| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Fair |
| Demographics | 46th | Poor |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3601 Eck Dr, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 2010 |
| Units | 48 |
| Transaction Date | 2004-12-14 |
| Transaction Price | $355,000 |
| Buyer | AUTUMN SPRING HOUSING ASSOCIATES LLC |
| Seller | EVERGREEN CONSTRUCTION CO |
3601 Eck Dr Raleigh Multifamily Investment Opportunity
Neighborhood occupancy is strong and renter demand is diversified, according to WDSuite s CRE market data, supporting stable leasing dynamics for a 2010-vintage, 48-unit asset in Raleigh s inner suburb. The area s rent levels and ownership costs point to durable multifamily need with measured pricing power.
Raleigh s inner suburb setting around 3601 Eck Dr shows steady fundamentals for multifamily investors. Neighborhood occupancy is elevated (ranked 86 of 331), placing it above the metro median and in the top quartile nationally for occupancy stability. The renter-occupied share of housing units in the neighborhood is about two-fifths, indicating a meaningful renter concentration and a broad tenant base for leasing continuity.
Local amenities are a relative strength: restaurant and grocery access are competitive among Raleigh-Cary neighborhoods (ranks 39 and 34 of 331, respectively) and sit in the low-80s national percentiles. Caf e9 density also tests high versus peers (rank 14 of 331; high national percentile). Park access is limited at the neighborhood level (rank 331 of 331), so on-site open space and nearby private amenities may be more important to resident satisfaction. Average school ratings register at the lower end of available measures; investors should anticipate that lifestyle and commute convenience, rather than school performance, will drive a larger share of demand.
Within a 3-mile radius, demographic data indicate a slight population dip over the past five years alongside an increase in households, suggesting smaller household sizes and a renter pool that is rebalancing toward more, smaller households. Forward-looking projections show gains in both population and households through 2028, which would expand the potential tenant base and support occupancy stability if realized.
Ownership costs in the neighborhood sit on the higher side relative to local incomes (value-to-income ratio in the low-70s national percentile). This high-cost ownership market context tends to reinforce reliance on rental housing, aiding lease retention and underpinning pricing decisions. Median contract rents track mid-pack nationally, and a rent-to-income profile around one-fifth suggests manageable affordability pressure with room for disciplined revenue management rather than aggressive push.
Safety performance is mixed when viewed against broader benchmarks. The neighborhood s crime rank sits at 182 out of 331 within the Raleigh-Cary metro, indicating conditions below the metro median. Nationally, the area aligns with lower safety percentiles, so investors should underwrite with conservative assumptions around security measures and loss mitigation.
Recent trends are nuanced: estimated property offenses declined year over year, a constructive signal, while estimated violent offenses ticked higher. For multifamily operations, this typically argues for practical interventions such as lighting, access control, and community engagement, rather than assuming rapid improvement or deterioration. Compare claims data and on-site experience during diligence to calibrate operating expenses.
Regional employment is anchored by insurance, pharmaceuticals distribution, advanced manufacturing training, life sciences, and technology offices within commutable distance, supporting workforce housing demand and lease retention for nearby multifamily.
- MetLife Auto & Home Craig Conley LUTCF insurance services (12.2 miles)
- MetLife insurance (12.5 miles)
- Erie Insurance Group insurance (13.7 miles)
- Amerisource Bergen pharmaceuticals distribution (14.0 miles)
- John Deere Morrisville Training Center manufacturing training center (14.0 miles)
- Quintiles Transnational Holdings life sciences (15.4 miles) HQ
- Biogen Idec biotechnology (16.5 miles)
- Cisco Systems, Building 8 technology offices (17.0 miles)
- Cisco Systems technology (17.4 miles)
The asset s 2010 construction offers competitive positioning versus older stock in an inner suburb where neighborhood occupancy runs above the metro median and tests in the top quartile nationally. According to CRE market data from WDSuite, the local mix of amenity access, strong grocery/restaurant density, and a material renter-occupied housing share supports steady tenant demand. Within a 3-mile radius, projections point to growth in both population and households, implying a larger renter pool and potential for stable lease-up and retention.
At the same time, underwriting should account for mixed safety benchmarks and limited park access at the neighborhood level, as well as NOI per-unit performance that trails national norms locally. Rent-to-income levels indicate manageable affordability pressure, suggesting room for disciplined pricing while monitoring retention risk. As a 2010-vintage property, investors can prioritize selective modernization and operational upgrades to enhance competitiveness without full-scope repositioning.
- Above-median neighborhood occupancy and competitive amenity access support leasing stability
- 2010 vintage offers relative competitiveness with targeted modernization upside
- 3-mile projections show expanding renter pool, bolstering demand and retention
- Ownership costs skew high versus incomes, reinforcing reliance on multifamily housing
- Risks: below-median metro safety rank, minimal park access, and local NOI per-unit below national norms