| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 89th | Best |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3000 Bristol Creek Dr, Morrisville, NC, 27560, US |
| Region / Metro | Morrisville |
| Year of Construction | 2013 |
| Units | 74 |
| Transaction Date | 2012-03-30 |
| Transaction Price | $4,500,000 |
| Buyer | WMCI RALEIGH VIII LLC |
| Seller | PR III WOOD CARY PARKWAY APARTMENTS LLC |
3000 Bristol Creek Dr, Morrisville NC Multifamily Opportunity
Newer 2013 construction in an inner-suburban location with strong amenities and school fundamentals provides durable renter appeal, while neighborhood occupancy trends warrant active leasing strategy, according to WDSuite’s CRE market data.
Located in Morrisville (Raleigh–Cary metro), the property sits in a neighborhood rated A+ and ranked 2 out of 331 metro neighborhoods, signaling top-tier local fundamentals for investors. Amenity access is competitive versus national peers, with restaurants, grocery, parks, childcare, and pharmacies scoring in the upper national quartiles. The neighborhood’s average school rating is among the strongest locally and in the top percentile nationally, which can help support family-driven leasing and retention.
Rents in the neighborhood benchmark above many U.S. submarkets, and median contract rent has risen over the last five years, aligning with income strength. The neighborhood’s rent-to-income dynamics point to manageable affordability pressure compared with high-cost coastal markets, which can reduce churn risk and support steady pricing power for well-operated assets.
Within a 3-mile radius, demographics show an expanding, high-income resident base: population and households have grown in recent years, and households are projected to continue increasing, implying a larger tenant base over time. The renter-occupied share within this 3-mile area indicates a sizable pool of prospective tenants, supporting depth for multifamily demand.
The asset’s 2013 vintage is newer than the neighborhood’s average construction year (2003), providing competitive positioning versus older stock. Investors should still plan for routine system updates and select upgrades to maintain relevance against recent deliveries while leveraging the property’s modern baseline to enhance leasing velocity.
Neighborhood occupancy levels have trailed metro leaders in recent periods, suggesting the need for disciplined revenue management and amenity-driven differentiation. However, high educational attainment, strong household incomes, and top-tier schools create favorable long-term conditions for stabilized operations compared with many suburban alternatives.
Safety indicators are mixed when viewed against both metro and national benchmarks. The neighborhood ranks 217 out of 331 Raleigh–Cary neighborhoods on crime, and national comparison percentiles place it below the U.S. average for safety (violent and property categories). Recent year-over-year estimates also indicate an uptick in reported offenses. For investors, this points to the importance of standard security measures, lighting, and resident engagement to support retention and leasing, as seen in comparable inner-suburban assets.
Contextually, surrounding employment and amenity concentration can sustain renter demand despite these readings, but underwriting should incorporate prudent assumptions for operating practices that emphasize on-site visibility, access control, and partnership with local community resources. Percentile comparisons reference neighborhoods nationwide; ranks compare this area with 331 neighborhoods in the Raleigh–Cary metro.
Proximity to major corporate offices in and around Research Triangle Park supports a steady workforce renter base and commute convenience for residents. The employers below represent nearby demand drivers relevant to leasing stability.
- MetLife — insurance & technology operations (2.0 miles)
- John Deere Morrisville Training Center — manufacturing training facility (2.4 miles)
- Amerisource Bergen — healthcare distribution offices (3.0 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (3.8 miles)
- Quintiles Transnational Holdings — life sciences (5.2 miles) — HQ
This 74-unit asset combines a 2013 vintage with strong neighborhood fundamentals in Morrisville, positioning it competitively against older suburban stock. Household incomes and educational attainment are high locally, schools are top-tier, and amenity access is strong—factors that typically support demand depth and lease retention. While neighborhood occupancy has lagged leading Raleigh–Cary submarkets, disciplined leasing and targeted upgrades can help capture renters drawn by modern construction and convenient access to major employers. According to CRE market data from WDSuite, these dynamics align with sustained renter demand even as operators manage for near-term competitive supply and pricing.
Within a 3-mile radius, recent population and household growth—and forecasts pointing to continued household expansion—suggest a larger tenant base ahead. Elevated ownership costs in the area reinforce reliance on multifamily options, supporting occupancy stability for well-positioned assets. Investors should underwrite routine capital planning appropriate for a 2013 property while leveraging proximity to Research Triangle Park employers to support leasing velocity.
- 2013 vintage offers competitive positioning versus older suburban stock, with manageable modernization needs
- Top-tier schools and strong amenity access support family-driven leasing and retention
- Expanding 3-mile household base and high incomes bolster multifamily demand and pricing power
- Proximity to major RTP employers supports steady tenant inflow and commute convenience
- Risk: Neighborhood occupancy trails metro leaders—requires active revenue management and amenity differentiation