| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 68th | Good |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10710 Nickleby Way, Raleigh, NC, 27614, US |
| Region / Metro | Raleigh |
| Year of Construction | 2007 |
| Units | 66 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
10710 Nickleby Way Raleigh Multifamily Investment
Neighborhood metrics point to durable renter demand and above-median occupancy for the area, according to WDSuite’s CRE market data. Focus is on steady leasing fundamentals rather than outsized growth, with the neighborhood figures measured at the neighborhood level, not the property.
The property sits in an Inner Suburb of Raleigh that ranks 26th of 331 metro neighborhoods, placing it in the top quartile locally. Area occupancy is reported at 94.5% for the neighborhood, and renter concentration is high (63.8% of housing units renter-occupied) — both measured for the neighborhood and supportive of a deeper tenant base and leasing stability.
Amenity access is competitive: neighborhood cafe density trends in the top quartile nationally, with groceries and pharmacies also testing above national medians. While park access is limited in this neighborhood, everyday retail and services are accessible, which tends to support retention and reduces reliance on long commutes for essentials.
Schools in the neighborhood average roughly mid-to-high performance for the metro and land in the top quartile nationally, which can underpin longer tenancy among households. Median household incomes at the neighborhood level sit around the national midpoint, while the rent-to-income ratio trends on the lower side nationally, a positive signal for lease retention and collections management.
Within a 3-mile radius, demographics indicate population growth over the past five years and a forecast for further expansion through 2028, with households projected to grow faster than population — implying smaller average household sizes and a larger renter pool. Rising median contract rents in the 3-mile area, alongside elevated ownership costs relative to income at the neighborhood level, suggest continued reliance on multifamily housing and sustained renter demand, though pricing should be managed to balance occupancy and affordability.
Neighborhood safety trends are weaker than many Raleigh neighborhoods (ranked 237 out of 331 in the metro), and national comparisons place the area below the U.S. median for safety. Recent year-over-year estimates indicate an uptick in both property and violent offenses for the neighborhood. These are broad neighborhood-level indicators, not block-specific, and investors typically underwrite to prudent security measures and tenant screening to support operations.
Proximity to regional employers supports workforce housing demand and commute convenience, particularly across insurance, life sciences, and advanced services: MetLife, AmerisourceBergen, Quintiles Transnational Holdings, John Deere, and MetLife Auto & Home are all within commuting distance.
- MetLife — insurance (16.2 miles)
- Amerisource Bergen — pharmaceutical distribution (16.8 miles)
- Quintiles Transnational Holdings — contract research/biopharma services (17.0 miles) — HQ
- John Deere Morrisville Training Center — equipment manufacturing training center (17.2 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance (18.3 miles)
Built in 2007, the asset benefits from mid-2000s construction that is typically more competitive than older vintage stock, while still offering potential for targeted modernization to enhance rents. Neighborhood fundamentals — including above-median occupancy for the area and a high share of renter-occupied housing units — indicate depth of tenant demand and support for steady leasing. According to CRE market data from WDSuite, local amenities trend above national medians and school quality is comparatively strong, both of which can aid retention.
Within a 3-mile radius, population and households have grown and are projected to expand further, pointing to a larger renter base over the next cycle. Elevated ownership costs relative to income at the neighborhood level reinforce multifamily reliance, while neighborhood rent-to-income trends suggest room for measured rent growth with attention to affordability to sustain occupancy. Key underwriting considerations include neighborhood safety, limited park access, and disciplined capital planning as the asset advances beyond its second decade.
- Mid-2000s vintage (2007) offers competitive positioning with targeted value-add potential
- Neighborhood-level occupancy and renter concentration support stable leasing and retention
- Amenity access and school quality provide lifestyle anchors that can reduce turnover
- 3-mile population and household growth expand the tenant base over the forecast period
- Risks: comparatively weaker neighborhood safety, limited parks, and the need for disciplined capital planning