| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 73rd | Good |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3900 Cass Ct, Raleigh, NC, 27613, US |
| Region / Metro | Raleigh |
| Year of Construction | 1985 |
| Units | 24 |
| Transaction Date | 2015-06-30 |
| Transaction Price | $18,600,000 |
| Buyer | MCREF ANDOVER LLC |
| Seller | 6200 RALEIGH APARTMENTS LLC |
3900 Cass Ct Raleigh 24-Unit Value-Add Opportunity
Inner Suburb location with strong daily-needs access and an above-median renter concentration supports consistent leasing, while neighborhood occupancy trends sit near the national midpoint, according to WDSuite’s CRE market data. 1985 vintage suggests scope for renovations to enhance competitiveness versus newer stock.
Raleigh’s Inner Suburb setting around 3900 Cass Ct scores in the top quartile among 331 metro neighborhoods overall (A rating), signaling balanced fundamentals for multifamily. Daily-needs access is a clear strength: grocery and pharmacy density rank among the top performers locally, with restaurants also competitive among Raleigh-Cary neighborhoods. By contrast, cafés and parks are limited, so on-site amenities or partnerships with nearby retail may help bolster resident appeal.
Neighborhood occupancy is around the national midpoint and below the metro median, indicating leasing is stable but not tight; investors should underwrite with moderate downtime assumptions. The share of housing units that are renter-occupied is above most Raleigh-Cary neighborhoods (ranked in the top quartile), pointing to a deep tenant base and steady multifamily demand. Median contract rents are competitive within the metro and above the national median, supporting revenue potential without being at the market’s top tier.
Within a 3-mile radius, population and household counts have grown and are projected to increase further, with smaller average household sizes over time—factors that typically expand the renter pool and support occupancy stability. Median incomes are strong for the area, and a moderate rent-to-income profile suggests manageable affordability pressure, aiding lease retention and renewals.
Ownership costs are elevated relative to national norms, which tends to sustain reliance on rental housing. For a 1985 asset, targeted interior updates and system upgrades can improve positioning against newer supply while maintaining a price point attractive to workforce renters.
Safety indicators for the surrounding neighborhood trend weaker than metro and national averages. Based on ranks among 331 Raleigh-Cary neighborhoods and national percentiles, violent and property offense measures sit in lower national percentiles (i.e., less favorable) even as recent data show a slight year-over-year decline in property-related incidents and an increase in violent offenses. Investors should evaluate security planning, lighting, and resident engagement strategies, and compare recent local trends to submarket benchmarks.
Proximity to major Raleigh-Durham employers supports workforce housing demand and commute convenience for residents. Key nearby anchors include MetLife, AmerisourceBergen, John Deere’s training operations, Quintiles Transnational Holdings, and Cisco Systems.
- MetLife — insurance (6.0 miles)
- AmerisourceBergen — pharmaceutical distribution (7.0 miles)
- John Deere Morrisville Training Center — industrial equipment training (7.2 miles)
- Quintiles Transnational Holdings — clinical research organization (7.9 miles) — HQ
- Cisco Systems — networking and technology (10.2 miles)
This 24-unit, 1985-vintage asset in an Inner Suburb location benefits from a renter-occupied share that ranks among the top quartile of Raleigh-Cary neighborhoods, signaling depth in the tenant base. Neighborhood occupancy trends are near the national midpoint, so steady leasing is achievable with attention to unit turn execution and competitive positioning. Elevated ownership costs relative to national norms and median rents that are competitive within the metro support demand without overreliance on top-of-market pricing.
Population and household growth within a 3-mile radius point to renter pool expansion over the next few years, which can support occupancy stability and rent growth management. According to CRE market data from WDSuite, amenity access is a relative strength (notably grocery, pharmacy, and restaurants), while limited parks and cafés suggest on-site improvements could further enhance retention. The 1985 vintage presents clear value-add and capital planning opportunities—targeted renovations and system upgrades can sharpen positioning versus newer product.
- Renter-occupied share in the neighborhood’s top quartile supports a deep tenant base
- Amenity access (grocery, pharmacy, restaurants) underpins leasing and retention
- 1985 vintage offers value-add potential through targeted interior and system upgrades
- Risks: occupancy near national midpoint and softer safety metrics warrant prudent underwriting