| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 40th | Poor |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1810 Gorman St, Raleigh, NC, 27606, US |
| Region / Metro | Raleigh |
| Year of Construction | 1981 |
| Units | 20 |
| Transaction Date | 2019-08-29 |
| Transaction Price | $5,000,000 |
| Buyer | MATTA GP GROUP LLC |
| Seller | LUCAS GRABUS INVESTMENTS LTD |
1810 Gorman St, Raleigh Multifamily Investment
Neighboring blocks show a high renter concentration, supporting a deep tenant base even as neighborhood occupancy trends have been steady rather than surging, according to WDSuite’s CRE market data. Positioning and operations will matter more than amenities on-site, given local demand drivers and nearby university-oriented housing dynamics.
Situated in Raleigh’s inner-suburban fabric, the property benefits from proximity to major employment corridors and a large renter pool. Neighborhood indicators point to very strong renter concentration (measured at the neighborhood level), which typically supports consistent leasing velocity for well-managed assets. Restaurant density ranks in the top decile nationally among neighborhoods, while pharmacies are also plentiful; by contrast, on-block groceries, parks, and cafes are sparse, so residents often rely on adjacent districts for daily needs. School ratings are not available for this neighborhood, so investors should underwrite education quality via submarket and district-level checks rather than property-level assumptions.
The building’s 1981 construction is older than the neighborhood’s average vintage, which implies a potential value-add path through modernization and systems upgrades. Relative to newer stock nearby, refreshed interiors and energy-efficient improvements can enhance competitive positioning and reduce near- to mid-term capital surprise. Investors should align CapEx with unit finishes and common-area functionality that speak to a predominantly renter-occupied neighborhood.
At the neighborhood level, occupancy has been stable but sits below national medians, suggesting that asset-specific execution (leasing, renewals, and unit turns) will be important to maintain performance. Median contract rents have grown over the past five years, and median home values place the area in a higher-cost ownership context; together, this tends to reinforce reliance on multifamily housing and supports pricing power for competitive units, though affordability pressure requires attentive lease management.
Demographics within a 3-mile radius show a sizable 18–34 population and a modest decline in population alongside growth in household counts, indicating smaller household sizes and an expanding renter pool. Forward-looking projections also point to continued increases in households, which typically support occupancy stability and broaden the tenant base for well-located workforce and student-adjacent housing.
Safety trends should be considered in underwriting. The neighborhood ranks 166 out of 331 metro neighborhoods on crime, below the metro median and below national medians, indicating comparatively higher reported incidents than many parts of Raleigh. Nationally benchmarked indicators place the area below the national median for safety.
Recent momentum is mixed: estimated property offenses declined year over year, an encouraging directional shift, while violent offense estimates ticked up over the same period. Investors may want to incorporate enhanced lighting, access control, and partnership with local patrol resources into operating plans, and emphasize resident communication and maintenance responsiveness to support perception and retention.
Nearby employment nodes include insurance, life sciences, distribution, and industrial training operations, supporting commute convenience and renter demand from a diversified workforce. Employers highlighted below reflect the closest concentrations likely to influence leasing and renewals.
- MetLife Auto & Home Craig Conley LUTCF — insurance offices (5.4 miles)
- Erie Insurance Group — insurance (6.9 miles)
- MetLife — insurance (7.3 miles)
- John Deere Morrisville Training Center — industrial training (8.9 miles)
- Amerisource Bergen — pharmaceutical distribution (9.1 miles)
1810 Gorman St offers exposure to a renter-heavy neighborhood with durable demand drivers and strong proximity to employment corridors. The 1981 vintage is positioned for a pragmatic value-add program—targeted interior upgrades and systems modernization can improve competitiveness versus newer deliveries while managing near-term CapEx. According to CRE market data from WDSuite, neighborhood occupancy has been steady but trails stronger submarkets, making operational execution and renewal strategy central to returns.
Within a 3-mile radius, household counts have grown and are projected to expand further even as average household size trends smaller—supportive of a larger tenant base and sustained leasing activity. Rising neighborhood rents and elevated ownership costs in the area reinforce reliance on multifamily housing, though high rent-to-income ratios introduce retention and affordability risk that should be addressed through unit mix, concessions strategy, and resident services. Overall, the thesis hinges on disciplined operations and focused upgrades to capture demand from a deep renter pool.
- High renter concentration supports depth of tenant demand at the neighborhood level
- 1981 vintage offers clear value-add levers via interiors and systems upgrades
- Household growth within 3 miles expands the renter pool and supports leasing stability
- Elevated ownership costs bolster multifamily reliance and pricing power for competitive units
- Risks: below-median neighborhood occupancy, affordability pressure, and localized safety considerations