| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 43rd | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 305 E Garner Rd, Garner, NC, 27529, US |
| Region / Metro | Garner |
| Year of Construction | 1993 |
| Units | 41 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
305 E Garner Rd, Garner NC Value-Add Multifamily
Neighborhood occupancy in the low-90s and a moderate renter base indicate steady leasing fundamentals, according to WDSuite’s CRE market data. The property’s 1993 vintage positions it for targeted renovations to compete against newer nearby stock.
Located in an inner-suburb pocket of the Raleigh–Cary metro, the neighborhood rates B- and sits around the metro median overall, with amenities that are competitive among Raleigh–Cary neighborhoods (rank 92 of 331). Grocery and dining access trends above national midpoints, while childcare and pharmacies are thinner locally—factors to consider for resident convenience and retention.
The area’s rental occupancy runs in the low-90% range (56th percentile nationally), supporting stable operations. Renter-occupied housing accounts for about one-third of neighborhood units, a level competitive among Raleigh–Cary neighborhoods (rank 106 of 331), suggesting a durable tenant base for smaller-format apartments.
Within a 3-mile radius, recent population growth and a double-digit increase in households have expanded the local tenant base. Forward-looking data show households continuing to rise even as average household size trends lower, implying more households per capita and sustained demand for rental units—dynamics that can support occupancy stability and lease-up velocity over time based on CRE market data from WDSuite.
Median home values in the neighborhood trend above national norms (70th percentile value-to-income), a high-cost ownership context that can reinforce reliance on multifamily housing and support pricing power. Average nearby school ratings track below national averages, which may matter for family renters but is less determinative for studios and smaller one-bedroom product.
Vintage context: the neighborhood’s average construction year skews recent (2020, top tier in the metro), while this asset was built in 1993. The older vintage points to potential value-add through interior modernization and systems upgrades to enhance competitive positioning against newer supply.
Safety indicators for the neighborhood trend below national averages (violent and property offense measures sit in lower national percentiles). Compared with Raleigh–Cary peers, the area ranks in the lower half (crime rank 244 of 331), indicating higher crime than many metro neighborhoods.
Recent data show a year-over-year uptick in violent incidents, while property offenses remain elevated. Investors should underwrite appropriate security measures, lighting, and resident policies, and benchmark performance against submarkets that demonstrate improving trends.
Regional employment anchors within commutable range include insurance, life sciences, logistics/pharma distribution, and technology offices, supporting renter demand through diversified white-collar and operations roles. Notable nearby employers include MetLife, Erie Insurance, John Deere, AmerisourceBergen, and Quintiles (IQVIA).
- MetLife Auto & Home Craig Conley LUTCF — insurance agency (10.9 miles)
- Erie Insurance Group — insurance (11.6 miles)
- MetLife — insurance (14.0 miles)
- John Deere Morrisville Training Center — manufacturing training (15.6 miles)
- Amerisource Bergen — pharma distribution (15.9 miles)
- Quintiles Transnational Holdings — life sciences (17.9 miles) — HQ
This 41-unit 1993-vintage asset offers a straightforward value-add angle in a Raleigh–Cary inner-suburb where neighborhood occupancy sits in the low-90s and renter concentration is competitive for the metro. Based on CRE market data from WDSuite, elevated ownership costs relative to incomes in the neighborhood help sustain multifamily demand, while 3-mile household growth and a trend toward smaller household sizes expand the addressable renter pool over time.
The property’s older vintage versus a neighborhood average skewing to 2020 construction suggests targeted interior upgrades and common-area improvements can improve leasing competitiveness against newer supply. Investors should balance this upside with underwriting for below-average school ratings and safety metrics that trail metro and national benchmarks.
- Value-add potential: 1993 construction versus newer neighborhood stock supports renovation-driven rent and retention gains.
- Demand depth: low-90% neighborhood occupancy and a competitive renter-occupied share support stable tenancy.
- Macro context: higher ownership costs in the area reinforce reliance on rentals and can aid pricing power.
- Demographic support: within 3 miles, more households and smaller household sizes broaden the renter base.
- Key risks: safety metrics below national averages and weaker school ratings warrant conservative underwriting and proactive management.