| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 79th | Best |
| Amenities | 71st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 122 S Harrison Ave, Cary, NC, 27511, US |
| Region / Metro | Cary |
| Year of Construction | 1983 |
| Units | 21 |
| Transaction Date | 2011-06-23 |
| Transaction Price | $241,500 |
| Buyer | TRIANGLE ELDERLY HOUSING CORPORATION |
| Seller | TRIANGLE HOUSING DEVELOPMENT CORPORATION |
122 S Harrison Ave, Cary NC Multifamily Opportunity
Neighborhood occupancy is in the mid-90s with a high share of renter-occupied units, according to WDSuite’s CRE market data, pointing to depth of tenant demand and leasing stability in this Inner Suburb location.
Cary’s Inner Suburb setting scores an A neighborhood rating and ranks 19th out of 331 Raleigh–Cary neighborhoods, placing it in the top quartile metro-wide. Amenity access is a local strength: restaurants (rank 16 of 331), groceries (21 of 331), cafes (22 of 331), and parks (25 of 331) all fall into top-quartile territory, while average school ratings around 4.0 (rank 29 of 331) support family appeal. Pharmacy access is limited within the neighborhood (rank 331 of 331), which is a minor convenience consideration for residents.
For investors, renter demand signals are constructive. The neighborhood’s occupied housing units include a high renter-occupied share (national percentile 89), contributing to a deeper tenant base. Neighborhood occupancy averages 95.7% and has trended modestly higher over five years, supporting income stability relative to broader metro conditions, based on CRE market data from WDSuite.
Within a 3-mile radius, households increased over the last five years and are projected to rise further through 2028, even as average household sizes edge down. That combination typically expands the renter pool and supports absorption for smaller floor plans and efficient layouts, which can aid lease-up and retention strategies.
Ownership costs in the neighborhood are elevated relative to incomes (home values and value-to-income ratio both sit in higher national percentiles), and median contract rents benchmark near the upper tier for the metro. This high-cost ownership backdrop often sustains reliance on multifamily housing and supports pricing power, though operators should calibrate rents to maintain a balanced rent-to-income profile and reduce turnover risk.
Vintage also matters: the property’s 1983 construction is newer than the neighborhood’s average vintage (1955). That generally enhances competitive positioning versus older stock; however, investors should still plan for selective system updates or modernization to meet current renter expectations.
Safety indicators are roughly around the national median overall (crime national percentile ~51), with the neighborhood performing competitively within the metro (rank 66 out of 331, which is above the metro median). Recent trends are favorable: both property and violent offense rates declined year over year, according to WDSuite, which supports a gradual improvement narrative rather than a structural shift. Investors should underwrite to current conditions and monitor trend continuity.
Proximity to regional employers underpins renter demand and commute convenience, with nearby insurance, manufacturing training, and pharmaceutical distribution offices serving as steady workforce anchors.
- MetLife Auto & Home Craig Conley LUTCF — insurance services (1.8 miles)
- MetLife — insurance (3.2 miles)
- Erie Insurance Group — insurance (3.4 miles)
- John Deere Morrisville Training Center — manufacturing training center (4.4 miles)
- Amerisource Bergen — pharmaceutical distribution (4.9 miles)
This 21-unit asset benefits from a top-quartile Cary neighborhood that pairs strong amenity access and competitive school quality with a deep renter base. Neighborhood occupancy is high and trending upward, and ownership costs remain elevated relative to incomes—conditions that typically sustain multifamily demand and support pricing discipline, according to CRE market data from WDSuite. The 1983 vintage is newer than the area’s average stock, providing a relative edge versus mid-century properties, while still warranting targeted upgrades for building systems and finishes over a hold period.
Within a 3-mile radius, household counts have grown and are projected to rise further, while household sizes trend slightly smaller—factors that can expand the renter pool and aid absorption for efficient unit layouts. Operators should balance rent growth with retention management, given higher rent benchmarks and the need to maintain healthy rent-to-income dynamics.
- Top-quartile neighborhood within Raleigh–Cary supports leasing stability and renter demand
- High neighborhood occupancy with upward trend reinforces income durability
- Elevated ownership costs bolster multifamily reliance and pricing power
- 1983 vintage offers competitive positioning versus older stock with targeted upgrade potential
- Risks: pharmacy access is limited locally, and older building systems may require capex; maintain rent-to-income balance to protect retention