| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Best |
| Demographics | 28th | Poor |
| Amenities | 70th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 801 Harkey Rd, Sanford, NC, 27330, US |
| Region / Metro | Sanford |
| Year of Construction | 2006 |
| Units | 25 |
| Transaction Date | 2005-10-27 |
| Transaction Price | $201,000 |
| Buyer | SANDHILL MANOR ON COUTLAND LLC |
| Seller | REVIES ROBERT T |
801 Harkey Rd, Sanford NC — 25-Unit Multifamily
Steady renter demand and mid-90s neighborhood occupancy support income stability, according to WDSuite’s commercial real estate analysis. Elevated ownership costs in the area further reinforce reliance on rentals, favoring consistent leasing and retention.
This inner-suburban pocket of Sanford offers everyday convenience that resonates with renters. Neighborhood amenity access scores above the national median, with groceries, pharmacies, and restaurants registering in roughly the 70th-percentile range nationwide. Within the Sanford metro (23 neighborhoods total), grocery availability ranks among the top performers, helping support day-to-day livability that can aid leasing and renewals.
Neighborhood occupancy is 94.2% and has trended higher over five years, based on CRE market data from WDSuite. For investors, that level of stability typically points to a consistent tenant base and manageable turnover when paired with disciplined lease management.
Construction in the area skews older on average (late 1980s), while the subject property’s 2006 vintage positions it as a relatively newer option. That generally enhances competitive positioning versus older stock, with potential for targeted modernization rather than heavy near-term capital replacements.
Within a 3-mile radius, households have grown even as population was roughly flat, indicating smaller household sizes and a broader set of renter households entering the market. Renter-occupied share in the 3-mile area sits near parity with owners, supporting a deep tenant pool and durable multifamily demand. Median school ratings are modest but slightly above the national midpoint, which can appeal to renters prioritizing acceptable school access without paying top-of-market pricing.
Home values sit in a higher national percentile relative to local incomes, signaling a high-cost ownership market context. For multifamily operators, that dynamic tends to sustain rental demand and can support pricing power while monitoring rent-to-income to manage retention risk.
Safety trends are comparatively favorable at the national level while remaining mixed within the metro. The neighborhood benchmarks in the higher national percentiles for lower violent and property offense rates (top quartile nationally), yet its metro rank places it competitive among Sanford, NC neighborhoods (23 total) rather than in the lowest-risk cohort. Recent year-over-year data indicate notable declines in both violent and property offenses, which, if sustained, would further support renter confidence and lease stability.
Proximity to major employers in the broader Triangle economy supports workforce housing demand and retention, with commutable access to insurance, technology, and life sciences roles from Erie Insurance Group, Cisco Systems, Biogen Idec, and Quintiles Transnational Holdings.
- Erie Insurance Group — insurance (28.0 miles)
- Cisco Systems, Building 8 — technology offices (32.0 miles)
- Cisco Systems — technology offices (32.0 miles)
- Biogen Idec — biotechnology (32.3 miles)
- Quintiles Transnational Holdings — clinical research (34.3 miles) — HQ
2006 construction offers a relative edge versus the neighborhood’s older average stock, reducing the likelihood of heavy near-term systems work and positioning the asset for targeted value-add to enhance rents and retention. Neighborhood occupancy around the mid-90s and sustained amenity access point to durable renter demand; according to CRE market data from WDSuite, the area has maintained stable leasing conditions with upward momentum over five years.
Within a 3-mile radius, households have increased and are projected to expand further, suggesting a larger tenant base even as average household size trends lower. Elevated ownership costs relative to incomes reinforce reliance on rentals, which can support occupancy stability and measured pricing power. Key risks to underwrite include modest school ratings, income sensitivity, and commute dependence on regional job centers.
- 2006 vintage vs. older neighborhood stock supports competitive positioning and targeted value-add
- Mid-90s neighborhood occupancy and steady five-year trend support income stability
- Household growth within 3 miles expands the renter pool, aiding lease-up and retention
- Elevated ownership costs bolster multifamily demand and measured pricing power
- Risks: income sensitivity, modest school ratings, and reliance on regional commutes