| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 38th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2608 Millborough Ct, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 1982 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2608 Millborough Ct Raleigh Multifamily Investment
Renter demand is reinforced by a high neighborhood renter-occupied share and everyday amenities, while occupancy has trended steadily, according to WDSuite’s CRE market data. The asset’s inner-suburb location supports workforce leasing depth with room for value-add positioning.
This inner-suburb pocket of Raleigh offers everyday convenience that supports renter retention. Neighborhood amenity density for cafes and restaurants is competitive among Raleigh-Cary neighborhoods (ranks 8 and 10 out of 331, respectively) and sits in the top quartile nationally, while grocery access is particularly strong (rank 3 of 331; high national percentile). By contrast, immediate access to parks and pharmacies is limited within the neighborhood footprint, which places a premium on on-site features and nearby private services for resident experience.
The average neighborhood construction year is 2001, while the property was built in 1982. For investors, this older vintage can translate into practical value-add upside through interior modernization and systems upgrades, as well as selective exterior enhancements to stay competitive against newer stock.
Multifamily fundamentals are mixed but serviceable for income stability. The neighborhood s occupancy is in the high-80s with a modest upward trend over the past five years, indicating workable leasing conditions without overheated competition. Rents have advanced over the last cycle from a relatively attainable base, supporting ongoing revenue management while keeping an eye on affordability.
Within a 3-mile radius, demographics indicate a deep renter pool today and meaningful household growth ahead. Recent population change has been roughly flat, but projections call for notable household expansion alongside smaller average household sizes, which typically broadens the tenant base and supports occupancy stability. Median household incomes in the 3-mile area have risen, improving rent coverage for quality product tiers, though lease management should balance renewal pricing with retention.
Ownership costs in the neighborhood context are elevated relative to local incomes (value-to-income ratio competitive with higher-cost markets nationally). This dynamic tends to sustain reliance on rental housing and can enhance pricing power for well-maintained, conveniently located communities.
Neighborhood safety ranks below the metro median (crime rank 223 out of 331 Raleigh-Cary neighborhoods), and national comparisons also indicate a relatively higher-crime environment. In practical terms, investors often underwrite for enhanced lighting, access control, and proactive property management to support resident comfort and retention, and to align operating practices with submarket norms.
While some offense categories have shown recent movement, investors should focus on multi-year trends versus single-year shifts and benchmark performance against comparable inner-suburb locations across the metro. Property-level measures and community partnerships typically help stabilize outcomes relative to wider area dynamics.
Proximity to major Triangle employers supports a durable renter base and commute convenience for workforce tenants, notably in insurance, life sciences, and corporate services. The nearby employment nodes referenced below are consistent with leasing demand patterns observed for this part of Raleigh.
- MetLife — insurance (11.7 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (12.4 miles)
- Amerisource Bergen — pharmaceutical distribution (13.0 miles)
- John Deere Morrisville Training Center — industrial training (13.1 miles)
- Quintiles Transnational Holdings — contract research & biopharma services (14.1 miles) — HQ
2608 Millborough Ct combines everyday convenience with a large renter base, positioning it as a practical income asset in Raleigh s inner suburbs. Strong neighborhood access to cafes, restaurants, and groceries supports resident retention, while occupancy has trended upward from a stable base; according to CRE market data from WDSuite, this submarket posts workable leasing conditions rather than peak-tightness, which favors disciplined revenue management. The 1982 vintage points to clear value-add avenues via interior updates and targeted capital planning to compete with a 2000s-era neighborhood stock.
Investor focus should balance opportunity with careful underwriting. The area shows sustained reliance on rental housing and forecast household growth within 3 miles, which can expand the tenant pool and support occupancy stability. At the same time, affordability pressure and below-metro-median safety metrics argue for measured rent steps, thoughtful renewals, and property-level security enhancements to uphold leasing velocity and retention.
- Inner-suburb location with strong neighborhood amenities that support retention and daily convenience.
- 1982 vintage offers value-add potential through unit modernization and systems upgrades versus newer local stock.
- Stable, gradually improving neighborhood occupancy supports income durability and disciplined revenue management.
- 3-mile household growth outlook expands the renter pool, aiding leasing and renewal performance.
- Risks: affordability pressure and below-metro-median safety warrant conservative underwriting and active property management.