| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Fair |
| Demographics | 21st | Poor |
| Amenities | 19th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 300 Merriman Dr, Selma, NC, 27576, US |
| Region / Metro | Selma |
| Year of Construction | 1993 |
| Units | 32 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
300 Merriman Dr Selma Multifamily Investment
Neighborhood fundamentals point to steady renter demand and solid occupancy, according to WDSuite’s CRE market data, with positioning suited for workforce tenants in Johnston County. The thesis centers on durable tenancy and value-add potential rather than premium amenity appeal.
Located in Selma within the Raleigh–Cary metro, the neighborhood registers a C- rating with occupancy that is competitive among Raleigh–Cary neighborhoods (rank 118 of 331) and in the top quartile nationally by occupancy. For investors, this signals potential stability in lease-up and renewals at the submarket level.
Renter concentration is elevated, with 50.5% of housing units renter-occupied (rank 48 of 331, top quartile in the metro; 88th percentile nationally). This depth of the tenant base supports ongoing multifamily demand and reduces dependence on a narrow renter segment.
Livability features are mixed. Grocery access trends above national midline, while cafes, parks, and pharmacies are comparatively limited within the neighborhood footprint. Average school ratings sit well below national norms, which may influence family-oriented leasing but has less impact on workforce-oriented demand. Median contract rents in the neighborhood skew lower than many U.S. areas, offering room for disciplined renovations to compete on value.
Within a 3-mile radius, WDSuite demographics indicate population growth alongside a faster increase in households and modestly smaller household sizes. That combination typically expands the renter pool and can support occupancy stability. Home values sit below many national markets, yet the value-to-income ratio trends higher than average nationally, suggesting a high-cost ownership market relative to local incomes that can sustain reliance on rental housing. Rent-to-income levels track closer to national mid-range, indicating manageable affordability pressure and potential for measured rent growth with prudent lease management.
Vintage context: the property’s 1993 construction is slightly newer than the neighborhood’s average vintage (1991). This positioning can be competitive versus older stock, though investors should still underwrite targeted system updates and common-area refreshes to support retention and rents.
Comparable crime metrics for this neighborhood are not available in the current WDSuite dataset. Investors typically benchmark neighborhood safety against broader Raleigh–Cary and Johnston County trends and review recent municipal reporting to understand directional changes before setting underwriting assumptions.
The regional employment base includes insurance, industrial training, and healthcare distribution nodes within commuting distance, supporting workforce renter demand and retention for Selma. The list below highlights nearby employers that shape the broader commuter shed referenced by many tenants.
- MetLife Auto & Home Craig Conley LUTCF — insurance services (31.6 miles)
- Erie Insurance Group — insurance (31.9 miles)
- MetLife — insurance (34.8 miles)
- John Deere Morrisville Training Center — industrial training (36.4 miles)
- Amerisource Bergen — pharmaceutical distribution (36.7 miles)
This 32-unit property at 300 Merriman Dr, built in 1993, aligns with neighborhood occupancy that is competitive within the Raleigh–Cary metro and in the top quartile nationally. Renter concentration is high at the neighborhood level, pointing to a broad tenant base and potential resilience in renewals. Livability is serviceable for daily needs (notably grocery), though lifestyle amenities and schools are less of a draw, positioning the asset for workforce housing strategies. According to WDSuite’s commercial real estate analysis, the surrounding 3-mile area shows population growth and a faster rise in households with slightly smaller household sizes—dynamics that typically expand renter demand and support steady occupancy.
From a capital plan perspective, the 1993 vintage is newer than the neighborhood average, offering a competitive edge over older stock while still warranting targeted modernization. Ownership costs trend relatively high versus local incomes, which can sustain reliance on rental housing, while rent-to-income alignment appears manageable—supporting disciplined value-add without overreaching affordability pressure. Key risks include limited nearby lifestyle amenities, below-average school ratings, and reliance on regional commuting rather than immediate job nodes.
- Competitive occupancy at the neighborhood level supports leasing stability.
- Elevated renter-occupied share indicates a deeper tenant base for multifamily.
- 1993 vintage offers value-add potential through targeted renovations and system updates.
- 3-mile population and household growth expand the renter pool, aiding occupancy and renewal rates.
- Risks: limited on-foot amenities, below-average school ratings, and commuter-dependent employment access.