| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Poor |
| Demographics | 26th | Poor |
| Amenities | 7th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 301 23rd St, Butner, NC, 27509, US |
| Region / Metro | Butner |
| Year of Construction | 1980 |
| Units | 75 |
| Transaction Date | 2015-02-09 |
| Transaction Price | $1,342,950 |
| Buyer | NC Land Lease, LLC |
| Seller | Piedmont Park and Gardens, LLC |
301 23rd St, Butner NC Multifamily Opportunity
Neighborhood occupancy has been resilient and competitive for the Durham–Chapel Hill metro, according to WDSuite’s CRE market data, supporting stable renter demand at this Butner address. With a 1980 vintage and 75 units, the asset sets up for operational scale with potential value-add and modernization upside.
Location and fundamentals: The property sits in an Inner Suburb of the Durham–Chapel Hill, NC metro. Neighborhood occupancy is 95.5% and, at a rank of 67 among 211 metro neighborhoods, is competitive among Durham–Chapel Hill neighborhoods. This points to relatively steady leasing, aided by a renter base that is moderate in depth rather than highly transient.
Renter demand and tenure: Within a 3-mile radius, approximately 26% of housing units are renter-occupied, indicating an owner-leaning area. For investors, this typically means a stable but more selective tenant pool; marketing and unit finishes can matter to capture demand, while lease retention can be supported by limited apartment supply pressure.
Demographics and income trajectory (3-mile radius): Recent years show population growth alongside increases in median household income, expanding the potential renter pool and supporting occupancy stability. Projections indicate further household growth over the next five years, which can translate into a larger tenant base for well-positioned multifamily. Rent-to-income levels benchmark favorably (rent-to-income ratio at the neighborhood level sits in the upper national percentiles), suggesting manageable affordability pressure and room for disciplined rent management.
Livability and schools: Amenity density in the immediate neighborhood is limited, with few cafes, restaurants, parks, or pharmacies per square mile. Grocery access trends closer to the metro middle. Average school ratings are below national norms, which may influence family-oriented leasing strategies but does not preclude steady occupancy for workforce or young adult renters. Home values are relatively accessible for the region, which can create some competition with ownership, but also supports renter retention for households prioritizing flexibility or near-term affordability.
Neighborhood-level crime data are not available in WDSuite for this specific area, so comparative safety insights versus the Durham–Chapel Hill metro or national benchmarks cannot be stated here. Investors typically supplement market diligence with local police reports and property-level history to evaluate trend direction and capitalize planning.
Proximity to major employers in the Raleigh–Durham life sciences and technology corridor supports commuter convenience and multifamily demand. Key nearby employment nodes include Quintiles Transnational Holdings, Biogen Idec, AmerisourceBergen, Cisco Systems, and John Deere.
- Quintiles Transnational Holdings — life sciences (18.5 miles) — HQ
- Biogen Idec — biotechnology (20.3 miles)
- Amerisource Bergen — pharmaceuticals distribution (20.4 miles)
- Cisco Systems — technology (20.5 miles)
- John Deere Morrisville Training Center — industrial training (21.1 miles)
This 75-unit, 1980-vintage asset pairs scale with potential value-add. Neighborhood occupancy is competitive for the Durham–Chapel Hill metro, supporting stable leasing, and the surrounding 3-mile area shows population and income growth that can expand the renter pool. According to CRE market data from WDSuite, the neighborhood’s rent-to-income positioning sits favorably relative to national benchmarks, indicating lower affordability pressure and helping sustain retention with disciplined rent strategy.
Investor considerations include limited immediate amenities and below-average school ratings, plus an owner-leaning housing mix that can moderate the depth of renters. These dynamics argue for targeted renovations, amenity-light operating models, and focused marketing to commuters tied to the region’s life sciences and tech employers.
- Competitive neighborhood occupancy supports leasing stability
- 1980 vintage offers clear value-add and capital planning opportunities
- 3-mile radius shows population and income growth, expanding the renter base
- Favorable rent-to-income positioning enhances retention and pricing discipline
- Risks: limited neighborhood amenities, below-average schools, and competition from homeownership