| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Good |
| Demographics | 70th | Good |
| Amenities | 12th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 111 MacArthur Dr, Cary, NC, 27513, US |
| Region / Metro | Cary |
| Year of Construction | 1996 |
| Units | 69 |
| Transaction Date | 1998-06-30 |
| Transaction Price | $5,850,000 |
| Buyer | HEALTH CARE REIT INC |
| Seller | ROSE MANOR OF CARY INC |
111 MacArthur Dr, Cary Multifamily—Inner-Suburb Stability
Neighborhood occupancy is strong and supported by high household incomes, according to WDSuite’s CRE market data, pointing to durable tenant retention in this inner-suburban pocket of Raleigh-Cary.
Situated in Cary’s Inner Suburb with a B- neighborhood rating, the area posts competitive occupancy among Raleigh-Cary’s 331 neighborhoods and an 83rd-percentile standing nationally for neighborhood occupancy. For investors, that mix typically supports steadier lease-up and renewal odds versus more volatile submarkets.
Household incomes rank in the 95th percentile nationally and the neighborhood’s rent-to-income ratio trends near the national upper-middle range, indicating modest affordability pressure that can aid retention and reduce bad-debt risk. Elevated home values versus national norms reinforce reliance on multifamily rentals, which can underpin pricing power through cycles.
Within a 3-mile radius, population and households have expanded over the past five years, and WDSuite data indicates further household growth ahead alongside smaller average household sizes. For multifamily owners, that points to a broader tenant base and incremental demand for smaller formats over time.
Local convenience is more auto-oriented: amenity and retail counts score below the metro median, and cafes, groceries, parks, and restaurants are limited within the immediate neighborhood. Investors should underwrite retention on the strength of incomes, schools and regional access rather than walkability alone.
Built in 1996, the property’s mid‑1990s vintage is competitive versus older regional stock while still warranting capital planning for systems and common-area updates to capture value-add premiums where feasible.
WDSuite’s safety indicators place the neighborhood around the middle of the pack nationally, with overall crime near the 39th percentile for safety (lower percentile indicates more incidents). Compared with Raleigh-Cary peers, the area trends near the metro middle rather than the top or bottom tiers.
Recent trend data show estimated property offenses declining year over year, while estimated violent offenses moved higher from a low base. For underwriting, this mixed signal argues for continued monitoring of trend direction, property-level security measures, and engagement with local policing resources.
The nearby employment base blends insurance, manufacturing, life sciences, and tech—supporting workforce housing demand and commute convenience for renters at this address. Notable employers within a short drive include Erie Insurance Group, MetLife, John Deere, AmerisourceBergen, and additional corporate offices.
- Erie Insurance Group — insurance (2.9 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (3.0 miles)
- MetLife — insurance (4.5 miles)
- John Deere Morrisville Training Center — industrial training (4.7 miles)
- Amerisource Bergen — pharma distribution (5.4 miles)
- Biogen Idec — biotech (6.3 miles)
- Cisco Systems, Building 8 — technology (6.3 miles)
- Quintiles Transnational Holdings — life sciences services (7.4 miles) — HQ
This 69‑unit, 1996-vintage asset benefits from a Cary inner‑suburban location where neighborhood occupancy is competitive among Raleigh‑Cary peers and nationally above average. Strong household incomes and elevated ownership costs in the neighborhood support stable renter demand and bolster renewal probability. Within a 3‑mile radius, population and household counts have grown, with WDSuite indicating further household expansion ahead—favorable for maintaining a broad tenant base.
Operationally, investors can lean on income depth and high neighborhood occupancy to sustain leasing, while reserving for mid‑cycle system updates typical for 1990s construction and considering selective value‑add to capture rent premiums. According to WDSuite’s commercial real estate analysis, local convenience is more drive‑oriented than walkable, so marketing and amenities should emphasize access, schools, and unit functionality over retail adjacency.
- Competitive neighborhood occupancy supports lease-up and renewals
- High household incomes and elevated ownership costs reinforce multifamily demand
- 1996 construction with potential to unlock value via targeted renovations
- 3-mile radius shows population and household growth, expanding the renter pool
- Risk: limited immediate amenities and a lower renter concentration may temper walkability-driven demand