| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 50th | Fair |
| Amenities | 40th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1010 Sappony Dr, Knightdale, NC, 27545, US |
| Region / Metro | Knightdale |
| Year of Construction | 2009 |
| Units | 24 |
| Transaction Date | 2017-11-09 |
| Transaction Price | $49,500,000 |
| Buyer | CH REALTY IX-PREISS MF RALEIGH LEGACY OAKS OW |
| Seller | EAST RALEIGH MULTIFAMILY DST |
1010 Sappony Dr, Knightdale NC Multifamily Investment
Stabilized neighborhood dynamics with renter depth and occupancy in the low-90s support durable cash flow potential, according to WDSuite’s CRE market data. The 24-unit, 2009-vintage asset offers relative competitiveness for an inner-suburban location within the Raleigh-Cary metro.
Knightdale’s inner-suburban setting balances access to the broader Raleigh-Cary economy with a neighborhood profile that is competitive among metro peers (amenities rank 116 out of 331, competitive among Raleigh-Cary neighborhoods) rather than walkable-urban. Restaurants are moderately represented (around the national median), while parks and pharmacies index stronger (around the 70th percentile nationally), suggesting everyday convenience even if cafes and childcare are limited locally.
Neighborhood rents trend above national norms (median contract rent ranks 119 of 331 locally; roughly 71st percentile nationally), while neighborhood occupancy sits in the low-90s. For investors, that combination points to steady demand with some pricing power when paired with disciplined lease management. The share of renter-occupied housing at the neighborhood level is elevated (rank 59 of 331; high national percentile), indicating a deep tenant base that can support multifamily absorption and retention.
Demographic statistics are aggregated within a 3-mile radius. Population and households expanded over the last five years and are projected to continue growing through 2028, indicating a larger tenant base ahead and supporting occupancy stability. Median and mean household incomes in the 3-mile area are solid and rising, which helps underpin rent collections and renewal potential as new households enter the market.
Home values in the neighborhood sit in a higher national percentile with a value-to-income ratio also on the higher side. In practice, this high-cost ownership context tends to sustain reliance on rental housing, reinforcing underlying multifamily demand and aiding lease retention. With a 2009 construction year, the property can compete well against older inner-suburban stock, while investors should still anticipate routine capital planning for systems that are now mid-life and potential light value-add to align finishes with today’s renter expectations.
Safety trends should be evaluated with care. The neighborhood ranks 239 out of 331 in the Raleigh-Cary metro, placing it below the metro average on crime measures. Compared with neighborhoods nationwide, overall safety sits in lower percentiles, so operators may need to emphasize lighting, access control, and resident communication to support retention and leasing.
Recent year-over-year estimates indicate increases in both violent and property offenses at the neighborhood level. While these figures fluctuate over time, investors should underwrite to thoughtful on-site security practices and consider the impact of safety perception on marketing and renewal strategies relative to competing Raleigh-Cary submarkets.
Employment access is anchored by regional corporate offices to the west, supporting renter demand through commute convenience to insurance, healthcare distribution, and industrial training employers listed below.
- MetLife Auto & Home Craig Conley LUTCF — insurance services (15.3 miles)
- MetLife — insurance (16.0 miles)
- Erie Insurance Group — insurance (16.7 miles)
- Amerisource Bergen — healthcare distribution (17.5 miles)
- John Deere Morrisville Training Center — industrial training (17.5 miles)
This 24-unit, 2009-vintage property leverages a renter-oriented neighborhood with occupancy in the low-90s and rents above national norms. According to CRE market data from WDSuite, the local share of renter-occupied housing is high for the metro, which supports a deeper tenant base and steady absorption. Elevated home values relative to incomes in the neighborhood further sustain reliance on rental housing, bolstering renewal prospects when paired with attentive lease management.
Three-mile demographics show recent and projected growth in population and households through 2028, implying a larger renter pool over the hold period. The 2009 construction provides competitive positioning versus older inner-suburban stock; investors can target selective upgrades and mid-life system planning to capture rent premiums while maintaining cost discipline. Operators should also account for safety perceptions and limited walkable amenities when calibrating marketing, resident experience, and underwriting assumptions.
- Renter depth: high neighborhood renter-occupied share supports absorption and retention.
- Demand drivers: 3-mile population and household growth expand the tenant base.
- Pricing power: neighborhood rents above national norms with occupancy in the low-90s.
- Asset positioning: 2009 vintage offers competitive standing with targeted value-add potential.
- Risks: below-metro-average safety and limited walkable amenities require focused operations and marketing.