| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 46th | Fair |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3031 Lake Woodard Dr, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2005-06-29 |
| Transaction Price | $3,500,000 |
| Buyer | HOUSE GROUP LLC |
| Seller | TIMBERLAKE APARTMENTS LLC |
3031 Lake Woodard Dr Raleigh Multifamily Investment
Positioned in an inner-suburban pocket of Raleigh with steady neighborhood occupancy and a balanced renter base, the asset offers durable cash flow potential and value-add angles, according to WDSuite s CRE market data. The investment thesis centers on rentability supported by nearby employment corridors and relative affordability that can aid retention.
This inner-suburb location sits within a C+ rated neighborhood that is below the metro median for overall standings among 331 Raleigh Cary neighborhoods, but it benefits from practical amenities that support day-to-day living. Restaurant density ranks in the top quartile nationally while grocery access is above average, though parks, cafes, and childcare options are limited. These dynamics point to convenience for residents while signaling potential for amenity-driven improvements at the property level to enhance leasing appeal.
Neighborhood occupancy is around the low-90s and has edged up over the past five years; this is measured at the neighborhood level, not the property. The share of housing units that are renter-occupied is roughly two-fifths, indicating meaningful depth to the tenant base for a 24-unit community and supporting leasing stability through normal cycles.
The property s 1972 vintage is older than the neighborhood s average construction year (1990s), which suggests investors should plan for targeted capital expenditures. That also creates value-add potential through modernization of interiors and systems to better compete with newer stock while maintaining a cost advantage on rents.
Within a 3-mile radius, demographics show households have grown in recent years even as overall population was roughly flat to slightly lower, implying smaller household sizes and a broader pool of renters entering the market. Median contract rents and a rent-to-income profile near mid-range levels point to manageable affordability pressure, which can aid lease renewal and pricing power in line with metro trends, based on CRE market data from WDSuite.
Home values in the area sit near mid-range levels for the metro, which supports continued reliance on multifamily rentals. For investors, this context suggests a tenant base that favors well-maintained properties offering convenience and value, with potential to capture demand through thoughtful renovations and solid property management.
Safety trends should be underwritten conservatively. Relative to other neighborhoods in the Raleigh Cary metro (331 total), the area sits below the metro median for safety, and national comparisons place it in lower percentiles. Recent readings indicate property crime has eased modestly year over year, while violent crime has increased over the same period. These signals are neighborhood-level and not property-specific.
For multifamily operations, investors typically address these dynamics through lighting, access control, resident screening, and insurance assumptions. Monitoring citywide initiatives and continued trend data can help calibrate security budgets and leasing strategy without overreliance on any single metric.
Proximity to established employers in insurance, pharmaceuticals, and technology underpins renter demand by shortening commutes and broadening the white-collar tenant base. The employers below reflect nearby nodes that support leasing and retention in this submarket.
- MetLife insurance (11.8 miles)
- AmerisourceBergen pharmaceuticals distribution (13.3 miles)
- Quintiles Transnational Holdings life sciences services (14.8 miles) HQ
- Biogen Idec biotechnology offices (15.9 miles)
- Cisco Systems, Building 8 technology (16.3 miles)
3031 Lake Woodard Dr offers a practical value-add play in an inner-suburban Raleigh location where neighborhood occupancy remains stable and the renter pool is meaningful. The 1972 vintage points to targeted renovations and system upgrades that can enhance competitiveness versus 1990s-era stock while maintaining a relative rent advantage. Within a 3-mile radius, households are expanding and average household size is trending lower, which supports a larger tenant base and occupancy stability for a 24-unit asset.
According to CRE market data from WDSuite, area rent-to-income measures suggest manageable affordability pressure, while proximity to diversified employment nodes (insurance, life sciences, and technology) supports demand resilience. Key risks include below-median safety rankings in the metro and limited nearby parks and cafes; underwriting should reflect prudent operating reserves and security investments.
- Stable neighborhood occupancy and a sizable renter-occupied base support leasing durability.
- 1972 vintage enables value-add upside through interior updates and building systems work.
- Household growth and smaller household sizes within 3 miles expand the tenant base and support absorption.
- Proximity to major employers in insurance, life sciences, and technology underpins demand and retention.
- Risks: below-median safety and limited recreational amenities warrant conservative security and OPEX assumptions.