| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Poor |
| Demographics | 47th | Fair |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 604 E Morris Ave, Benson, NC, 27504, US |
| Region / Metro | Benson |
| Year of Construction | 1992 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
604 E Morris Ave Benson NC Multifamily Opportunity
Positioned in Benson within the Raleigh–Cary metro, this 1992-vintage asset competes against older local stock and benefits from an expanding renter base, according to CRE market data from WDSuite. Investor focus: demand fundamentals are supported by population and household growth even as neighborhood occupancy trends should be monitored for stability.
Livability indicators point to steady, needs-based demand drivers. Park and pharmacy access score above national midpoints, while restaurants and grocery options are present but not dense—consistent with a Rural neighborhood profile. The local school rating trends modestly above the national midpoint, which can aid family renter retention. Amenity density like cafes is limited, so convenience is more auto-oriented than walkable.
Construction patterns matter competitively: with an average neighborhood vintage around 1975, a 1992 property should show relative appeal versus older stock while still warranting system updates and common-area refreshes to maintain positioning. Neighborhood occupancy is softer than many metro peers; investors should underwrite leasing velocity and marketing cadence accordingly rather than assume rapid lease-up.
Within a 3-mile radius, demographics show momentum: population has grown by roughly one-third over the past five years and households by nearly two-fifths, with forecasts indicating continued gains into 2028. Household sizes are edging smaller, expanding the count of households relative to residents—supportive of a broader tenant base and occupancy resilience.
Tenure and affordability trends also inform demand. About 39% of housing units within 3 miles are renter-occupied, indicating a meaningful renter concentration and depth of potential tenants. Rents benchmark below national medians, and rent-to-income levels suggest manageable affordability—favorable for renewal rates and delinquency management. Home values are comparatively accessible for ownership in this metro context, which can introduce competition from entry-level buying; operators should focus on value, convenience, and service to sustain pricing power.
Comparable crime statistics for this neighborhood are not available in the current WDSuite release. Investors typically benchmark safety using Raleigh–Cary metro trend reports and municipal data, then translate those trends into underwriting assumptions for retention, marketing strategy, and operating expenses. Avoid block-level conclusions; evaluate broader patterns and any directional changes over time.
Regional employers within commuting range support workforce housing demand and day-to-day leasing stability. Notable nearby nodes include insurance, manufacturing training, and life sciences/clinical research offices.
- Erie Insurance Group — insurance (28.9 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (29.6 miles)
- MetLife — insurance (34.4 miles)
- John Deere Morrisville Training Center — manufacturing training (35.6 miles)
- Quintiles Transnational Holdings — clinical research (38.4 miles) — HQ
This 36-unit, 1992-vintage property aligns with an expanding renter pool in the Benson area. According to CRE market data from WDSuite, the 3-mile trade area has experienced notable growth in both population and households, with forecasts calling for continued gains alongside rising incomes. Relative to the neighborhood’s older average vintage, the asset should compete well if operators plan for targeted modernization to sustain appeal and support renewal rates.
Affordability metrics indicate room for sustainable rent-to-income levels, which can underpin collections and retention. At the same time, the surrounding ownership market is comparatively accessible, and neighborhood-level occupancy trends are softer than many metro peers—factors that call for disciplined leasing strategies, amenity execution, and prudent rent growth assumptions.
- Expanding 3-mile renter base with population and household growth supporting demand
- 1992 vintage offers competitive positioning versus older local stock with targeted upgrades
- Manageable rent-to-income dynamics support collections and renewal prospects
- Commutable access to regional employers helps leasing stability
- Risks: softer neighborhood occupancy and accessible ownership options require calibrated rent growth and focused operations