| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 89th | Best |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Carters Creek Ct, Morrisville, NC, 27560, US |
| Region / Metro | Morrisville |
| Year of Construction | 2000 |
| Units | 20 |
| Transaction Date | 2014-09-30 |
| Transaction Price | $60,506,500 |
| Buyer | SREIT 1000 HENRICO LANE LLC |
| Seller | PRITI RTP8 OAKS AT WESTON OWNER LLC |
1000 Carters Creek Ct Morrisville Multifamily Investment
Positioned in an inner-suburb with strong amenities and high renter concentration, this 20-unit asset benefits from durable tenant demand and affluent household profiles, according to WDSuite s CRE market data. Neighborhood occupancy trends warrant active leasing strategy, but pricing power is supported by a high-cost ownership landscape.
Morrisville s neighborhood scores are competitive among Raleigh Cary submarkets, with an A+ neighborhood rating and a rank of 2 out of 331 metro neighborhoods. Amenities score in the top quartile nationally, with solid access to groceries, pharmacies, parks, and daily services factors that help leasing velocity and retention for multifamily.
Schools in the neighborhood rate at the top of the metro (ranked 1 of 331) and sit in the highest national percentile, which can enhance long-term renter appeal for family households. The renter-occupied share of housing units is elevated (neighborhood metric), indicating a deep tenant base that supports demand stability for professionally managed apartments.
Neighborhood rent levels are above many peers in the region and have risen over the past five years, while median household incomes are strong relative to national benchmarks. Home values are elevated locally, reinforcing reliance on multifamily rentals and providing support for renewal capture and lease retention. NOI per unit for the neighborhood benchmarks mid-range nationally, per commercial real estate analysis from WDSuite.
The property s 2000 construction is slightly older than the neighborhood s average vintage (2003). Investors should underwrite routine capital planning and consider targeted value-add or modernization to sharpen competitive positioning against newer stock. Neighborhood occupancy is currently below national norms and has trended down in recent years (neighborhood metric), so an active leasing and amenity-driven strategy remains important.
Demographics within a 3-mile radius show population and households have expanded over the last five years and are projected to grow further by 2028. Higher-income cohorts are well represented, supporting a larger tenant base for market-rate units and helping sustain occupancy stability when paired with thoughtful affordability and lease management.
Relative to national benchmarks, the neighborhood s safety metrics are below average, with crime indices sitting in lower national percentiles. Within the Raleigh Cary metro, the neighborhood ranks 217 out of 331 on crime, indicating weaker safety performance compared with many metro peers.
Recent year-over-year trends show increases in both property and violent offense estimates (neighborhood-level measures), suggesting investors should budget for pragmatic security measures, emphasize lighting and access controls, and account for potential insurance implications. Comparative, not block-level, analysis is most useful for underwriting; operators can often mitigate risk through on-site management and partnership with local public safety resources.
The property is proximate to a diverse employment base including insurance, advanced manufacturing training, pharma distribution, biotech, and networking hardware offices a mix that supports workforce housing demand and commute convenience for renters.
- MetLife insurance (1.4 miles)
- John Deere Morrisville Training Center manufacturing training (1.6 miles)
- Amerisource Bergen pharma distribution (2.2 miles)
- Biogen Idec biotech (3.9 miles)
- Cisco Systems, Building 8 networking hardware (4.2 miles)
This 20-unit property in Morrisville offers exposure to an A+ neighborhood with top-ranked schools, strong amenities, and a high renter concentration at the neighborhood level drivers that typically underpin tenant demand and renewal potential. Elevated local home values suggest a high-cost ownership market, which can support pricing power for quality rentals when paired with disciplined affordability and lease management. Based on CRE market data from WDSuite, neighborhood occupancy trends are softer than national norms, so execution will matter but the surrounding employment base and income levels provide a solid foundation.
Built in 2000, the asset is slightly older than the neighborhood average vintage, pointing to targeted value-add or modernization opportunities to compete with newer stock. Three-mile demographics show continued population and household growth, adding depth to the renter pool and supporting long-term leasing stability.
- A+ neighborhood with top-ranked schools and amenities supporting renter appeal
- High renter-occupied share (neighborhood metric) indicates depth of tenant base
- Elevated home values reinforce sustained demand for multifamily over ownership
- 2000 vintage offers value-add/modernization potential to sharpen competitiveness
- Risk: Neighborhood occupancy is below national norms; plan for active leasing and asset management