| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 89th | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Wittenberg Dr, Cary, NC, 27519, US |
| Region / Metro | Cary |
| Year of Construction | 2009 |
| Units | 28 |
| Transaction Date | 2007-06-01 |
| Transaction Price | $3,919,000 |
| Buyer | TREA SH CHANCERY VILLAGE LLC |
| Seller | SHLP CHANCERY VILLAGE LLC |
1000 Wittenberg Dr, Cary NC Multifamily Investment
Neighborhood data points to a deep renter base and strong schools supporting stable demand, according to WDSuite s CRE market data. Expect steady leasing fundamentals driven by high renter concentration in the area rather than transient, short-term demand.
Cary s Inner Suburb setting combines everyday convenience with strong family appeal. Within the neighborhood, restaurants and cafes index above national norms (national percentiles in the mid 70s to low 80s), while grocery and pharmacy access sits comfortably above average. Public park access is limited inside the neighborhood, so recreation demand often shifts to private amenities or nearby regional parks. Average school ratings are strong 1 the neighborhood ranks 1st among 331 metro neighborhoods and sits in the 100th percentile nationally which enhances leasing appeal for residents prioritizing education.
For the neighborhood (not the property), occupancy trends are around the national mid range, suggesting balanced leasing conditions rather than tight supply. Renter occupied share is high for the neighborhood and in the 97th percentile nationally, indicating a deep tenant base that supports ongoing multifamily absorption and renewal activity. Median contract rents in the neighborhood sit in the upper national range, aligning with household incomes that also score in the 90th percentile nationally, which can support rent collections and reduce turnover volatility.
Demographic statistics within a 3 mile radius show population and household growth over the past five years, with projections pointing to continued renter pool expansion through the forecast period. Household sizes are trending smaller, which typically supports sustained demand for professionally managed apartments and helps stabilize occupancy across economic cycles.
Home values in the neighborhood are elevated (91st percentile nationally). In this high cost ownership context, renter households often remain in multifamily housing longer, which can support pricing power and lease retention for professionally managed communities. With a rent to income ratio around the national mid range, the area balances market rate rent levels with incomes that can sustain lease performance without excessive affordability pressure, based on commercial real estate analysis from WDSuite.
Neighborhood safety indicators are mixed. Compared with neighborhoods nationwide, the area sits below the national midpoint for overall safety (around the 38th percentile), which warrants thoughtful security measures and resident communication. That said, estimated property offenses in the neighborhood declined by roughly one fifth over the last year, placing that improvement above the national median, which is a constructive trend for long term stability.
Investors should evaluate recent, hyperlocal data and property level history, layer in lighting and access controls as needed, and underwrite to prudent insurance and operating assumptions consistent with current market conditions.
The property benefits from proximity to major technology, life sciences, and insurance employers that anchor daily commuter flows and support multifamily renter demand. Nearby nodes include Cisco Systems, Biogen Idec, IQVIA (Quintiles), AmerisourceBergen, and John Deere corporate facilities.
- Cisco Systems technology (0.8 miles)
- Biogen Idec biotech (1.6 miles)
- Quintiles Transnational Holdings clinical research organization (3.4 miles) HQ
- Amerisource Bergen pharmaceutical distribution (4.1 miles)
- John Deere Morrisville Training Center manufacturing & training (4.2 miles)
Built in 2009, the 28 unit asset offers relatively newer vintage positioning versus much of the suburban stock, supporting competitive tenant appeal today while leaving room for targeted modernization of interiors and common areas as systems age. According to CRE market data from WDSuite, the neighborhood s renter occupied share is high on a national basis, and occupancy for the neighborhood sits near the national mid range a combination that typically supports consistent leasing with measured exposure to concessions.
Within a 3 mile radius, population and households have grown meaningfully and are forecast to expand further, pointing to a larger tenant base over the medium term. Elevated home values locally reinforce renter reliance on multifamily housing, while incomes near the top of national distributions help sustain rent levels and collections. These fundamentals, combined with proximity to major RTP employers, provide a durable backdrop for long term cash flow with prudent capital planning.
- 2009 vintage supports competitive positioning today with selective value add upside over time
- High neighborhood renter occupied share deepens the tenant pool and supports renewal velocity
- 3 mile population and household growth expand demand and help stabilize occupancy
- Elevated ownership costs sustain rental demand and pricing power relative to metro peers
- Risks: neighborhood safety sits below the national midpoint and park access is limited; underwrite security/amenity spend and leasing timelines accordingly