| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 79th | Best |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10820 Penny Rd, Cary, NC, 27518, US |
| Region / Metro | Cary |
| Year of Construction | 2003 |
| Units | 117 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
10820 Penny Rd, Cary NC — 117-Unit Multifamily
Positioned in an A+ suburban neighborhood with steady renter demand and above-average occupancy at the neighborhood level, according to WDSuite’s CRE market data, this asset offers durable cash flow potential with room for operational optimization.
The property sits within an A+ rated, suburban neighborhood that ranks 7 out of 331 across the Raleigh–Cary metro, indicating top-tier local fundamentals for investors. Neighborhood occupancy is strong and has trended higher over the past five years, placing the area in the top quartile nationally for occupancy stability. Renter-occupied housing is a minority share locally, signaling a predominantly owner-occupied context that can support tenant retention and measured pricing power for quality multifamily assets.
Daily needs are well-covered: grocery, pharmacy, parks, and dining concentrations all score above national norms, supporting livability and leasing appeal. Average school ratings sit above national medians, which is often correlated with household stability. For context, amenity density (restaurants, cafes, childcare) generally tracks in the 70s–80s national percentiles, reinforcing convenience without the congestion typical of urban cores.
Within a 3-mile radius, demographics point to a high-income renter pool and incremental household growth, with projections calling for additional population and household gains over the next five years. This implies a larger tenant base and supports occupancy stability as new renters enter the market. Elevated home values in the immediate area signal a high-cost ownership market, which tends to reinforce reliance on rental options and can aid lease retention and renewal performance for well-managed properties.
Neighborhood rent levels sit above national averages yet remain manageable relative to incomes, a combination that historically supports consistent collections and reduces turnover risk for properties that maintain competitive finishes and service levels. Overall, these dynamics are competitive among Raleigh–Cary neighborhoods and above the metro median in several investor-relevant categories.
Safety indicators in this neighborhood are mixed when compared nationally. Overall crime metrics benchmark below national percentiles, suggesting investors should underwrite conservatively; however, recent data shows property-related incidents have declined year over year, which is a constructive trend for the area. Within the Raleigh–Cary metro, the neighborhood’s crime rank sits near the middle of the pack (149 out of 331), indicating conditions that are around the metro median rather than an outlier on either end.
For underwriting, the takeaway is to assume average metro risk with improving property-offense trends, and to pair that with standard security and lighting plans commensurate with suburban multifamily. As always, investors should evaluate site-specific measures and recent comps rather than relying solely on neighborhood-level indicators.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, including Erie Insurance, MetLife (two locations), John Deere’s training center, and AmerisourceBergen.
- Erie Insurance Group — insurance (1.7 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (3.1 miles)
- MetLife — financial services (7.9 miles)
- John Deere Morrisville Training Center — equipment training center (8.8 miles)
- Amerisource Bergen — pharmaceuticals distribution (9.4 miles)
This 117-unit asset, built in 2003, is positioned for durable performance in a top-ranked Cary submarket. The neighborhood posts above-national occupancy with upward five-year momentum, and an owner-heavy housing mix underscores depth for quality rentals without oversaturation. High home values in the vicinity indicate a high-cost ownership market that tends to sustain reliance on multifamily housing, supporting retention and measured pricing power when paired with competitive finishes and service. Based on CRE market data from WDSuite, these local dynamics are competitive among Raleigh–Cary neighborhoods and above the metro median in several investor-relevant categories.
The 2003 vintage suggests limited near-term structural obsolescence with potential for targeted value-add: refreshing interiors, common areas, and energy systems can enhance leasing velocity while keeping capital intensity manageable. Within a 3-mile radius, household counts and incomes are projected to rise over the next five years, pointing to renter pool expansion and demand resilience. Key risks include a lower neighborhood renter-occupied share and mixed national safety percentiles, both of which can be mitigated through disciplined operations, market-appropriate amenity sets, and conservative underwriting.
- Top-tier Cary location with above-national occupancy and steady five-year trend
- High-cost ownership market supports tenant retention and pricing power
- 2003 vintage allows targeted value-add with manageable capital planning
- 3-mile demographics point to a growing, high-income renter base
- Risks: lower renter concentration and mixed safety metrics warrant conservative underwriting