| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 204 Skyland Dr, Smithfield, NC, 27577, US |
| Region / Metro | Smithfield |
| Year of Construction | 1992 |
| Units | 33 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
204 Skyland Dr, Smithfield NC Multifamily Investment
Neighborhood data points to a deep renter base and competitive income fundamentals that can support stable leasing, according to WDSuite’s CRE market data.
Smithfield’s suburban setting offers everyday convenience more than destination amenities. Neighborhood measures show restaurants and grocery options around the metro middle, while parks access trends in the upper tier nationally. By contrast, cafes, childcare, and pharmacies are sparse locally, which may modestly affect walkable appeal but does not typically impede workforce housing demand.
For investors, renter concentration in the neighborhood is high, with a large share of housing units renter-occupied (ranked 25 out of 331 metro neighborhoods), indicating depth in the tenant pool relative to Raleigh–Cary peers. Neighborhood occupancy is comparatively softer (ranked 296 of 331), suggesting leasing may require active management, but net operating income per unit ranks 13 of 331 — competitive among metro neighborhoods — signaling potential to sustain performance with disciplined operations.
Within a 3-mile radius, recent years show a slight contraction in population and households, yet forecasts indicate growth ahead, including a notable increase in households and smaller average household sizes. That shift typically expands the renter pool and supports occupancy stability for well-positioned properties. Median and mean household incomes have trended higher locally, which, paired with a moderate rent-to-income profile, can bolster retention and pricing discipline.
Home values in the neighborhood are lower than many U.S. areas, but the value-to-income ratio sits in the top quartile nationally, reflecting a high-cost ownership market relative to local incomes. This dynamic often sustains reliance on multifamily rentals and supports renewal velocity. These factors, combined with proximity to Raleigh–Durham employment centers, frame a pragmatic commercial real estate analysis for durable demand drivers.
Safety metrics present a mixed picture. Relative to the Raleigh–Cary metro, the neighborhood’s crime rank is 46 out of 331, indicating a higher concentration of incidents than many metro neighborhoods. At the national level, overall safety trends sit modestly above the median, with property offenses and violent offense rates benchmarking in higher safety percentiles compared with neighborhoods nationwide.
Recent momentum is nuanced: property offenses edged lower year over year, while violent offenses rose over the same period. Investors typically counterbalance this with on-site security practices, lighting, and resident engagement to support leasing and retention, while monitoring neighborhood trend lines over time.
Regional employment access is anchored by established corporate offices in the Raleigh–Durham corridor, supporting commuter demand and lease retention for workforce-oriented apartments. The employers below represent nearby anchors across insurance, healthcare distribution, life sciences, and advanced manufacturing.
- Erie Insurance Group — insurance (29.1 miles)
- MetLife — insurance (32.6 miles)
- John Deere Morrisville Training Center — manufacturing training (34.1 miles)
- Amerisource Bergen — healthcare distribution (34.5 miles)
- Quintiles Transnational Holdings — life sciences (36.6 miles) — HQ
This 33-unit multifamily property is positioned in a renter-heavy neighborhood where tenant depth supports leasing durability. While the neighborhood’s occupancy runs below the metro median, NOI per unit performance is competitive among Raleigh–Cary neighborhoods, and ownership costs relative to incomes favor continued multifamily reliance. Within a 3-mile radius, forward-looking data points to population growth, a substantial increase in households, and smaller average household sizes — conditions that typically expand the renter pool and support stabilized operations.
According to CRE market data from WDSuite, neighborhood-level rents track with a manageable rent-to-income profile, reinforcing potential for retention and steady collections if leasing is actively managed. The amenity mix is serviceable rather than destination-level, and safety indicators warrant monitoring, but regional access to Raleigh–Durham employment centers provides a durable demand backdrop.
- Renter-heavy neighborhood supports a deeper tenant base and leasing stability.
- Competitive NOI per unit versus metro peers indicates operating resilience with disciplined management.
- 3-mile forecasts show household growth and smaller household sizes, expanding the renter pool.
- High value-to-income ratio reinforces reliance on rentals over ownership, aiding renewals.
- Risks: below-metro occupancy, amenity gaps, and mixed safety trends require active leasing and on-site management.