| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Fair |
| Demographics | 24th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2717 Western Blvd, Raleigh, NC, 27606, US |
| Region / Metro | Raleigh |
| Year of Construction | 2004 |
| Units | 121 |
| Transaction Date | 2019-09-16 |
| Transaction Price | $45,357,000 |
| Buyer | CI NC Student Housing DST |
| Seller | College Inn LL LLC |
2717 Western Blvd, Raleigh NC Multifamily Investment
2004-vintage, 121-unit asset positioned in an inner-suburban renter hub with sustained leasing demand drivers and room for operational upside, according to WDSuite s CRE market data.
The property sits in an Inner Suburb neighborhood of Raleigh where the housing stock skews newer than the metro average (local average vintage 1982 vs. this asset s 2004), supporting competitive positioning versus older multifamily while still leaving selective modernization opportunities for value-add. Neighborhood-level rents have trended upward over the past five years, per WDSuite s commercial real estate analysis, indicating pricing power when operations and finish quality are aligned with tenant expectations.
Renter-occupied housing is a defining feature locally: the neighborhood s renter concentration is high (ranked 7 out of 331 Raleigh Cary neighborhoods), signaling a deep tenant base for multifamily owners. At the same time, neighborhood occupancy is below the metro median and has softened in recent years, which points to lease-up execution and retention management as active levers for investors to improve performance.
Within a 3-mile radius, households have increased even as average household size has trended smaller, expanding the pool of renters relative to total population and supporting unit absorption. Median household incomes in this radius have risen, and forecast income gains alongside projected rent growth suggest operators can balance renewal strategies with affordability considerations to sustain occupancy stability.
Local amenities within the immediate neighborhood are limited by count, but proximity to major employment corridors in Raleigh Cary helps underpin daily demand. For family appeal, investors should evaluate access to schools and parks at the submarket level during due diligence, as school ratings are not reported for this neighborhood in WDSuite s dataset.
Safety indicators for the neighborhood are below national medians and sit in the lower half of Raleigh Cary submarkets (crime rank 199 among 331 metro neighborhoods). National comparisons place the area in lower percentiles for both violent and property offenses, though the most recent trend shows violent incidents edging down year over year. Investors should underwrite security measures and insurance line items accordingly and compare to nearby Raleigh neighborhoods that score closer to the metro median.
Use block-level and property-specific data during diligence to refine assumptions; neighborhood metrics are directional and can differ meaningfully at the asset level. Monitoring recent police reports and confirming any on-site camera, lighting, and access-control upgrades can help support leasing and retention.
The location draws on a diverse employment base anchored by insurance, advanced manufacturing, and life sciences, supporting a steady commuter renter pool and aiding tenant retention. Key nearby employers include MetLife Auto & Home, Erie Insurance Group, MetLife, John Deere, and AmerisourceBergen.
- MetLife Auto & Home Craig Conley LUTCF insurance services (6.2 miles)
- Erie Insurance Group insurance (7.7 miles)
- MetLife insurance (7.7 miles)
- John Deere Morrisville Training Center manufacturing training (9.3 miles)
- Amerisource Bergen pharmaceutical distribution (9.5 miles)
2717 Western Blvd offers a 2004 construction profile in a neighborhood where the average vintage is older, positioning the asset competitively versus legacy stock while keeping scope for targeted renovations and systems updates. The area shows a high share of renter-occupied units, indicating depth in the tenant base, while neighborhood occupancy sits below the metro median a risk that also presents operational upside for disciplined leasing, renewal strategy, and amenity programming. Based on CRE market data from WDSuite, nearby households are increasing within a 3-mile radius and incomes are trending higher, supporting rent growth potential when balanced against rent-to-income affordability.
Forward-looking fundamentals point to continued renter pool expansion as household counts rise and average household size trends smaller, while regional employment access helps underpin day-to-day demand. Operators should underwrite security, marketing, and transportation access thoughtfully given limited immediate-block amenities and below-median neighborhood safety readings.
- 2004 vintage in an older-vintage neighborhood supports competitive positioning with selective value-add potential
- High renter concentration indicates a deep tenant base for multifamily demand
- Household growth within 3 miles and rising incomes support rent growth and occupancy stability
- Operational upside: neighborhood occupancy below metro median highlights lease-up and retention levers
- Key risks: below-median neighborhood safety and limited immediate amenities require thoughtful Opex and resident-experience strategy