| 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 | 115 |
| Transaction Date | 2013-12-23 |
| Transaction Price | $23,832,000 |
| Buyer | NIC 13 JORDAN OAKS OWNER LLC |
| Seller | CARY RETIREMENT RESIDENCE LLC |
10820 Penny Rd Cary NC Multifamily Investment
Neighborhood occupancy remains in the mid-90s, according to WDSuite’s CRE market data, pointing to stable renter demand and predictable leasing in the Raleigh–Cary metro.
Cary’s suburban setting combines strong livability with steady multifamily fundamentals. The neighborhood rates A+ and is competitive among Raleigh–Cary neighborhoods (ranked 7th of 331), with amenity access landing in the upper ranges nationally (amenities ~77th percentile and parks ~79th percentile). Average school ratings are solid (around the 73rd national percentile), which helps sustain family-oriented renter interest without relying solely on Class A new supply.
Renter-occupied housing is a minority share locally (about a quarter of units at the neighborhood level), which typically indicates an owner‑heavy area and a deeper pool of households with the income to rent by choice. Median home values in the area are elevated relative to national norms, reinforcing reliance on multifamily for households that defer ownership and supporting pricing power and lease retention for stabilized assets.
At the neighborhood scale, occupancy trends sit above national medians (mid‑90s and stable over five years), and neighborhood NOI per unit benchmarks track in the top quartile nationally, according to WDSuite. For investors, that translates into a market context conducive to steady renewal rates and measured rent growth, with less exposure to extreme lease‑up volatility than more supply‑heavy submarkets.
Within a 3‑mile radius, demographics show modest population growth recently with a forecast increase by 2028 and a notable rise in total households, implying a larger tenant base even as average household size trends slightly lower. This shift generally supports consistent absorption of smaller formats and professional tenant profiles. Contract rents in the 3‑mile area are projected to advance meaningfully over the next five years, per WDSuite’s commercial real estate analysis, underscoring durable renter demand if operators manage affordability and renewals thoughtfully.
Relative to U.S. neighborhoods, local safety indicators sit below national medians, while the area places around the middle of the pack within the Raleigh–Cary metro (149th of 331). Recent trends are mixed: property offense rates have eased year over year, while violent offense measures ticked up. For investors, the takeaway is to underwrite standard security provisions and active property management, and to track neighborhood trendlines rather than relying on short‑term swings.
Nearby employers span insurance, manufacturing support, and pharma distribution — a diversified base that supports weekday traffic and short commute options for renters. The list below highlights key nodes likely to influence leasing and retention.
- Erie Insurance Group — insurance (1.6 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance (3.0 miles)
- MetLife — insurance (7.8 miles)
- John Deere Morrisville Training Center — manufacturing training (8.6 miles)
- Amerisource Bergen — pharma distribution (9.3 miles)
10820 Penny Rd is a 2003‑vintage, 115‑unit asset in a suburban Cary location where neighborhood occupancy has remained in the mid‑90s and home values are elevated. The area’s owner‑heavy tenure profile and strong household incomes point to a renter base that tends to prioritize schools and commute efficiency, supporting renewal stability and measured rent growth. According to CRE market data from WDSuite, neighborhood NOI per unit benchmarks track among the stronger cohorts nationally, while national‑percentile school and amenity access underpin long‑term livability fundamentals.
For operators, early‑2000s vintage offers room for targeted value‑add — common‑area refreshes and in‑unit modernization — to enhance competitiveness versus newer deliveries. Within a 3‑mile radius, households are projected to increase, expanding the tenant pool even as average household size trends lower; combined with a high‑cost ownership landscape, this supports ongoing demand for well‑managed multifamily. Key underwriting considerations include managing affordability pressure thoughtfully and aligning unit mix and finishes with professional renters given the property’s smaller average unit sizes.
- Stabilized demand context: neighborhood occupancy in the mid‑90s supports renewal and rent pacing
- High‑cost ownership market reinforces reliance on rentals and pricing power
- 2003 vintage allows targeted value‑add to refresh finishes and common areas
- Risks: lower renter concentration and mixed safety trends; smaller average unit sizes require precise positioning