| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 53rd | Fair |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 704 W B St, Butner, NC, 27509, US |
| Region / Metro | Butner |
| Year of Construction | 1999 |
| Units | 32 |
| Transaction Date | 2024-12-18 |
| Transaction Price | $11,850,000 |
| Buyer | LIP EDGEWOOD APARTMENTS LLC |
| Seller | EDGEWOOD BC OWNER LLC |
704 W B St, Butner NC Multifamily Investment
Built in 1999 and positioned near Research Triangle employers, this 32-unit asset offers relative competitiveness versus older local stock; neighborhood renter concentration supports steady workforce demand, according to WDSuite’s CRE market data.
Butner sits within the Durham–Chapel Hill metro, with this neighborhood rated B- and positioned roughly mid-pack among 211 metro neighborhoods. The area skews Rural, with limited retail density but practical services nearby; pharmacies and childcare options score above national midpoints, while cafes, parks, and grocery density are thinner. For investors, the amenity set supports day-to-day needs but does not function as a lifestyle driver.
The property’s 1999 vintage is newer than the neighborhood’s average construction year (1984), suggesting relative leasing competitiveness versus older buildings. Investors should still underwrite routine system updates as the asset approaches its third decade, but near-term capital intensity is likely lower than for 1970s–1980s stock.
Neighborhood occupancy trends sit below national midpoints, and renter-occupied share is in the upper-third locally but remains modest compared with urban cores. That mix points to a defined, but not unlimited, tenant base—appropriate for workforce housing strategies focused on retention and consistent operations rather than premium lease-up plays.
Demographics within a 3-mile radius show population growth in recent years with a meaningful projected increase in households by 2028, indicating a larger tenant base over the medium term. Median household incomes have risen, and contract rents are projected to trend upward, which supports revenue management while keeping attention on affordability to preserve retention.
Home values in the neighborhood are lower than many coastal metros and the value-to-income ratio sits on the more accessible side, which can create some competition from ownership. Even so, elevated commuting convenience to major Triangle employers helps sustain rental demand and supports occupancy stability over time.
Contextualizing safety with comparable benchmarks: this neighborhood scores in the very high national percentile for lower violent incidents (top percentile nationally), and property incidents compare favorably as well (top decile nationally). That positioning indicates comparatively safer conditions versus neighborhoods across the U.S., based on WDSuite’s CRE data.
Recent trends are mixed: estimated violent incidents have improved year over year, while property incidents show a recent uptick. For underwriting, this supports a conservative approach to security measures and insurance assumptions while recognizing the area’s strong national standing overall. Comparisons are at the neighborhood scale rather than the property level.
Proximity to Research Triangle employers underpins renter demand and commute convenience, particularly for life sciences, technology, and healthcare-adjacent roles reflected below.
- Quintiles Transnational Holdings — life sciences (17.4 miles) — HQ
- Biogen Idec — biotechnology (19.2 miles)
- Amerisource Bergen — pharmaceutical distribution (19.3 miles)
- Cisco Systems — technology (19.3 miles)
- Cisco Systems, Building 8 — technology (19.5 miles)
This 32-unit property at 704 W B St was built in 1999, a relative advantage versus the neighborhood’s older housing stock. The surrounding Butner submarket offers commuter access to the Research Triangle’s life sciences and technology employers, supporting a steady workforce renter base. While the neighborhood’s occupancy level trends below national midpoints, income growth and projected household expansion within a 3-mile radius suggest a gradually deepening tenant pool. According to CRE market data from WDSuite, local services are functional rather than destination-oriented, which favors stable operations over premium rent positioning.
Ownership economics in the area are comparatively accessible, so underwriting should assume some competition from single-family ownership. Even so, proximity to major employers and a newer vintage than the area average position the asset for consistent leasing with measured rent growth, provided management focuses on retention, affordability monitoring, and selective value-add to maintain competitiveness as systems age.
- 1999 vintage offers relative competitiveness versus older neighborhood stock with manageable modernization needs
- Workforce demand supported by proximity to major Research Triangle employers
- 3-mile demographics indicate population growth and projected household expansion, bolstering the tenant base
- Operational focus on retention and affordability can sustain leasing where neighborhood occupancy trails national norms
- Risks: limited lifestyle amenities, potential competition from ownership, and mixed short-term property crime trends