Telvin Burnett, 18; Dahshon Crudup, 20; Damon Gresham, 16; Cordell Milbourne, 20; and Devonte Pemberton, 17, are charged with murder.
Officers found 32-year-old Reginald Dunn shot at the intersection of Melvid Court and Peyton Street around 4:30 p.m. Sunday. He was transported to WakeMed but died from his injuries.
The suspects are being held in the Wake County Jail.
Police say the investigation is ongoing and anyone with information should call the Raleigh Police Department's Detective Division at (919) 996-3555 or Raleigh Crimestoppers at (919) 834-HELP.