| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 46th | Fair |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2404 Hill St, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 1995 |
| Units | 48 |
| Transaction Date | 2016-07-28 |
| Transaction Price | $3,175,000 |
| Buyer | NORTH RALEIGH HOLDINGS #1 LLC |
| Seller | --- |
2404 Hill St, Raleigh NC Multifamily Investment
Stabilized renter demand and balanced affordability in an inner-suburban pocket of Raleigh point to steady leasing fundamentals, according to WDSuite s CRE market data.
This Inner Suburb neighborhood carries a C+ rating and shows steady fundamentals for workforce-oriented apartments. Neighborhood occupancy is 90.4% with a slight uptick over the past five years; this figure reflects the neighborhood, not the property, and suggests generally consistent tenant turnover management for operators using prudent lease strategies.
Amenities are mixed: restaurant density ranks in the top quartile among 331 Raleigh Cary neighborhoods and grocery access is also competitive, while immediate access to parks, cafes, childcare, and pharmacies is limited. For residents, that combination supports daily needs and dining choice but may rely on short drives for green space and certain services.
Within a 3-mile radius, renter-occupied units account for just over half of housing, indicating a meaningful renter concentration and a broad tenant base for multifamily assets. Household counts have risen even as average household size has edged lower, expanding the pool of leaseholders and supporting occupancy stability. Median contract rents and a rent-to-income ratio around mid-market levels point to manageable affordability pressures that can aid lease retention and reduce concessions risk.
Home values in the surrounding area sit near national midpoints; this more accessible ownership landscape can create some competition for entry-level buyers, yet renter reliance remains solid given the neighborhood level renter share and Raleigh Cary s broader growth dynamics. Based on commercial real estate analysis from WDSuite, these factors translate into durable, needs-based demand with room for targeted value-add positioning rather than outsized rent pushes.
Safety indicators for the neighborhood signal elevated reported crime relative to national comparisons. The neighborhood ranks below the metro median on safety within the 331-neighborhood Raleigh Cary region, indicating it is less safe than many peer areas locally.
Trends are mixed: estimated property offense rates have eased year over year, while violent offense estimates increased over the same period. Investors typically respond by prioritizing lighting, access control, and resident engagement to support retention and reduce non-revenue loss. As always, evaluate block-level context and recent comps before underwriting.
Employment access is anchored by insurance, pharmaceuticals distribution, and industrial equipment training nodes within commutable distance, supporting workforce renter demand and lease retention for properties serving these commuters.
- MetLife Auto & Home Craig Conley LUTCF insurance (11.6 miles)
- MetLife insurance (11.9 miles)
- Erie Insurance Group insurance (13.2 miles)
- Amerisource Bergen pharmaceuticals distribution (13.5 miles)
- John Deere Morrisville Training Center equipment training center (13.5 miles)
Built in 1995, the asset aligns with mid-90s construction common to the submarket, offering a platform for selective modernization (systems efficiency, interiors, and amenities) to sharpen competitiveness against newer supply. Neighborhood occupancy remains steady and renter concentration within a 3-mile radius supports a deep tenant base; together these dynamics favor predictable leasing and measured rent growth rather than heavy concessions. According to CRE market data from WDSuite, local rents track with incomes at mid-market levels, reinforcing retention while allowing room for value-focused upgrades.
Demographic patterns within 3 miles point to more households despite smaller household sizes, which expands the pool of potential leaseholders and supports occupancy stability. Ownership costs sit near national midpoints, implying some competition from entry-level for-sale options, but the surrounding renter share and commutable access to diverse employers underpin ongoing demand for well-managed, updated units.
- Steady neighborhood occupancy and a sizeable renter base support leasing durability.
- 1995 vintage offers clear value-add levers in interiors and efficiency upgrades.
- Mid-market rent-to-income dynamics aid retention and measured pricing power.
- Proximity to insurance, pharma distribution, and equipment employers supports workforce demand.
- Risks: elevated reported crime versus metro peers and some competition from ownership; plan for security enhancements and targeted positioning.