| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Fair |
| Demographics | 24th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1701 Gorman St, Raleigh, NC, 27606, US |
| Region / Metro | Raleigh |
| Year of Construction | 2002 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1701 Gorman St Raleigh 24-Unit Multifamily Investment
Strong renter concentration underpins demand even as neighborhood occupancy runs softer, based on WDSuite’s commercial real estate analysis of the surrounding submarket.
Located in an Inner Suburb of Raleigh, the property sits in a neighborhood rated C- among 331 metro neighborhoods, indicating conditions that are below the metro median. However, the area’s income-producing profile is notable: neighborhood-level NOI per unit ranks 7 out of 331, placing it in the top quartile nationally, according to WDSuite’s CRE market data.
Vintage matters for competitive positioning. Built in 2002, this asset is newer than the neighborhood’s average construction year (1982). That typically supports leasing versus older stock while still allowing targeted modernization to drive rent premiums and reduce near-term capital surprises.
Tenure dynamics are favorable for multifamily demand: the neighborhood has a high share of renter-occupied housing units (ranked 7 out of 331, top national percentiles), which signals a deep tenant base and supports leasing velocity. Within a 3-mile radius, households have increased while population edged lower, pointing to smaller household sizes and a larger pool of potential renters, which can help stabilize occupancy over time.
On-the-block amenities are limited (few cafés, groceries, parks, or pharmacies within the immediate neighborhood), so residents typically rely on nearby corridors and employment hubs for daily needs. Neighborhood rents are around the middle of national ranges and have grown over the past five years, while a higher rent-to-income ratio indicates some affordability pressure—an important consideration for pricing power and retention management.
Safety indicators for the neighborhood trend below national averages. Nationally benchmarked percentiles for both property and violent offenses are in lower ranges (safer areas score higher), suggesting investors should underwrite with prudent security and loss assumptions rather than relying on outsized improvements.
Within the metro context, the neighborhood’s crime rank sits in the lower half of 331 neighborhoods, and recent violent offense levels have been roughly flat year over year. For multifamily operations, that typically argues for focused lighting, access controls, and tenant-screening protocols to support retention and protect NOI.
Proximity to insurance, healthcare distribution, and advanced manufacturing/training employers supports workforce housing demand and commute convenience for residents. Nearby anchors include MetLife, Erie Insurance Group, John Deere’s training center, and AmerisourceBergen.
- MetLife Auto & Home Craig Conley LUTCF — insurance (5.5 miles)
- Erie Insurance Group — insurance (7.0 miles)
- MetLife — insurance (7.4 miles)
- John Deere Morrisville Training Center — training & manufacturing support (8.9 miles)
- Amerisource Bergen — healthcare distribution (9.2 miles)
This 24-unit, 2002-vintage asset presents a balanced value proposition: newer-than-average construction for the neighborhood, exposure to a renter-heavy area, and proximity to diversified employers that sustain a broad tenant base. Neighborhood NOI per unit performance ranks among the strongest locally and is top quartile nationally, while household growth within a 3-mile radius signals a larger tenant base despite modest population contraction—both supportive of occupancy stability over the hold.
Risks to underwrite include softer neighborhood occupancy versus metro norms, limited immediate-walkability amenities, and rent-to-income levels that can pressure retention if rents outpace wages. According to CRE market data from WDSuite, rent trends remain constructive over the past five years; targeted renovations and disciplined lease management can position the property to capture demand without overextending affordability.
- 2002 vintage offers competitive positioning versus older stock with selective renovation upside
- High renter-occupied share indicates depth of tenant demand and supports leasing velocity
- Neighborhood NOI per unit ranks among Raleigh’s strongest and in the top quartile nationally
- Risks: softer neighborhood occupancy, limited immediate amenities, and affordability pressure require active management