| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 250 NC-210, Smithfield, NC, 27577, US |
| Region / Metro | Smithfield |
| Year of Construction | 1999 |
| Units | 36 |
| Transaction Date | 2020-05-31 |
| Transaction Price | $3,363,500 |
| Buyer | Meadowview AL Investors Lic |
| Seller | Meadowview Housing Inc |
250 NC-210 Smithfield Multifamily Investment
Neighborhood-level data points to strong renter demand supported by a high share of renter-occupied units, according to WDSuite’s CRE market data, suggesting stable tenant depth for a 36-unit asset.
Located in the Raleigh–Cary metro, the surrounding neighborhood is suburban with a C rating and performs above the metro median on amenities access (rank 159 of 331), though daily conveniences like pharmacies and cafes are limited nearby. Park access trends stronger than average, and grocery options are serviceable, supporting basic livability for workforce renters.
Rent and occupancy dynamics are mixed. Neighborhood occupancy sits below national norms, so lease management and marketing discipline matter, but the area shows a high renter-occupied share at 63.5%, indicating a deep tenant base and potential for stable absorption as units turn. Median contract rents in the broader area remain comparatively attainable, which can support retention and reduce turnover-driven downtime.
Within a 3-mile radius, recent years show modest population and household softening, followed by a forecasted rebound through 2028, including an increase in households and a slight shift toward smaller household sizes. This points to renter pool expansion and supports occupancy stability as more, smaller households enter the market. Forecast rent growth in the area is positive, while a rent-to-income profile near the middle implies manageable affordability pressure that investors can navigate via measured rent setting and renewal strategies.
Home values relative to incomes are elevated for the area (higher value-to-income ratio), framing a high-cost ownership market in which many households rely on rental housing. For investors, that typically supports depth of demand, steadier lease retention, and pricing power in line with local competitive sets.
Safety signals are mixed when comparing neighborhood and national lenses. Relative to Raleigh–Cary peers, the neighborhood’s crime rank is 46 out of 331, placing it below the metro median on safety. At the national level, composite indicators trend around or modestly above the middle of U.S. neighborhoods, suggesting conditions that are not atypical for suburban workforce areas.
Investors should underwrite with standard precautions: emphasize property-level security, lighting, and tenant screening, and track local trend movement rather than block-level assumptions. Monitoring police reports and community initiatives can clarify whether conditions are improving or stable versus the broader region.
Regional employment centers across the Research Triangle anchor demand and provide commute-accessible jobs for renters, particularly in insurance, life sciences, and logistics noted below.
- MetLife Auto & Home Craig Conley LUTCF — insurance services (29.0 miles)
- Erie Insurance Group — insurance (29.2 miles)
- MetLife — insurance (32.7 miles)
- John Deere Morrisville Training Center — manufacturing training (34.2 miles)
- Amerisource Bergen — pharmaceuticals distribution (34.6 miles)
This 36-unit asset built in 1999 offers a relatively newer vintage versus much of the nearby stock (average 1991), providing competitive positioning while still allowing for targeted systems updates or light value-add. Investor fundamentals are supported by a high neighborhood renter-occupied share, an ownership market with elevated value-to-income ratios that sustains rental reliance, and forecast household growth within 3 miles that expands the tenant base. According to CRE market data from WDSuite, neighborhood occupancy trends below national norms, so execution should emphasize tenant retention and disciplined leasing to capture steady absorption.
Forward-looking drivers include projected renter pool expansion, positive rent growth expectations, and proximity to Triangle employment hubs that diversify demand. Underwrite security, marketing velocity, and capex for mid-life building systems to balance near-term leasing risk with durable long-term demand.
- 1999 construction offers competitive positioning with targeted value-add or system modernization potential
- High renter-occupied share and elevated ownership costs support tenant depth and retention
- Forecast household growth within 3 miles points to renter pool expansion and steady absorption
- Access to regional Triangle employers underpins diversified demand for workforce housing
- Risk: Neighborhood occupancy below national norms requires disciplined leasing and retention management