| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 82nd | Best |
| Amenities | 72nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 306 Estes Drive Ext, Carrboro, NC, 27510, US |
| Region / Metro | Carrboro |
| Year of Construction | 1973 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
306 Estes Drive Ext Carrboro Multifamily Investment Opportunity
Neighborhood occupancy near the low-90s and a high share of renter-occupied units point to durable demand drivers, according to WDSuite’s CRE market data.
Located in Carrboro’s Inner Suburb, the neighborhood earns an A+ rating and ranks 5th among 211 metro neighborhoods, signaling strong overall fundamentals relative to the Durham–Chapel Hill market. Amenity access is competitive, with grocery, parks, and pharmacies all ranking within the top 16 of 211 locally and placing in the upper national percentiles, supporting daily convenience and renter retention.
Education quality is a local bright spot: the average school rating ranks 7th out of 211 metro neighborhoods and sits in the 84th percentile nationally. Dining density is also favorable (81st percentile nationally), contributing to livability that helps multifamily assets maintain leasing momentum.
For investors, tenure patterns are constructive: approximately 59% of housing units are renter-occupied (22nd out of 211 metro neighborhoods), signaling a deep tenant base. Neighborhood occupancy is about 92%, roughly mid-pack metro-wide (113th of 211), suggesting stable operations with room to outperform via effective leasing and renewals.
Vintage context matters. The property was built in 1973, slightly newer than the neighborhood’s average vintage of 1969. This positioning can be competitive versus older stock while still warranting targeted capital planning for aging systems or value-add upgrades to drive rent premiums and reduce long-term maintenance.
Within a 3-mile radius, demographics show a steady renter demand backdrop: households have grown, and projections indicate further household expansion alongside a smaller average household size. Together with elevated home values (83rd percentile nationally) and a high value-to-income ratio locally (89th percentile nationally), the ownership market skews higher cost, which tends to sustain reliance on multifamily rentals. At the same time, a rent-to-income ratio near mid-national levels supports lease retention and reduces near-term affordability pressure.
Safety trends are mixed but improving. The neighborhood’s crime rank is 25th out of 211 metro neighborhoods, indicating a less favorable standing locally; however, it performs better than average nationally (66th percentile for safety relative to neighborhoods nationwide). Importantly, estimated incident rates have moved downward: property offenses show one of the strongest year-over-year improvements in the metro (ranked 5th out of 211; 97th percentile nationally for improvement), and violent offenses have also declined at a pace that is above most peers (84th percentile nationally for improvement). These trends suggest a directional tailwind for renter sentiment and leasing stability, while investors should continue to monitor local conditions at the neighborhood level.
Proximity to major tech, biotech, and life sciences employers underpins a resilient renter pool and supports leasing stability, with Cisco Systems, Biogen Idec, Quintiles Transnational Holdings, Amerisource Bergen, and John Deere within commuting distance.
- Cisco Systems — technology (11.4 miles)
- Cisco Systems, Building 8 — technology (11.8 miles)
- Biogen Idec — biotechnology (12.2 miles)
- Quintiles Transnational Holdings — clinical research organization (13.3 miles) — HQ
- Amerisource Bergen — pharmaceutical distribution (14.7 miles)
- John Deere Morrisville Training Center — manufacturing training (14.9 miles)
306 Estes Drive Ext offers 20 units with compact average floor plans, aligning with renter segments seeking more accessible monthly rents and efficient living. The asset benefits from a neighborhood that ranks among the strongest in the Durham–Chapel Hill metro, with high renter concentration, solid amenity access, and nationally competitive school quality. Elevated home values and a high value-to-income ratio locally support sustained multifamily reliance, while a mid-range rent-to-income profile helps preserve renewal velocity and occupancy stability, based on CRE market data from WDSuite.
Constructed in 1973, the property is slightly newer than the area’s average vintage, providing relative competitiveness versus older stock while still presenting potential value-add and systems modernization opportunities. Neighborhood occupancy is around the low-90s with modest softening in recent years, suggesting disciplined leasing and asset management can drive outperformance. Ongoing safety improvements and proximity to regional employers in technology and life sciences add depth to the tenant base without concentrating risk in a single industry.
- Strong neighborhood fundamentals (top-tier metro rank) with amenity and school advantages that support leasing
- High renter-occupied share indicates a deep tenant base and durable multifamily demand
- 1973 vintage offers value-add and system-upgrade potential to enhance competitiveness
- Employer access across tech and life sciences underpins income stability and retention
- Risks: mid-pack neighborhood occupancy and locally less favorable crime rank warrant active leasing and monitoring