| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Good |
| Demographics | 60th | Fair |
| Amenities | 22nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2534 Lake Wheeler Rd, Raleigh, NC, 27603, US |
| Region / Metro | Raleigh |
| Year of Construction | 2003 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2534 Lake Wheeler Rd Raleigh 36-Unit Multifamily near Job Hubs
Renter concentration within 3 miles and access to major employers point to durable tenant demand, according to WDSuite’s CRE market data, with operational upside where neighborhood occupancy has been uneven.
The property sits in an inner-suburb pocket of Raleigh that is more residential than amenity-rich. Neighborhood data show limited cafés, parks, and childcare within close range, while grocery access is comparatively better, supporting day-to-day livability without the density of lifestyle retail common to core nodes. For investors, this typically frames the asset as workforce-oriented housing rather than a lifestyle rental address.
Within a 3-mile radius, roughly two-thirds of housing units are renter-occupied, indicating a deep tenant base that supports leasing and renewals. Household counts have inched higher even as population edged lower, signaling smaller household sizes and a broader pool of renters entering the market — dynamics that can support occupancy stability and absorption for well-managed assets.
Income trends are constructive: median and mean household incomes have advanced meaningfully over the last five years, and advertised contract rents in the 3-mile area have trended upward with forecasts calling for additional rent growth. Paired with a rent-to-income profile that is not stretched in the neighborhood context, this suggests room for disciplined pricing and retention-focused lease management rather than aggressive premium positioning.
At the neighborhood level, NOI per unit performance benchmarks in the top quartile nationally, according to WDSuite’s CRE market data — a sign that well-run assets can compete effectively despite lower amenity density. Educational attainment is also a relative strength, with a high share of residents holding bachelor’s degrees, aligning with Raleigh’s skilled employment base and reinforcing underlying renter demand.
Safety indicators for the immediate neighborhood trail broader national comparisons, placing it on the lower end of safety percentiles nationwide. Relative to other areas in the Raleigh–Cary metro (331 neighborhoods total), crime ranks in the less favorable cohort, so investors should underwrite appropriate security measures and operating practices.
Recent readings show year-over-year increases in both property and violent incidents at the neighborhood level. While block-level outcomes vary and assets can mitigate risk through design and management, underwriting should assume a conservative stance and consider insurance, lighting, access control, and resident engagement as part of the operating plan.
Proximity to major life sciences and corporate offices underpins renter demand, with commuting access to MetLife, AmerisourceBergen, Quintiles Transnational Holdings, Biogen, and Cisco supporting stable workforce housing dynamics.
- MetLife — insurance (8.99 miles)
- AmerisourceBergen — pharmaceuticals distribution (10.87 miles)
- Quintiles Transnational Holdings — clinical research (12.98 miles) — HQ
- Biogen Idec — biotechnology (13.21 miles)
- Cisco Systems — networking & technology (13.95 miles)
This 36-unit Raleigh asset is positioned for steady, workforce-oriented demand supported by strong renter concentration within a 3-mile radius and commuting access to major employment nodes. Neighborhood-level NOI per unit benchmarks in the top quartile nationally, suggesting capable operators can drive competitive performance even in a lower-amenity setting. Based on CRE market data from WDSuite, local occupancy has been variable, indicating room for operational execution to capture and retain tenants rather than relying on outsized market momentum.
Forward-looking household growth, rising incomes, and projected rent gains point to a growing tenant base and pricing headroom for well-amenitized units. Investors should balance this with prudent underwriting for safety and amenity-light trade-offs, emphasizing cost-effective renovations, security, and resident services to support retention and stabilize cash flows.
- Deep renter base within 3 miles supports leasing and renewals
- Top-quartile neighborhood NOI per unit signals competitive operating potential
- Access to life sciences and corporate employers underpins demand stability
- Forecast rent growth and rising incomes enable disciplined pricing strategy
- Risks: below-average neighborhood safety and amenity-light location require conservative underwriting and active management