| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 202 Skyland Dr, Smithfield, NC, 27577, US |
| Region / Metro | Smithfield |
| Year of Construction | 1989 |
| Units | 33 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
202 Skyland Dr Smithfield NC Multifamily Investment
Neighborhood data points to a deep renter base with room for operational upside, according to WDSuite’s CRE market data. Focus is on tenant demand durability rather than top-of-market rents.
Located in a suburban pocket of Smithfield within the Raleigh–Cary metro, the neighborhood carries a C rating and ranks 247 out of 331 metro neighborhoods. Investor takeaway: fundamentals are serviceable with select strengths, but not a top-tier submarket.
Livability skews practical over lifestyle. Amenity access sits below national medians (amenities in the 27th percentile nationally), with limited cafes and pharmacies nearby; grocery and restaurants are closer to metro averages. This suggests car-dependent living and fewer walkability premiums, which can temper rent ceilings but supports workforce housing positioning.
For rental dynamics, the neighborhood’s renter-occupied share is elevated at 63.5% (top decile nationally), indicating a sizable multifamily tenant base. By contrast, neighborhood occupancy rates are below the metro median (296 of 331), a reminder that the occupancy figure cited here reflects the neighborhood, not this property; operators should prioritize leasing execution and retention to outperform local averages.
Relative value leans supportive of renting: ownership costs run high versus local incomes (value-to-income in the top quintile nationally), while rent-to-income is moderate. Together, these factors tend to reinforce renter reliance on multifamily housing and can aid lease stability. The asset’s 1989 vintage is slightly older than the neighborhood’s average construction year of 1991, creating potential value-add via targeted renovations and systems updates that sharpen competitiveness against newer stock.
Within a 3-mile radius, recent population counts have been soft, yet WDSuite’s forecasts point to growth ahead with a notable increase in households and smaller average household sizes by 2028. For investors, that implies a larger renter pool over the medium term and support for occupancy stability, provided product positioning aligns with workforce demand.
Safety indicators compare modestly well at a high level. Overall crime measures sit slightly above national medians (57th percentile), while property and violent offense indicators are in the top quartile nationally, according to WDSuite’s neighborhood benchmarks. That combination suggests comparatively favorable conditions versus many U.S. neighborhoods.
Trend signals are mixed: while headline categories benchmark well, recent year-over-year shifts in violent offense rates warrant periodic monitoring. We recommend underwriting with standard loss-prevention assumptions and reviewing updated local data during due diligence.
Regional employment access is anchored by insurance, life sciences, and advanced manufacturing/training nodes that are commutable from Smithfield, supporting workforce housing demand and lease retention for residents working across these corridors.
- MetLife Auto & Home Craig Conley LUTCF — insurance (28.9 miles)
- Erie Insurance Group — insurance (29.1 miles)
- MetLife — insurance/services (32.6 miles)
- John Deere Morrisville Training Center — manufacturing training (34.2 miles)
- Quintiles Transnational Holdings — biotech/clinical research (36.6 miles) — HQ
This 33-unit, 1989-vintage asset in Smithfield presents a workforce-oriented play supported by a large renter base and improving household outlook within a 3-mile radius. Neighborhood occupancy sits below the metro median, but the renter-occupied share is high and ownership costs remain elevated relative to incomes, supporting sustained demand for rental housing. According to CRE market data from WDSuite, local rent-to-income is moderate, suggesting room to manage affordability pressure while focusing on lease retention.
The slightly older vintage versus nearby stock (average 1991) implies actionable value-add through unit renovations and system upgrades to enhance competitiveness. Amenity-light surroundings point to car-dependent living and fewer walkability premiums, so returns will hinge on operational execution, pragmatic upgrades, and capturing commuter demand tied to regional employers.
- Deep renter base supports demand despite below-median neighborhood occupancy
- 1989 vintage offers value-add potential via targeted renovations and systems updates
- Ownership costs high versus incomes, reinforcing reliance on multifamily rentals and aiding retention
- Moderate rent-to-income profile provides room for disciplined pricing and lease management
- Risks: amenity-light location and mixed safety trend signals require strong leasing and asset management