| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 76th | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 Smith Level Rd, Carrboro, NC, 27510, US |
| Region / Metro | Carrboro |
| Year of Construction | 1986 |
| Units | 57 |
| Transaction Date | 2015-05-18 |
| Transaction Price | $29,125,000 |
| Buyer | CP VCH LLC |
| Seller | VILLAGES PROPERTY OWNER CGC LP |
500 Smith Level Rd Carrboro Multifamily Value-Add Opportunity
Renter concentration in the surrounding neighborhood and a high-cost ownership market point to a durable tenant base, according to WDSuite’s CRE market data. With 1986 construction, the asset presents practical renovation upside to sharpen competitiveness and support leasing durability.
Situated in Carrboro’s Inner Suburb, the neighborhood carries a B rating and ranks 88 out of 211 Durham–Chapel Hill neighborhoods, placing it above the metro median. The area skews renter-heavy, with a high share of renter-occupied housing units that signals depth for multifamily demand and a broader leasing funnel for similar assets.
Ownership costs in the neighborhood are elevated relative to many areas nationally, and home values sit in a high national percentile. For investors, that context typically sustains reliance on rentals, supporting tenant retention and pricing power when assets are well maintained and appropriately positioned.
Multifamily fundamentals show mixed signals: neighborhood occupancy is below the metro median, which calls for hands-on leasing and asset management. At the same time, education levels test in the top deciles nationally and median household incomes are above many U.S. neighborhoods, which can underpin rent collections and upgrade potential when value-add is executed thoughtfully.
Local on-block retail density is limited, and immediate counts of cafes, groceries, and parks are low; residents typically tap into nearby Carrboro/Chapel Hill nodes for services and recreation. Average school ratings land modestly above the national midpoint, providing a balanced backdrop for broader household demand.
Safety indicators compare favorably at the national level, with neighborhood measures placing in the top quartile nationwide. Within the Durham–Chapel Hill metro (211 neighborhoods), the area performs competitively, and recent year-over-year estimates show notable declines in both property and violent offenses, according to WDSuite’s CRE market data. These are neighborhood-level trends and should be paired with property-specific security and lighting plans as part of risk management.
Proximity to major Raleigh–Durham employers supports renter demand through commute convenience and a steady professional workforce. Nearby anchors include Cisco Systems, Biogen Idec, Quintiles Transnational Holdings, AmerisourceBergen, and the John Deere Morrisville Training Center.
- Cisco Systems — networking & technology (11.36 miles)
- Cisco Systems, Building 8 — networking & technology (11.76 miles)
- Biogen Idec — biotech/pharma (12.19 miles)
- Quintiles Transnational Holdings — contract research organization (13.52 miles) — HQ
- AmerisourceBergen — pharmaceutical distribution (14.72 miles)
- John Deere Morrisville Training Center — industrial training (14.76 miles)
500 Smith Level Rd combines an established 1986 vintage with a renter-dense neighborhood where elevated ownership costs tend to reinforce multifamily demand. While neighborhood occupancy trends run below the metro median, education and income profiles are comparatively strong, and household counts within a 3-mile radius are projected to rise over the next five years—supporting a larger tenant base and reinforcing lease-up and renewal prospects. Based on CRE market data from WDSuite, this points to a pragmatic value-add path focused on unit and systems upgrades to enhance competitiveness and stabilize cash flows.
For long-term holders, the investment case centers on capturing renovation upside against a deep renter pool, with potential to convert high home-value context into steady demand at appropriately managed rent-to-income levels. Execution risk remains around submarket occupancy and the property’s older systems, making proactive capital planning and disciplined leasing critical to performance.
- Renter-heavy neighborhood and high home values support durable rental demand
- 1986 vintage offers value-add potential via unit and system modernization
- Within 3 miles, household counts are projected to increase, expanding the tenant base
- Professional employment nodes within commuting range bolster leasing stability
- Risks: below-metro neighborhood occupancy and limited immediate retail density require active leasing and asset management