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.
Sold for $590,000 on 02/24/25
$590,000
5124 Melbourne Rd, Raleigh, NC 27606
5beds
2,417sqft
Single Family Residence, Multi Family
Built in 1958
-- sqft lot
$581,200 Zestimate®
$244/sqft
$1,653 Estimated rent
Home value
$581,200
$552,000 - $610,000
$1,653/mo
Zestimate® history
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What's special
Zillow last checked: 8 hours ago
Listing updated: October 28, 2025 at 12:40am
Listed by:
Ben Davis 919-356-6881,
DAVIS REALTY AND DEVELOPMENT C,
Elizabeth Ann Jordan 919-308-2337,
DAVIS REALTY AND DEVELOPMENT C
Bought with:
Darlene Zeitler, 276217
O'Meara Realty Group Inc.
Source: Doorify MLS,MLS#: 10068373
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 5
- Bathrooms: 2
- Full bathrooms: 2
Heating
- Baseboard, Central
Cooling
- Ceiling Fan(s), Central Air
Appliances
- Included: Dishwasher, Disposal, Gas Range, Microwave, Oven, Range, Refrigerator, Washer/Dryer Stacked
- Laundry: Main Level
Features
- Bookcases, Ceiling Fan(s), Double Vanity, Entrance Foyer, Granite Counters, High Speed Internet, Open Floorplan, Master Downstairs, Storage, Tile Counters, Walk-In Closet(s), Other
- Flooring: Hardwood, Tile
- Number of fireplaces: 1
- Fireplace features: Family Room, Masonry
Interior area
- Total structure area: 2,417
- Total interior livable area: 2,417 sqft
- Finished area above ground: 2,417
- Finished area below ground: 0
Property
Parking
- Total spaces: 4
- Parking features: Concrete, Driveway
- Uncovered spaces: 4
Features
- Levels: Multi/Split, Two
- Stories: 2
- Patio & porch: Covered, Deck, Patio, Porch
- Exterior features: Rain Gutters
- Fencing: None
- Has view: Yes
Lot
- Size: 0.31 Acres
- Features: Back Yard, Front Yard, Hardwood Trees
Details
- Parcel number: 0783583167
- Zoning: R-4
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Cape Cod
- Property subtype: Single Family Residence, Multi Family
Materials
- Brick, Vinyl Siding
- Foundation: Brick/Mortar, Slab
- Roof: Shingle
Condition
- New construction: No
- Year built: 1958
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Community & neighborhood
Location
- Region: Raleigh
- Subdivision: Cardinal Hills
Price history
| Date | Event | Price |
|---|---|---|
| 2/24/2025 | Sold | $590,000-7.1%$244/sqft |
Source:  Doorify MLS #10068373 | ||
| 1/11/2025 | Pending sale | $635,000$263/sqft |
Source: Doorify MLS #10068373 | ||
| 12/27/2024 | Listed for sale | $635,000+64.9%$263/sqft |
Source: Doorify MLS #10068373 | ||
| 4/21/2023 | Listing removed | -- |
Source: Zillow Rentals | ||
| 3/31/2023 | Sold | $385,000+6.9%$159/sqft |
Source: Doorify MLS #2497168 | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $3,453 +0.4% | $393,695 |
| 2024 | $3,439 +0.4% | $393,695 +26% |
| 2023 | $3,426 +7.6% | $312,481 |
Find assessor info on the county website
Neighborhood: West Raleigh
Nearby schools
GreatSchools rating
- 8/10Adams ElementaryGrades: PK-5Distance: 2.8 mi
- 10/10Lufkin Road MiddleGrades: 6-8Distance: 8.2 mi
- 8/10Athens Drive HighGrades: 9-12Distance: 0.7 mi
Schools provided by the listing agent
- Elementary: Wake - Adams
- Middle: Wake - Lufkin Road
- High: Wake - Athens Dr
Source: Doorify MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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Estimated market value
$581,200
Get a cash offer in 3 minutes
Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
Estimated market value
$581,200