| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 89th | Best |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Glendale Chase Ct, Morrisville, NC, 27560, US |
| Region / Metro | Morrisville |
| Year of Construction | 1998 |
| Units | 20 |
| Transaction Date | 2006-10-23 |
| Transaction Price | $30,550,000 |
| Buyer | BRE CARY PARK APARTMENTS LLC |
| Seller | CITY PARKWAY MARQUIS LP |
1000 Glendale Chase Ct, Morrisville Multifamily Opportunity
Renter demand is underpinned by a high neighborhood renter concentration and top-tier schools in an inner suburb setting, according to WDSuite’s CRE market data. This commercial real estate analysis points to steady leasing potential even as neighborhood occupancy trends fluctuate.
Morrisville’s inner-suburb location delivers daily convenience: the neighborhood ranks competitive among Raleigh-Cary neighborhoods (12 of 331) for overall amenities, with grocery, dining, parks, and pharmacies all scoring above national midlines. Average school ratings sit in the top position among 331 metro neighborhoods and top percentile nationally, reinforcing family appeal and supporting tenant retention for multifamily operators.
Neighborhood rent levels are above many peers (median asking rents rank 49 of 331; upper-national percentile), while rent-to-income metrics indicate manageable affordability pressure in this submarket context. Elevated home values relative to incomes signal a high-cost ownership market, which can sustain reliance on rental housing and support pricing power for well-managed assets.
The area shows a high share of renter-occupied housing units (rank 15 of 331, indicating a deep renter base), which supports demand depth even as neighborhood occupancy currently trails both metro and national benchmarks. Investors should underwrite to current neighborhood occupancy conditions while recognizing that renter concentration and amenity strength can help stabilize leasing performance.
Within a 3-mile radius, demographics point to a larger tenant base over time: recent population and household growth, alongside forecasts for continued increases and slightly smaller average household sizes, suggest ongoing renter pool expansion. These dynamics, paired with strong incomes and above-average educational attainment, align with premium product positioning and are consistent with insights surfaced through WDSuite-supported multifamily property research.
Safety trends should be evaluated comparatively at the neighborhood level. This area scores below national safety percentiles overall, indicating higher crime exposure than many U.S. neighborhoods, and its crime ranking sits in the less favorable half among the 331 neighborhoods in the Raleigh-Cary metro. Violent and property offense indicators are likewise below national percentiles, so prudent operators typically budget for security-conscious site management and monitor trend shifts over time.
Investors often contextualize these figures against the submarket’s strong employment and school fundamentals, focusing on practical mitigants such as lighting, access control, and resident engagement while tracking changes via third-party data and local reporting.
Proximity to a diversified employment base supports commute convenience and leasing stability, with major employers nearby including MetLife, John Deere’s training center, AmerisourceBergen, Biogen, and Cisco Systems.
- MetLife — insurance/services (1.6 miles)
- John Deere Morrisville Training Center — manufacturing/training (2.2 miles)
- AmerisourceBergen — pharmaceutical distribution (2.8 miles)
- Biogen Idec — biotech offices (4.6 miles)
- Cisco Systems, Building 8 — technology offices (4.8 miles)
1000 Glendale Chase Ct sits in a high-amenity, school-strong inner suburb where renter concentration is among the highest in the metro (15 of 331), supporting depth of demand. While the neighborhood’s occupancy level is currently below both metro and national norms, above-median incomes, elevated home values, and strong amenity access help underpin leasing resilience and potential pricing power for well-positioned assets. The 1998 vintage is modestly older than nearby stock (average 2003), suggesting identifiable value-add and capital planning opportunities to enhance competitive positioning.
Within a 3-mile radius, recent population and household growth with further expansion forecasted point to a larger tenant base over time, supporting occupancy stability and retention for professionally managed properties. According to CRE market data from WDSuite, neighborhood occupancy trends warrant conservative underwriting, but the area’s renter share, school quality, and proximity to major employers provide durable demand drivers for multifamily investors.
- High renter concentration and top-ranked schools support demand depth and retention
- Amenity-rich inner suburb with elevated home values reinforcing rental reliance and pricing power
- 1998 vintage offers clear value-add and capex planning pathways versus newer local stock
- 3-mile radius growth outlook points to a larger tenant base and leasing resilience
- Risk: neighborhood occupancy trails metro/national — underwrite conservative lease-up and retention