| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Fair |
| Demographics | 24th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1613 Gorman St, Raleigh, NC, 27606, US |
| Region / Metro | Raleigh |
| Year of Construction | 2002 |
| Units | 24 |
| Transaction Date | 2010-11-11 |
| Transaction Price | $2,200,000 |
| Buyer | PEARL DIVER LLC |
| Seller | NC SEAL LLC |
1613 Gorman St, Raleigh Multifamily Investment Opportunity
Renter concentration is high in the immediate neighborhood, supporting depth of tenant demand even as neighborhood occupancy trends run softer, according to CRE market data from WDSuite. Newer 2002 construction offers relative competitiveness versus older stock in this Inner Suburb of Raleigh.
This Inner Suburb location in Raleigh-Cary sits in a renter-heavy neighborhood, with a high share of housing units recorded as renter-occupied. For multifamily investors, that points to a broad tenant base and steady leasing velocity, though the neighborhood s occupancy trend is currently below metro norms and warrants active lease management. Based on CRE market data from WDSuite, the neighborhood s overall rating is C-, indicating competitive positioning that may require sharper pricing and marketing to sustain absorption.
Vintage matters: the property s 2002 construction is newer than the area s average vintage (early 1980s). That typically improves curb appeal and operating efficiency versus older comparables, while still leaving scope for targeted modernization of interiors and common areas to lift rents and retention.
Within a 3-mile radius, demographics skew younger with a large share of residents in their prime renting years, and households have increased even as total population edged lower indicating smaller household sizes and ongoing renter pool expansion. Area contract rents have risen over the past five years, reinforcing investor confidence in demand; however, a rent-to-income backdrop that shows some affordability pressure suggests attention to renewal management and value positioning.
Local retail and daily-needs density within the immediate neighborhood is limited, but the broader Raleigh-Cary metro provides access to employment centers and services. Compared with national CRE trends, neighborhood housing metrics are above the metro median for housing factors yet trail national medians on amenities, so underwriting should assume stronger demand drivers from employment access and renter concentration rather than walkable retail.
Neighborhood safety metrics rank below the metro average, with crime ranks in the lower half among 331 Raleigh-Cary neighborhoods, according to WDSuite. Nationally, safety percentiles are also on the lower end, indicating the area is less safe than many neighborhoods nationwide. Recent data show violent offense rates have been roughly stable to slightly improving year over year, while property offenses have moved higher. Investors typically account for this with enhanced on-site security, lighting, and community engagement programs, and by emphasizing professional management.
Nearby employers span insurance, financial services, and advanced manufacturing/training, supporting a diversified renter base and commute convenience for workforce tenants. The list below highlights proximate nodes that can underpin leasing and retention in this submarket.
- MetLife Auto & Home Craig Conley LUTCF insurance services (5.6 miles)
- Erie Insurance Group insurance (7.0 miles)
- MetLife insurance & financial services offices (7.3 miles)
- John Deere Morrisville Training Center industrial equipment training (8.9 miles)
- Quintiles Transnational Holdings biopharma services (11.2 miles) HQ
1613 Gorman St offers a 2002-vintage, smaller-scale multifamily asset positioned in a renter-dense neighborhood of Raleigh. Newer construction relative to the area s early-1980s average supports competitive positioning versus older inventory, with potential to capture upside through selective interior updates and operational enhancements. Within a 3-mile radius, a younger renter profile and rising household counts point to a durable tenant base that can support occupancy stability, though the immediate neighborhood s softer occupancy trend argues for proactive leasing and renewal strategies.
Rents in the surrounding area have climbed over the last five years, and median incomes within the 3-mile radius have also advanced, indicating room for disciplined rent growth if paired with service quality and value. At the same time, affordability pressure and limited immediate amenity density call for careful pricing and resident retention planning. Based on CRE market data from WDSuite, investors should underwrite steady demand from nearby employment nodes while budgeting for modest capital to keep finishes and systems competitive for the next leasing cycle.
- 2002 vintage competes well versus older neighborhood stock, with targeted value-add potential
- High renter-occupied share supports tenant base depth and leasing velocity
- 3-mile demographics skew younger with growing household counts, reinforcing multifamily demand
- Nearby employers across insurance, life sciences, and industrial training provide diversified demand drivers
- Risks: softer neighborhood occupancy, lower safety percentiles, and limited immediate amenity density require proactive management