| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Fair |
| Demographics | 77th | Best |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2010 Hodges Creek Dr, Raleigh, NC, 27609, US |
| Region / Metro | Raleigh |
| Year of Construction | 2004 |
| Units | 24 |
| Transaction Date | 2002-10-28 |
| Transaction Price | $450,000 |
| Buyer | SOUTHERN REPAIR SERVICE INC |
| Seller | HODGES CREEK APARTMENTS LLC |
2010 Hodges Creek Dr Raleigh Multifamily Investment
2004 vintage in an inner-suburb location positions this asset competitively for workforce renters, while the neighborhood’s occupancy trends sit below the metro median, according to WDSuite’s CRE market data.
Raleigh’s 2010 Hodges Creek Dr sits in an Inner Suburb neighborhood rated B+ and competitive among Raleigh-Cary neighborhoods (101 out of 331). The asset’s 2004 construction is newer than the neighborhood’s average vintage (1975), which can support leasing versus older stock; investors should still plan for mid-life system refresh and selective modernization.
Local livability supports renter appeal: restaurant density ranks near the top of the metro (8 of 331; top quartile nationally), with strong access to groceries and pharmacies as well. By contrast, parks, cafes, and childcare are comparatively limited within the neighborhood footprint. These trade-offs suggest convenience for daily needs and dining, with fewer nearby green or third-space amenities.
Neighborhood-level rent benchmarks trend above many U.S. neighborhoods (median contract rent rank 100 of 331; national percentile ~74), yet the rent-to-income ratio indicates manageable affordability (0.19), which can underpin retention and steady collections. Neighborhood occupancy is below the metro median (rank 275 of 331), signaling the need for disciplined leasing and renewal management.
Within a 3-mile radius, demographics show a stable population and a modest increase in households in recent years, with projections indicating further population growth and a larger household base by 2028. The shift toward more households alongside smaller average household size points to a broader tenant pool for multifamily, which can support occupancy stability and pricing power over time, based on CRE market data from WDSuite.
Safety metrics for the neighborhood indicate higher crime incidence than many areas nationally, warranting prudent risk management and property-level security planning. The neighborhood s crime rank sits in the lower half of the Raleigh-Cary metro (196 out of 331), and national comparisons place the area below typical U.S. safety levels. Recent trends are mixed: property offenses show year-over-year improvement, while violent-offense measures have moved the other way.
For investors, this profile is best interpreted comparatively: conditions are below metro average but can vary block to block and over time. Monitoring trend movement and aligning operations (lighting, access control, and resident engagement) to local patterns can help support leasing stability.
Proximity to major corporate offices across insurance, life sciences, and advanced manufacturing supports a broad renter workforce and commute convenience for residents. The employers below reflect nearby demand drivers that can aid leasing and retention.
- MetLife — insurance (11.1 miles)
- Amerisource Bergen — pharmaceuticals distribution (12.3 miles)
- John Deere Morrisville Training Center — industrial & equipment training (12.4 miles)
- Quintiles Transnational Holdings — clinical research (13.3 miles) — HQ
- Biogen Idec — biotechnology (14.7 miles)
This 2004-built, 24-unit asset offers competitive positioning versus older neighborhood stock, with restaurant, grocery, and pharmacy access that suits workforce renters. While neighborhood occupancy trends track below the metro median, the 3-mile area shows a growing household base and projections for additional population growth, expanding the tenant pool and supporting long-run leasing performance, based on CRE market data from WDSuite.
Income levels and rent benchmarks suggest manageable affordability that can aid retention, while a high-density employment corridor within 15 miles provides diversified demand across insurance, life sciences, and advanced manufacturing. Investors should plan for mid-life capital items and emphasize leasing discipline given sub-metro occupancy and safety readings.
- 2004 vintage provides competitive positioning versus older neighborhood stock with targeted value-add potential
- Strong daily-needs access (restaurants, groceries, pharmacies) supports renter convenience and leasing
- Expanding 3-mile household base increases tenant depth and supports occupancy stability over time
- Diverse nearby employers (insurance, life sciences, industrial) underpin workforce housing demand
- Risks: below-metro occupancy and safety metrics call for proactive leasing, security, and capital planning