| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Fair |
| Demographics | 73rd | Good |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 100 Lenoxplace Cir, Raleigh, NC, 27603, US |
| Region / Metro | Raleigh |
| Year of Construction | 2001 |
| Units | 24 |
| Transaction Date | 2011-02-17 |
| Transaction Price | $14,935,000 |
| Buyer | IRT LENOXPLACE APARTMENTS OWNER LLC |
| Seller | LENOXPLACE APARTMENTS LLC |
100 Lenoxplace Cir Raleigh Multifamily Investment
Suburban Raleigh location with steady renter demand signals and accessible rent-to-income dynamics, according to WDSuite’s CRE market data. The neighborhood is competitive within the metro, offering amenity access that supports leasing while leaving room for operational upside.
Positioned in a suburban pocket of Raleigh-Cary, the neighborhood ranks 79 out of 331 locally, indicating it is competitive among Raleigh-Cary neighborhoods. Amenity access is mixed: grocery, pharmacy, and cafes trend above national medians, while park access is limited, which may shift resident preferences toward on-site greenspace and community features for retention.
Neighborhood-level occupancy is below the national midpoint, suggesting some softness relative to broader CRE trends; investors should underwrite to longer lease-up times and emphasize renewals to protect cash flow. Median contract rents in the surrounding area have risen over the last five years, and the local rent-to-income profile sits around the national middle, pointing to manageable affordability pressure and measured pricing power rather than outsized rent growth.
The housing stock skews relatively new for the metro (neighborhood average construction around the mid-2000s). With a 2001 vintage, this property is slightly older than nearby inventory, which can support a value-add program focused on interiors and aging systems to sharpen competitive positioning.
Demographic statistics aggregated within a 3-mile radius show a modest population contraction in recent years alongside a small increase in households, with forecasts indicating further household growth and smaller average household sizes. That pattern typically expands the tenant base for studios and 1–2 bedroom configurations and can support occupancy stability with the right unit mix and amenity strategy. Renter-occupied housing accounts for roughly half of units within the 3-mile radius, signaling a deep local renter pool for multifamily investors.
Ownership costs in the neighborhood are elevated relative to national norms, which tends to sustain reliance on rental options and can aid lease retention. Combined with above-median household incomes and amenity convenience, this supports durable renter demand even if rent growth remains disciplined.
Safety indicators for the neighborhood trend below national averages, with national percentiles suggesting higher-than-typical rates of both property and violent offenses compared with neighborhoods nationwide. Investors should consider security-conscious site design and resident engagement to support retention and asset reputation.
Recent trends are mixed: estimated property offenses have declined year over year, while estimated violent offenses have increased over the same period. Framing this in underwriting with prudent loss forecasts and operational controls is advisable when assessing downside risk.
Nearby corporate offices span insurance, manufacturing training, and life sciences, supporting a diversified employment base that underpins commuter demand and lease stability for workforce-oriented units. The companies below represent key demand drivers within typical renter commuting ranges.
- MetLife Auto & Home Craig Conley LUTCF — insurance (7.5 miles)
- Erie Insurance Group — insurance (8.2 miles)
- MetLife — insurance (10.8 miles)
- John Deere Morrisville Training Center — manufacturing training (12.4 miles)
- Quintiles Transnational Holdings — life sciences CRO (14.9 miles) — HQ
100 Lenoxplace Cir sits in a competitive Raleigh-Cary submarket where amenity access and above-median incomes support a durable renter base, but neighborhood occupancy trends suggest leasing remains more competitive than the national midpoint. Built in 2001, the asset is slightly older than nearby stock, creating clear value-add levers around interiors and systems to enhance absorption and renewal performance. Elevated ownership costs in the area reinforce reliance on multifamily housing, and household growth within a 3-mile radius—paired with smaller projected household sizes—points to a broader tenant base for efficiently sized units.
According to CRE market data from WDSuite, rents and incomes track above national medians while rent-to-income remains manageable, suggesting balanced pricing power rather than outsized hikes. Underwriting should emphasize renewal capture and operational execution (marketing, concessions discipline, and security-forward management) to navigate softer neighborhood occupancy while positioning for steady, income-focused returns.
- Competitive suburban location with amenity convenience and above-median incomes supporting demand
- 2001 vintage offers value-add potential versus newer neighborhood stock (interiors/systems)
- 3-mile household growth and smaller household sizes expand the renter pool for efficient layouts
- Balanced pricing power with manageable rent-to-income; focus on renewals for NOI durability
- Risk: below-median neighborhood occupancy and safety metrics require disciplined leasing and security investments