| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 68th | Good |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 319 Oak Run Dr, Raleigh, NC, 27606, US |
| Region / Metro | Raleigh |
| Year of Construction | 1972 |
| Units | 66 |
| Transaction Date | 2006-06-01 |
| Transaction Price | $3,210,000 |
| Buyer | Tiger Properties I LLC |
| Seller | Fortune Bay Associates LLC |
319 Oak Run Dr Raleigh Multifamily Value-Add Opportunity
High renter concentration and grocery access underpin a deep tenant base, while a 1972 vintage suggests renovation upside; according to WDSuite’s CRE market data, this inner-suburb location offers demand drivers balanced by modest occupancy at the neighborhood level.
Located in Raleigh’s inner suburb, the property benefits from a renter-driven neighborhood and proximity to daily needs. Grocery availability is strong — the neighborhood sits in the top quartile nationally — and restaurants are above average compared with U.S. neighborhoods, supporting convenience for residents and lease retention. In contrast, dedicated cafes, parks, and pharmacies are thinner within neighborhood boundaries, so some trips may shift to nearby corridors.
The neighborhood’s renter-occupied housing share ranks among the highest in the Raleigh-Cary metro (5th of 331), signaling a sizable multifamily tenant base and consistent leasing activity for workforce and lifestyle renters. At the same time, the neighborhood-level occupancy rate tracks below the metro median, suggesting competitive positioning and the need for focused operations and resident experience to sustain absorption.
Within a 3-mile radius, demographics point to stability with subtle shifts supportive of multifamily demand: household counts have edged up even as average household size has trended smaller, effectively broadening the renter pool. Forward-looking projections from WDSuite indicate additional household growth and rising incomes through 2028, which can support rent levels and occupancy, particularly for renovated product.
Home values in the neighborhood sit above national norms relative to incomes (higher value-to-income percentile), indicating a higher-cost ownership landscape that tends to sustain reliance on rental housing. Median contract rents benchmark near national averages, which can position well for price-sensitive demand while still allowing for renovation-driven premium capture.
Relative to U.S. neighborhoods, safety indicators for this area are below average (national safety percentile sits in the lower quartile), and the crime rank is also below the metro median (211 of 331 Raleigh-Cary neighborhoods). For investors, this implies closer attention to property-level security, lighting, and community engagement to support retention.
Trend signals are mixed: estimated property offense rates show a recent modest improvement, while estimated violent offenses increased year over year. These patterns underscore the importance of hands-on management and coordination with local resources rather than relying solely on broader-area statistics.
Nearby employment is anchored by insurance, life sciences, and advanced manufacturing services, offering commute convenience that supports renter demand and leasing stability for workforce households. The list below highlights notable employers within a short drive.
- MetLife Auto & Home Craig Conley LUTCF — insurance services (3.1 miles)
- Erie Insurance Group — insurance (4.8 miles)
- MetLife — insurance (5.2 miles)
- John Deere Morrisville Training Center — equipment training (6.7 miles)
- Amerisource Bergen — pharmaceutical distribution (7.1 miles)
This 66-unit, 1972-vintage asset presents a clear value-add path in a renter-heavy inner-suburb of Raleigh. The neighborhood’s high renter concentration supports a deep tenant base, while strong grocery and restaurant access enhance livability fundamentals. Neighborhood occupancy trends run below the metro median, so execution will hinge on targeted renovations, professional management, and competitive pricing to drive absorption and retention. According to CRE market data from WDSuite, forward projections within a 3-mile radius point to additional household growth and rising incomes, supporting rent durability for refreshed product.
The older vintage relative to the neighborhood’s later average construction year indicates potential capital needs (exteriors, interiors, and building systems) but also offers room to reposition against a large pool of renters who value updated finishes at attainable price points. Elevated ownership costs relative to incomes in the neighborhood context further reinforce reliance on rental housing, supporting long-term demand.
- Renter-heavy neighborhood supports a broad tenant base and steady leasing activity.
- 1972 construction offers renovation and repositioning upside versus newer comparables.
- Strong grocery and restaurant access aids retention and day-to-day livability.
- 3-mile projections indicate growth in households and incomes, supporting rent durability.
- Risks: below-metro occupancy and mixed safety trends require hands-on management and competitive positioning.