| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 89th | Best |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Medalist Dr, Morrisville, NC, 27560, US |
| Region / Metro | Morrisville |
| Year of Construction | 1999 |
| Units | 22 |
| Transaction Date | 2020-12-17 |
| Transaction Price | $78,750,000 |
| Buyer | MAGNOLIA PRESTON VIEW TIC LLC |
| Seller | MAGNOLIA PRESTON VIEW LP |
1000 Medalist Dr Morrisville Multifamily Investment
High renter-occupied share in the neighborhood and proximity to major employment nodes point to durable tenant demand, according to WDSuite’s CRE market data. Elevated ownership costs locally further support rental reliance and potential pricing power with careful asset positioning.
Located in Morrisville’s inner suburb of the Raleigh–Cary metro, the neighborhood carries an A- rating and ranks 63 out of 331 metro neighborhoods, indicating competitive fundamentals among Raleigh–Cary peers. Parks access is a relative strength (ranked 22 of 331; top quartile nationally), while local retail is thinner inside the neighborhood core (restaurants present, but few cafes, groceries, or pharmacies), suggesting a more car-oriented living pattern with regional conveniences reached by short drives.
Rental dynamics are shaped by a high share of renter-occupied housing units in the neighborhood (ranked 19 of 331; top decile metro-wide), which supports depth of the tenant base and recurring leasing activity. Neighborhood occupancy is around the metro middle-to-lower tier (ranked 211 of 331), so operators should focus on product differentiation and renewal strategies to sustain stability.
Within a 3-mile radius, recent population and household growth have been notable, with projections through 2028 pointing to further renter pool expansion and a larger base of higher-income households. Median household income levels in the 3-mile area are strong and rising, which can underpin rent collections and reduce turnover risk, while also requiring attention to finish level and amenity expectations in unit renovations.
Home values in the neighborhood are elevated (ranked 4 of 331; high-cost ownership market at the 97th national percentile). This ownership context typically sustains rental demand and can aid lease retention, though investors should monitor rent-to-income positioning—neighborhood metrics suggest a manageable burden today—when setting renewal and new-lease pricing.
Safety indicators are mixed. The neighborhood’s overall crime rank sits at 127 out of 331 Raleigh–Cary neighborhoods, which is competitive within the metro, yet national comparisons are closer to the middle-to-lower tiers (around the 36th percentile). This implies local performance that aligns reasonably with metro norms but trails stronger national benchmarks.
Property offense levels track near national midpoints, while recent year-over-year changes indicate some upward movement in both property and violent offense estimates. Investors should underwrite to prudent security, lighting, and site-activation measures, and confirm the latest trends through municipal reporting and property-level incident logs.
The property sits near a diversified employment base spanning advanced manufacturing, insurance/financial services, and life sciences, which supports commuter convenience and steady renter demand. Key nearby employers include John Deere, MetLife, AmerisourceBergen, Biogen, and IQVIA (Quintiles Transnational Holdings).
- John Deere Morrisville Training Center — training and equipment (1.9 miles)
- MetLife — insurance/financial services (2.2 miles)
- Amerisource Bergen — pharmaceuticals distribution (2.5 miles)
- Biogen Idec — biotechnology offices (3.7 miles)
- Quintiles Transnational Holdings — life sciences/clinical research (4.6 miles) — HQ
1000 Medalist Dr is a 1999-vintage, 22-unit asset positioned in a high-income, jobs-rich inner suburban node of the Raleigh–Cary metro. The neighborhood shows a high concentration of renter-occupied housing units and elevated home values, reinforcing reliance on multifamily options and supporting a deeper tenant base. According to CRE market data from WDSuite, neighborhood occupancy trends sit below the metro median, suggesting that thoughtful renovations and targeted leasing can be important levers for performance relative to older stock nearby.
Within a 3-mile radius, strong historical and projected growth in population and households points to ongoing renter pool expansion. Proximity to major employers in life sciences, technology, and insurance supports commute convenience and can aid retention, while the late-1990s vintage offers a path for value-add through common-area and in-unit modernization to meet income-supported expectations.
- High renter-occupied housing share and elevated neighborhood home values bolster multifamily demand depth
- 3-mile area shows sustained and forecast growth in households, supporting occupancy stability and leasing velocity
- Proximity to diversified employers (life sciences, tech, financial services) supports tenant retention and rent collections
- 1999 vintage enables targeted value-add (systems and finishes) to improve competitive positioning versus older product
- Risks: neighborhood occupancy below metro median and mixed safety trends; underwrite to leasing incentives, security, and active management