| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 88th | Best |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1408 Brookside Dr, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 1986 |
| Units | 68 |
| Transaction Date | 2006-07-01 |
| Transaction Price | $3,437,500 |
| Buyer | Karen East Apartments LLC |
| Seller | KBA, LLC |
1408 Brookside Dr Raleigh 68-Unit Multifamily
Neighborhood fundamentals point to steady renter demand and generally stable occupancy, according to WDSuite’s CRE market data, with elevated for-sale values in the area supporting reliance on multifamily housing. This location offers proximity to core Raleigh amenities while maintaining a rent-to-income profile that can aid retention and pricing discipline.
The property sits in an A- rated, Suburban neighborhood that is competitive among Raleigh-Cary, NC neighborhoods (ranked 80 out of 331) and in the top quartile nationally by composite score. Local rent levels trend above national medians while the neighborhood occupancy rate has held near the national midpoint over recent years, indicating balanced leasing conditions rather than overbuilding.
Amenity access is a relative strength: grocery and restaurant density track in the higher national percentiles, while parks are accessible within the submarket. By contrast, the immediate area has limited cafe and pharmacy options inside the neighborhood boundaries; residents typically tap nearby corridors for those needs. For investors, the mix suggests daily-needs convenience with some discretionary amenities a short drive away.
Housing stock in the neighborhood skews older on average than this asset’s 1986 vintage (neighborhood average construction year 1949). That positioning can be advantageous for leasing versus older comparables, though investors should plan for mid-1980s systems and common-area modernization over the hold.
Within a 3-mile radius, demographics show population growth over the past five years and a notable increase in households, with forecasts pointing to continued household expansion over the next five years. A rising share of higher-income households and a renter-occupied base above half of housing units in this radius support a deeper tenant pool, which can bolster occupancy stability and absorption for renovated units.
At the neighborhood level, median contract rents sit above the national midpoint and have appreciated materially over the last five years, while rent-to-income remains manageable. Home values are elevated for the region, which tends to sustain rental demand and supports lease retention where management emphasizes service quality and renewal strategies.
Safety indicators are mixed when viewed through metro and national lenses. The neighborhood’s crime rank sits above the metro median among 331 Raleigh-Cary neighborhoods, yet national percentiles indicate safety performance below many U.S. neighborhoods overall. Recent data also show a year-over-year decline in property offenses, suggesting some directional improvement, but violent offense measures remain in lower national percentiles. Investors should incorporate prudent security, lighting, and access-control planning into underwriting and asset management.
Nearby employment anchors include insurance, manufacturing/training, and healthcare distribution offices that broaden the commuter base and can support leasing stability for workforce and professional renters. The list below reflects the closest notable employers by distance.
- MetLife Auto & Home Craig Conley LUTCF — insurance (9.4 miles)
- MetLife — insurance (10.2 miles)
- Erie Insurance Group — insurance (10.9 miles)
- John Deere Morrisville Training Center — manufacturing/training (11.8 miles)
- Amerisource Bergen — healthcare distribution (11.8 miles)
This 68-unit, 1986-vintage asset combines relative competitiveness versus older neighborhood stock with demand supported by elevated ownership costs and a broadening renter base. Neighborhood occupancy trends sit near national medians, and median rents are above national midpoints while rent-to-income levels remain manageable, indicating capacity for disciplined rent growth and renewal capture without overextending affordability. Based on commercial real estate analysis from WDSuite, the surrounding 3-mile area shows household growth with forecasts pointing to further expansion, which supports a larger tenant base and helps underpin leasing velocity.
From an investment planning perspective, mid-1980s systems may warrant targeted value-add or capital upgrades to common areas and unit interiors to enhance competitiveness against newer deliveries. Elevated home values in the neighborhood reinforce renter reliance on multifamily housing, while proximity to diversified employers supports day-one demand and lease retention across economic cycles.
- Demand supported by high-cost ownership market and above-median neighborhood rents
- 1986 vintage offers value-add potential versus older local stock
- Expanding 3-mile household base supports tenant depth and occupancy stability
- Risk: safety percentiles trail national benchmarks; plan for security and lighting investments