| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 61st | Fair |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1601 Royal Pines Dr, Raleigh, NC, 27610, US |
| Region / Metro | Raleigh |
| Year of Construction | 2010 |
| Units | 48 |
| Transaction Date | 2010-05-27 |
| Transaction Price | $430,000 |
| Buyer | MEADOWCREEK COMMONS LLC |
| Seller | DHIC INC |
1601 Royal Pines Dr Raleigh Multifamily Opportunity
Stabilized renter demand is supported by a high-cost ownership landscape and steady neighborhood occupancy, according to WDSuite’s CRE market data. Proximity to daily-needs amenities suggests durable appeal for workforce renters in Raleigh’s inner suburbs.
The property sits in an Inner Suburb of Raleigh with a B+ neighborhood rating and ranks 104 out of 331 metro neighborhoods — competitive among Raleigh-Cary neighborhoods. Daily-needs access is a clear strength: grocery options and park access score in the top few ranks locally and are high nationally, while restaurants are plentiful. By contrast, cafes, childcare, and pharmacies are limited within the immediate neighborhood footprint.
Renter demand looks durable. Neighborhood occupancy is in the mid-90s and sits modestly above national midpoints, and approximately half of housing units are renter-occupied — a high renter concentration relative to U.S. norms that supports a deeper tenant base and helps leasing velocity. Median contract rents in the surrounding area have risen over the past five years, and forward-looking data points to continued rent growth.
Within a 3-mile radius, population expanded over the last five years and households grew faster than population, indicating smaller average household sizes and a larger tenant base for multifamily. Looking ahead, WDSuite’s projections show households continuing to increase even as household size trends lower — conditions that typically support occupancy stability and consistent absorption for well-located assets.
Affordability dynamics favor rentals. Neighborhood home values rank high versus both the metro and nation, and the value-to-income ratio sits in the top national percentiles. This high-cost ownership market tends to reinforce renter reliance on multifamily housing and can aid pricing power and lease retention for well-managed communities. Rent-to-income levels are manageable overall but warrant standard lease management to mitigate affordability pressure.
Safety outcomes for this neighborhood trend weaker than the metro median, with national positioning in lower percentiles. However, recent year-over-year readings from WDSuite indicate declines in both property and violent offense estimates, suggesting directional improvement. Investors should underwrite to current conditions while recognizing the recent improvement trend and evaluating on-the-ground security practices and resident experience.
Employment access is supported by nearby insurance, healthcare distribution, life sciences, and industrial training employers — a mix that underpins workforce renter demand and commute convenience for residents of this submarket.
- Erie Insurance Group — insurance (10.9 miles)
- MetLife — insurance (11.3 miles)
- John Deere Morrisville Training Center — industrial training (12.9 miles)
- Amerisource Bergen — healthcare distribution (13.1 miles)
- Quintiles Transnational Holdings — life sciences (14.9 miles) — HQ
Built in 2010 with 48 units, the asset offers relatively modern construction and larger average floor plans for its class, which can differentiate it against older stock while leaving room for targeted system updates or amenity refreshes over the hold. Neighborhood fundamentals — competitive rank within the Raleigh-Cary metro, high access to groceries and parks, and a large renter-occupied share — point to stable occupancy and steady leasing. According to CRE market data from WDSuite, high home values and an elevated value-to-income ratio in the neighborhood create a high-cost ownership market that tends to sustain rental demand and support pricing power for professionally managed communities.
Within a 3-mile radius, households have grown faster than population in recent years and are projected to continue expanding as average household size declines — typically supportive of multifamily absorption and occupancy stability. Forward-looking rent benchmarks also trend upward locally. Key underwriting considerations include neighborhood safety positioning, selective amenity gaps (e.g., cafes/pharmacies), and disciplined affordability management to maintain retention.
- 2010 vintage and larger average layouts support competitive positioning versus older multifamily stock
- High-cost ownership market reinforces renter reliance and pricing power
- Household growth within 3 miles and smaller household sizes expand the renter pool, aiding occupancy stability
- Daily-needs access (groceries, parks) supports livability and lease retention
- Risks: below-metro safety positioning, selective amenity gaps, and potential affordability pressure requiring proactive lease management