| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 84th | Best |
| Amenities | 13th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2400 Tony Tank Ln, Raleigh, NC, 27613, US |
| Region / Metro | Raleigh |
| Year of Construction | 1996 |
| Units | 24 |
| Transaction Date | 2022-09-09 |
| Transaction Price | $79,000,000 |
| Buyer | 6421 CAMPUS APARTMENTS OWNER LLC |
| Seller | GRAYSON PARK LP |
2400 Tony Tank Ln Raleigh Multifamily Investment
Positioned in Raleigh’s inner suburbs, this 24-unit, 1996-vintage asset sits in a neighborhood with solid household incomes and steady renter demand, according to WDSuite’s CRE market data. The area’s ownership costs and measured rent-to-income dynamics support pricing power without overextending tenants.
Raleigh’s Inner Suburb setting provides a balanced draw for working professionals and families. Neighborhood demographics rank 28 out of 331 metro neighborhoods, placing it competitive among Raleigh-Cary neighborhoods and in the upper tiers nationally. Within a 3-mile radius, population and household counts have grown in recent years and are projected to continue expanding, indicating a larger tenant base over time and supporting occupancy stability.
Amenity density is mixed. Dining, parks, and cafes are limited within the immediate neighborhood, but grocery access is comparatively strong (ranked 56 of 331). For investors, this suggests residents rely on broader retail nodes for lifestyle needs while benefiting from convenient essentials close by. Average school ratings weren’t available, so underwriting should assume typical suburban educational options and verify catchments during due diligence.
Neighborhood rent levels sit above many U.S. areas (median asking rent ranks in the upper national percentiles), while the rent-to-income ratio trends near the U.S. middle, which can aid lease retention. Reported neighborhood occupancy has improved modestly over five years, though it trails stronger Raleigh submarkets; this points to stable but competitive leasing conditions that reward disciplined operations and targeted unit upgrades.
Tenure patterns within a 3-mile radius show roughly 40.8% of housing units are renter-occupied, indicating a meaningful renter concentration that supports multifamily demand. Elevated local home values relative to incomes reinforce reliance on rental options, which can sustain absorption and support consistent renewal activity.
Safety indicators for the neighborhood trend below the metro average, with a crime rank of 219 out of 331 Raleigh-Cary neighborhoods and national percentiles indicating lower comparative safety. Property and violent offense estimates sit in lower national percentiles, so investors should plan for prudent security measures and consider how lighting, access control, and resident engagement can support retention.
Recent year-over-year readings suggest a modest uptick in property offenses and a sharper increase in violent-offense estimates. While these figures vary by cycle, proactive on-site management and partnerships with local resources can help maintain a stable living environment compared with peer assets.
Nearby corporate nodes anchor a diverse employment base that supports renter demand and commuting convenience, including MetLife, AmerisourceBergen, John Deere’s training center, Quintiles Transnational Holdings, and Biogen Idec.
- MetLife — insurance (7.3 miles)
- Amerisource Bergen — pharmaceuticals distribution (8.2 miles)
- John Deere Morrisville Training Center — industrial training (8.5 miles)
- Quintiles Transnational Holdings — clinical research (8.9 miles) — HQ
- Biogen Idec — biotechnology (10.5 miles)
Built in 1996, the asset offers a mid-1990s vintage profile with potential for value-add through interior modernization and selective system upgrades. Household incomes in the surrounding neighborhood and within a 3-mile radius are strong, and rent-to-income dynamics indicate room for thoughtful rent optimization. According to CRE market data from WDSuite, neighborhood rents benchmark above many U.S. areas while occupancy has trended up modestly, suggesting stable demand with operational upside via targeted renovations and leasing execution.
Elevated local home values relative to incomes support sustained reliance on rental housing, and a diversified employment base within 8–11 miles enhances leasing depth across professional renter cohorts. Key risks include below-metro safety readings, thinner immediate amenity density, and occupancy that trails Raleigh’s top-performing submarkets, all of which can be mitigated with focused asset management.
- Mid-1990s vintage with clear value-add pathways in interiors and building systems
- Strong income profile and manageable rent-to-income dynamics support retention
- Rents benchmark above many areas; steady occupancy trend offers operating upside
- Proximity to major employers underpins leasing demand across renter cohorts
- Risks: below-metro safety ranks, limited immediate amenities, and competitive lease-up conditions