| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Best |
| Demographics | 93rd | Best |
| Amenities | 23rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 350 Allister Dr, Raleigh, NC, 27609, US |
| Region / Metro | Raleigh |
| Year of Construction | 2013 |
| Units | 36 |
| Transaction Date | 2012-05-04 |
| Transaction Price | $8,087,500 |
| Buyer | TA ALLISTER NORTH HILLS LLC |
| Seller | GATEWAY DOGWOOD LLC |
350 Allister Dr Raleigh Multifamily Opportunity
Newer 2013 construction in a high-cost ownership pocket supports durable renter demand and competitive positioning, according to WDSuite s CRE market data. Neighborhood occupancy has trended higher in recent years while renter concentration and income depth point to a stable tenant base.
Located in suburban Raleigh within the Raleigh Cary metro, the property benefits from strong neighborhood fundamentals and demographics. The area ranks Competitive among Raleigh Cary neighborhoods (67 of 331) with an A- neighborhood rating, and neighborhood rents sit in the top quintile nationally, signaling depth of demand for quality multifamily product.
Livability is anchored by access to green space (parks density ranks Competitive locally and in the top quintile nationally) and proximity to major employment corridors. Retail and daily-needs density within the immediate neighborhood is thinner than core urban nodes, so residents typically rely on nearby commercial corridors for groceries, pharmacies, and cafes.
For investors evaluating renter depth, the neighborhood s renter-occupied share is above the metro median, reinforcing a sizable tenant pool and steady leasing. Compared with the metro s older housing stock (average 1977), the property s 2013 vintage is materially newer, offering a competitive edge versus older comparables while planning for mid-life system upkeep and selective upgrades to sustain positioning.
Demographic statistics aggregated within a 3-mile radius indicate population growth over the past five years with further increases in population and households projected by 2028. Higher household incomes and a rent-to-income profile that remains manageable support occupancy stability and rent collections, while elevated home values and a high value-to-income ratio in the neighborhood point to a high-cost ownership market that tends to sustain reliance on rental housing.
Safety levels in the neighborhood trend below national medians and are less favorable than many Raleigh Cary peers (crime rank 123 among 331 metro neighborhoods). Recent movement has been mixed: estimated property-related offenses declined year over year, while estimated violent offenses increased. For investors, this suggests underwriting with conservative assumptions on security line items and lease management, while noting the recent improvement in property offenses.
Nearby corporate employers in the western Raleigh RTP corridor provide a broad professional workforce base and support leasing through commute convenience. Key anchors include MetLife, AmerisourceBergen, John Deere, Quintiles, and Cisco.
- MetLife D insurance & financial services (8.9 miles)
- AmerisourceBergen D pharmaceutical distribution (10.3 miles)
- John Deere Morrisville Training Center D advanced manufacturing training (10.4 miles)
- Quintiles Transnational Holdings D life sciences CRO (11.6 miles) D HQ
- Cisco Systems, Building 8 D technology & networking (13.3 miles)
350 Allister Dr offers a 2013-vintage, mid-size multifamily asset positioned against predominantly older neighborhood stock, supporting competitive leasing and reduced near-term capex relative to legacy comparables. Based on CRE market data from WDSuite, neighborhood rents index in the upper national tiers, renter concentration is above the metro median, and population and household counts within a 3-mile radius are projected to expand D all factors that underpin tenant demand and occupancy stability.
The ownership market nearby is high cost relative to incomes, which tends to reinforce reliance on rental housing and supports pricing power when managed with attention to affordability. While the neighborhood s occupancy level trails broader benchmarks, it has improved over the past five years, and the property s newer vintage provides a differentiator. Risk management should consider mixed safety signals and the submarket s lighter immediate retail density.
- 2013 construction competes well versus older local stock, with selective mid-life upgrades extending durability
- Upper-tier neighborhood rent positioning and above-median renter concentration support demand depth
- 3-mile population and household growth outlook bolsters leasing and occupancy stability
- High-cost ownership market reinforces renter reliance, aiding retention and pricing power
- Risks: below-median neighborhood occupancy, mixed safety trends, and thinner immediate retail necessitate conservative underwriting