

Recently sold homes

107

17 MoM

New listings for sale

$595,000
5 beds3.5 baths3,240 sq ft
300 Fenella Dr, Raleigh, NC 27606
COMING SOON
$675,000
3 beds3 baths2,900 sq ft
3200 Oaklyn Springs Dr, Raleigh, NC 27606
$214,900
2 beds2 baths917 sq ft
3502 Ivy Commons Dr #202, Raleigh, NC 27606
$519,900
4 beds3 baths2,494 sq ft
5320 Olde South Rd, Raleigh, NC 27606
$380,000
3 beds2.5 baths1,551 sq ft
5140 Simmons Branch Trl, Raleigh, NC 27606
$499,000
5 beds3 baths2,422 sq ft
820 Nuttree Pl, Raleigh, NC 27606
COMING SOON
$710,000
3 beds2.5 baths2,308 sq ft
2900 Whitehart Ln, Raleigh, NC 27606
$425,000
2 beds1.5 baths1,444 sq ft
360 Meredith St, Raleigh, NC 27606
$550,000
3 beds2 baths1,754 sq ft
7829 Netherlands Dr, Raleigh, NC 27606
$398,000
Studio2 baths1,940 sq ft
718 Powell Dr, Raleigh, NC 27606
See all

Provided by Redfin

Sale history for 5124 Melbourne Rd

Date

Event

Price

TMLS #10068373

Feb 24, 2025

Sold

$590,000

$244/sq ft

Jan 11, 2025

Pending

—

Dec 26, 2024

Listed

$635,000

$263/sq ft

TMLS #2497168

Mar 31, 2023

Sold

$385,000

$159/sq ft

Mar 6, 2023

Contingent

—

Mar 1, 2023

Listed

$360,000

$149/sq ft

Calling all visionaries: Solid older home, 5 bedrooms, 2 full baths with hip retro features & excellent bones ready for renovation and new glory! First floor features hardwoods in the main areas, a bright living room, dining room, galley kitchen w/ bill desk and gas range, ample storage, laundry connections, full bathroom, three bedrooms and a huge den with a big masonry fireplace (wood-burning) and loads of built-ins. A Spiral staircase leads upstairs to a large sunny loft with more built-ins, exposed brick, sliding glass doors to a deck, a second full bath and two more bedrooms. Outdoor space is aplenty! Large Patio, Deck (upstairs), hardwood trees, area to garden, room to add screened in porch, etc. Attached storage shed with power. Let your DIY and Design daydreams come to life at this house. Conveniently located close to 440 (just outside the beltline), NCSU, downtown Raleigh, several parks and major highways.

Year

Property tax

Land + Additions

Assessment*

2025

$3,453 (+0.4%)

$200,000 + $193,695

$393,695

2024

$3,439 (+0.4%)

$200,000 + $193,695

$393,695

2023

$3,426 (+7.6%)

$200,000 + $193,695

$393,695

2022

$3,184 (+4.0%)

$105,000 + $207,481

$312,481

2021

$3,060 (+1.9%)

$105,000 + $207,481

$312,481

2020

$3,005 (+12.3%)

$105,000 + $207,481

$312,481

2019

$2,676 (+6.0%)

$105,000 + $207,481

$312,481

2018

$2,524 (+5.0%)

$90,000 + $139,158

$229,158

2017

$2,404 (+2.1%)

$90,000 + $139,158

$229,158

2016

$2,354 (+6.2%)

$90,000 + $139,158

$229,158

2015

$2,217 (+5.4%)

$90,000 + $139,158

$229,158

2014

$2,103 (+7.0%)

$90,000 + $122,182

$212,182

2013

$1,965

$90,000 + $122,182

$212,182

2012

$1,965 (+1.0%)

$90,000 + $122,182

$212,182

2011

$1,946

$90,000 + $122,182

$212,182

Tax history for 5124 Melbourne Rd

Year

Property tax

Land + Additions

Assessment*

2025

$3,453 (+0.4%)

$200,000 + $193,695

$393,695

2024

$3,439 (+0.4%)

$200,000 + $193,695

$393,695

2023

$3,426 (+7.6%)

$200,000 + $193,695

$393,695

2022

$3,184 (+4.0%)

$105,000 + $207,481

$312,481

2021

$3,060 (+1.9%)

$105,000 + $207,481

$312,481

2020

$3,005 (+12.3%)

$105,000 + $207,481

$312,481

2019

$2,676 (+6.0%)

$105,000 + $207,481

$312,481

2018

$2,524 (+5.0%)

$90,000 + $139,158

$229,158

2017

$2,404 (+2.1%)

$90,000 + $139,158

$229,158

2016

$2,354 (+6.2%)

$90,000 + $139,158

$229,158

2015

$2,217 (+5.4%)

$90,000 + $139,158

$229,158

2014

$2,103 (+7.0%)

$90,000 + $122,182

$212,182

2013

$1,965

$90,000 + $122,182

$212,182

2012

$1,965 (+1.0%)

$90,000 + $122,182

$212,182

2011

$1,946

$90,000 + $122,182

$212,182

*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.

Public record

Public record
Zoning
Permits

Beds

—

Baths

Stories

Lot width

—

Lot depth

—

Lot size

0.31 Acres

Year renovated

1958

Sq. Ft.

2,436

Year built

1958

Style

Single Family Residential

County

Wake County

APN

0783.07 58 3167 000

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Oct 16, 2026.

R-4

SRPOD

Residential-4 District

Subject to the density restriction of 4 units per acre, R-4 allows single-unit living in a detached house with a minimum lot size of 10,000 sq ft.; Decreased minimum lot sizes are permitted as part of a compact development.; Additional building types, smaller lot sizes and increased density as part of a conservation development are allowed in exchange for preserving common open space.

Zone overlays

Special Residential Parking Overlay District

Permitted uses

Include but are not limited to:

Housing-Single unit
Housing-Multiple units
Infrastructure
Public service-Other
Recreation-Other
Park & open space

Property details

Parking

Parking Information
Open Parking: Yes
Open Parking Spaces: 4
Parking Features: Concrete, Driveway
Parking Total: 4

Interior

Bathroom Information
Bathrooms Full: 2

Bedroom Information
Bedrooms Total: 5

Interior Features
Appliances: Dishwasher, Disposal, Gas Range, Microwave, Oven, Range, Refrigerator, Washer/Dryer Stacked
Laundry Features: Main Level
Interior Features: Bookcases, Ceiling Fan(s), Double Vanity, Entrance Foyer, Granite Counters, High Speed Internet, Open Floorplan, Primary Downstairs, Storage, Tile Counters, Walk-In Closet(s), Other
Fireplace: Yes
Fireplace Features: Family Room, Masonry
Fireplaces Total: 1
Flooring: Hardwood, Tile

Exterior

Building Information
Number Of Buildings: 1
Construction Materials: Brick, Vinyl Siding
Building Features: Shared Utilities
Building Area Total: 2417.0
Structure Type: House

Exterior Features
Patio and Porch Features: Covered, Deck, Patio, Porch
Foundation Details: Brick/Mortar, Slab
Exterior Features: Rain Gutters
Fencing: None
Roof: Architectural Shingle

Property information
Above Grade Finished Area: 2417.0
Above Grade Finished Area Source: Appraiser
Below Grade Finished Area: 0.0
Below Grade Finished Area Source: Appraiser
Levels: Multi/Split, Two

Lot Information
Lot Size Acres: 0.31
Lot Size Area: 0.31
Lot Size Square Feet: 13503.6
Lot Size Units: Acres
Waterfront: No
Zoning: R-4

Financial

Tax Information
Tax Annual Amount: 3439.24

Financial Information
Buyer Financing: Conventional

Utilities

Utility Information
Sewer: Public Sewer
Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Water Source: Public

Heating & Cooling
Heating: Yes
Heating Information: Baseboard, Central
Cooling: Yes
Cooling Information: Ceiling Fan(s), Central Air

Location

Multi-Family Financial Information
Number Of Units Total: 1
Owner Pays: Grounds Care, Insurance, Sewer, Trash Collection, Water
Tenant Pays: Cable TV, Electricity, Gas

HOA Information
Association: No
Association Amenities: None

School Information
Elementary School: Wake - Adams
Middle Or Junior School: Wake - Lufkin Road
High School: Wake - Athens Dr

Location Information
County Or Parish: Wake
Directions: Exit 1D off of 440, house on the right.
Latitude: 35.777878
Longitude: -78.712205
Postal Code: 27606
Road Frontage Type: City Street
Road Responsibility: Public Maintained Road

Community Information
Senior Community: No

Public facts

Beds: —
Baths: 2.0
Sq. Ft.: 2,436
Stories: 2.0
Lot Size: 0.31 acres
Style: Single Family Residential
Year Built: 1958
Year Renovated: 1958
County: Wake County
APN: 0783.07 58 3167 000

Home facts updated by county records on Oct 16, 2026

Other

hidden custom fields
Main Level

Listing Date Information
Contract Status Change Date: 2025-02-25
Documents Change Timestamp: 2024-12-27T04:57:50.000Z
Photos Change Timestamp: 2024-12-27T15:12:34.000Z

Around this home

Schools

Adams Elementary

Public PreK-5 • Assigned • 2.8mi

8/10

Lufkin Road Middle

Public 6-8 • Assigned • 7.7mi

9/10

Athens Drive High

Public 9-12 • Assigned • 0.7mi

8/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

1/10 Fire Factor

Unlikely to be in a wildfire in next 30 years

6/10 Heat Factor

7 days above 104° expected this year, 17 days in 30 years

6/10 Wind Factor

58% chance of strong winds in next 30 years

3/10 Air Factor

2 unhealthy days expected this year, 2 days in 30 years

Provided by First Street

Historical weather

Raleigh, NC • 27606

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

In this area, properties receive around 8.9 hours in June and 5.1 hours in December, which is comparable to the U.S. average for solar exposure.

8.9 hrs

5.1 hrs

JuneDecember

Provided by Shadowmap

Estimated sale price

$599,000 – $725,000

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Home values near 5124 Melbourne Rd

Data from public records.

Address	Redfin Estimate
5115 Melbourne Road, Raleigh, NC - Beds \| 3.5 Baths \| 2489 Sq. Ft.	$697,814
5132 Melbourne Road, Raleigh, NC - Beds \| 1 Baths \| 1420 Sq. Ft.	$335,240

Address	Redfin Estimate
5121 Melbourne Road, Raleigh, NC - Beds \| 1.5 Baths \| 1893 Sq. Ft.	$421,934
5120 Melbourne Road, Raleigh, NC - Beds \| 2 Baths \| 1586 Sq. Ft.	$406,731

Address	Redfin Estimate
5117 Melbourne Road, Raleigh, NC - Beds \| 2 Baths \| 1255 Sq. Ft.	$365,887
5129 Melbourne Road, Raleigh, NC 3 Beds \| 1 Baths \| 1288 Sq. Ft.	$419,198

Property information provided by TMLS when last listed in 2024. This data may not match . Learn more.

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GreatSchools Ratings provided by GreatSchools.org.

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About this home

Redfin Estimate

Earn from this home

Market trends in 27606, NC

Sale history for 5124 Melbourne Rd

Tax history for 5124 Melbourne Rd

Public record

Property details

Around this home

Schools

Lifestyle

Climate risks

Historical weather

Sun exposure

Nearby similar homes

New listings for sale in 27606

Home values near 5124 Melbourne Rd

More real estate resources