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2309 Wheeler Road
About This Property
The main level is designed for both everyday living and effortless entertaining- a stunning chef's kitchen with scullery and a seamless flow into the dining area and living room. The main-floor primary suite includes a spa-like bathroom and an expansive walk-in closet. A secondary main-level suite provides the flexibility to function as a guest suite or private study. Additional conveniences include a functional mudroom and a spacious laundry room.
At the heart of the home, the living room opens to a beautifully appointed screened porch through, creating an inviting indoor-outdoor experience. The outdoor living area is complete with Phantom Screens, Infratech heaters, and a built-in grilling station, all overlooking the custom-built heated saltwater pool/spa.
The second level offers 3 additional bedrooms, each with its own en-suite bathroom and generous closet space, along with a large bonus room, dedicated exercise room, and a thoughtfully designed craft room. Finished flex space provides even more opportunity for customization.
This home presents a rare opportunity to own a truly custom home in one of Raleigh's most sought-after locations, just minutes from downtown, shopping, dining, and everyday conveniences.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Apr 25, 2026 | In contract | - | |
| In contract | |||
| Dec 31, 2025 | Listed by Raleigh Custom Realty, LLC | $3,500,000 | |
| Listed by Raleigh Custom Realty, LLC | |||
| Aug 11, 1983 | Sold | ||
| Sold | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017