| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Good |
| Demographics | 45th | Poor |
| Amenities | 70th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 231 Allen Grove Ct, Raleigh, NC, 27610, US |
| Region / Metro | Raleigh |
| Year of Construction | 2001 |
| Units | 24 |
| Transaction Date | 2015-10-22 |
| Transaction Price | $2,700,000 |
| Buyer | CASA |
| Seller | SUNNYBROOK PARTNERS LLC |
231 Allen Grove Ct, Raleigh NC Multifamily Investment
Renter demand is supported by strong neighborhood amenities and a very high share of renter-occupied housing units, according to WDSuite’s CRE market data. Occupancy trends and pricing should be managed with discipline given mixed neighborhood performance relative to the metro.
Located in an Inner Suburb of Raleigh, the neighborhood is competitive among Raleigh-Cary neighborhoods (ranked 95 out of 331; rating B+). Retail convenience is a clear strength: grocery access sits around the 90th percentile nationally, restaurants near the upper 80s, and cafes in the low 80s, which typically supports day-to-day livability and steady leasing.
School quality is a standout, with the neighborhood’s average school rating ranked 1st among 331 metro neighborhoods and in the top percentile nationally. For family-oriented renters, this can bolster retention and reduce turnover risk, especially for two-bedroom units.
The neighborhood’s renter concentration is very high, with about 77% of housing units renter-occupied, implying a deep tenant base for multifamily assets and resilience across leasing cycles. Neighborhood occupancy is in the high 80s and has softened modestly over five years, so operators should emphasize renewals and targeted marketing to maintain stability.
Within a 3-mile radius, population and households have grown over the last five years and are projected to expand further, indicating a larger tenant base and continued demand for rental units. Median contract rents have trended upward and are forecast to grow, reinforcing revenue potential if managed alongside rent-to-income considerations.
The property’s 2001 construction is newer than the neighborhood average vintage (mid-1960s), providing relative competitiveness versus older stock while still warranting capital planning for systems and common-area updates over the hold period.
Home values in the neighborhood are elevated and value-to-income metrics rank near the top of the metro and nation, which typically sustains renter reliance on multifamily housing and can support pricing power; however, higher rent-to-income ratios suggest monitoring affordability pressure to protect renewal rates.
Parks are limited locally, which may slightly temper outdoor amenity appeal. That said, the overall amenity mix, strong schools, and deep renter pool position this submarket as serviceable for workforce and family renters when underwriting realistic lease-up and retention assumptions based on WDSuite’s multifamily property research.
Safety metrics for the neighborhood trend below both the metro average and national benchmarks. The neighborhood’s safety ranking is in the lower tier among 331 metro neighborhoods, and national percentiles indicate higher crime exposure than typical U.S. neighborhoods. Recent year-over-year changes show offenses have increased, so investors should underwrite for security measures, lighting, and partnership with property management to support resident experience.
At the portfolio level, frame this as an operating consideration rather than a thesis driver: proactive deterrence, attention to sightlines, and community standards can help mitigate risk and support leasing stability without overreliance on location-driven safety tailwinds.
Proximity to major employers in and around Research Triangle Park supports a steady commuter renter base, notably in life sciences, healthcare services, and technology. The list below reflects nearby employment nodes that can reinforce leasing and retention.
- John Deere Morrisville Training Center — industrial equipment training (14.4 miles)
- Amerisource Bergen — pharma distribution (14.5 miles)
- Quintiles Transnational Holdings — clinical research (16.2 miles) — HQ
- Biogen Idec — biotech (17.0 miles)
- Cisco Systems, Building 8 — technology (17.4 miles)
231 Allen Grove Ct is a 24-unit, 2001-vintage asset positioned in an amenity-rich Inner Suburb of Raleigh. The neighborhood ranks competitive within the metro and features exceptional school ratings (1st of 331), a deep renter base (~77% renter-occupied), and strong retail proximity—all supportive of leasing stability. Within a 3-mile radius, population and household growth, alongside rising contract rents, point to a larger tenant base and revenue potential. According to WDSuite’s commercial real estate analysis, neighborhood occupancy trends have softened slightly, so execution should emphasize renewal management and selective upgrades.
The 2001 vintage is newer than much of the local housing stock, offering relative competitiveness versus older assets while still requiring prudent capital planning for building systems and common areas. Elevated for-sale home values and high value-to-income ratios suggest sustained renter reliance on multifamily housing; however, affordability pressure and below-metro safety metrics warrant conservative underwriting and active property management.
- Amenity-rich location with grocery, restaurant, and pharmacy access supporting day-to-day renter demand
- Exceptional school ratings (ranked 1st of 331) that can bolster family renter retention
- High renter concentration indicating a deep tenant base and steady prospect flow
- 2001 vintage provides competitive positioning versus older stock with manageable value-add/upkeep scope
- Risks: below-metro safety metrics, occupancy softness, and affordability pressure call for disciplined operations