| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 250 Nc Highway 210, Smithfield, NC, 27577, US |
| Region / Metro | Smithfield |
| Year of Construction | 1999 |
| Units | 36 |
| Transaction Date | 2012-05-31 |
| Transaction Price | $3,500,000 |
| Buyer | Meadowview AL Investors Inc. |
| Seller | Meadowview Housing Inc. |
250 NC Highway 210, Smithfield NC Multifamily Investment
Stabilized renter demand in the surrounding neighborhood and a newer 1999 vintage position this 36-unit asset to compete against older local stock, according to WDSuite’s CRE market data. Neighborhood tenure skews renter-occupied and ownership costs are comparatively high for local incomes, supporting depth of the tenant base.
Located in a suburban pocket of Smithfield within the Raleigh–Cary metro, the property benefits from renter-driven housing dynamics. At the neighborhood level, renter-occupied housing has a high share, indicating a deeper tenant pool and potential leasing resilience for multifamily operators. Median rent-to-income is manageable in the area, which can aid retention and reduce lease friction for value-oriented product.
The property s 1999 construction is newer than the neighborhood s average vintage (1991), offering relative competitiveness versus older assets while still warranting routine modernization planning for systems and finishes. Neighborhood operating comps are constructive: NOI per unit performance sits in the top quartile nationally and ranks strongly within the metro, based on CRE market data from WDSuite.
Amenity density is modest, consistent with a suburban setting. Grocery and park access land around the metro middle, while restaurants are roughly average and specialty services (caf e9s, pharmacies, childcare) are thinner. For investors, this points to car-oriented living patterns and an appeal to residents prioritizing space and value over immediate walkability.
Within a 3-mile radius, recent data show a smaller population and household base than five years ago, but forecasts indicate growth ahead alongside an increasing share of renter households. Rising household incomes and projected rent growth suggest pricing power could improve, while the current neighborhood occupancy level signals the need for disciplined leasing and management to capture demand.
Safety indicators for the neighborhood are competitive among Raleigh Cary, NC neighborhoods (46 out of 331), and positioning sits above the national median overall. Nationally benchmarked violent-offense measures place the area in a stronger tier (top quartile), though the most recent year shows an uptick in violent incidents in the dataset, which investors should monitor as part of ongoing risk management.
As always, safety conditions can vary block to block and over time; investors typically underwrite with recent trend reviews, property-level measures, and coordination with local management to support resident experience and retention.
Regional employment access is anchored by the Raleigh Durham corridor, with proximity to insurance, life sciences, and technology employers that broaden the renter base and support leasing velocity. The list below highlights nearby corporate offices relevant to commuting residents.
- MetLife Auto & Home Craig Conley LUTCF insurance (29.0 miles)
- Erie Insurance Group insurance (29.1 miles)
- MetLife insurance (32.7 miles)
- John Deere Morrisville Training Center manufacturing training (34.2 miles)
- Amerisource Bergen healthcare distribution (34.6 miles)
- Quintiles Transnational Holdings life sciences services (36.7 miles) HQ
- Biogen Idec biotechnology (36.9 miles)
- Cisco Systems, Building 8 technology (37.2 miles)
- Cisco Systems technology (37.6 miles)
This 36-unit, 1999-vintage asset offers relative competitiveness versus older neighborhood stock and is supported by a high renter concentration at the neighborhood level. Neighborhood operating comps are constructive, with NOI per unit in the upper national tiers, while home value-to-income ratios suggest a high-cost ownership market that sustains reliance on rentals. According to CRE market data from WDSuite, the area s amenity profile is suburban and car-oriented, aligning with workforce demand patterns.
Forward-looking demographics within a 3-mile radius point to population and household expansion and a rising share of renter households, reinforcing the tenant base. The key underwriting watchlist includes currently softer neighborhood occupancy and mixed safety trends year over year, which place a premium on hands-on leasing, targeted renovations, and active management.
- 1999 vintage competes well versus older local stock; targeted upgrades can enhance positioning.
- High neighborhood renter concentration supports demand depth and leasing stability.
- Stronger NOI per-unit comps and a high-cost ownership landscape support pricing power over time.
- 3-mile forecasts indicate population and household growth, expanding the renter pool.
- Risk: Neighborhood occupancy is softer and recent safety data show variability; plan for proactive leasing and management.