The best thing to do is have yourself measured and then measure the frame to see where it stands. If it fits take it for a ride...

If you haven't looked at the spec's on the R500 yet, here's what Bike Pedia has on it.
http://www.bikepedia.com/quickbike/B...R500&Type=bike

I was a Raleigh fan back in the 70's with a Supercourse MKII. I got back in the saddle this past spring after 20+ out of it. I test rode a lot of bikes before going with a 2006 Raleigh Team w/Ultegra group, then found a 2005 Raleigh Prestige frame and built a second bike. I don't see myself riding anything but a Raleigh and the 2012 line up looks great and now thinking about getting a Militis 3 frame, Militis 1 bike or Revenio 3.0 Frame for another build...

http://www.raleighusa.com/