| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 53rd | Fair |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3911 Water Oak Dr, Raleigh, NC, 27616, US |
| Region / Metro | Raleigh |
| Year of Construction | 1985 |
| Units | 88 |
| Transaction Date | 2012-09-13 |
| Transaction Price | $3,500,000 |
| Buyer | New Oaks LLC |
| Seller | GCC-Oaks LLC |
3911 Water Oak Dr Raleigh Multifamily Investment
Inner-suburban Raleigh shows strong renter concentration at the neighborhood level, supporting a deeper tenant base even as occupancy trends require active management, according to CRE market data from WDSuite.
This inner suburb of the Raleigh-Cary metro registers a C+ neighborhood rating with fundamentals that favor workforce demand. Neighborhood occupancy is below metro norms (ranked 290 out of 331), so investors should underwrite to competitive leasing and renewal strategies, but the renter concentration is high (ranked 23 out of 331; top quartile nationally for renter-occupied share), which supports a broader pool of multifamily demand.
Everyday convenience is a local strength. Grocery access is competitive among Raleigh-Cary neighborhoods (ranked 12 of 331; top quartile nationally), and restaurants are also comparatively dense (ranked 35 of 331). By contrast, cafes, parks, childcare, and pharmacies are sparse within the neighborhood footprint, so residents likely rely on nearby corridors for those amenities.
The property s vintage is 1985, slightly newer than the neighborhood s average construction year (1981). That positioning can be advantageous versus older stock, while still planning for modernization of systems and targeted unit and common-area upgrades to sustain competitiveness.
Within a 3-mile radius, demographics point to a stable renter ecosystem: recent years show a modest dip in population alongside an increase in households and smaller average household size, which can translate to a larger renter pool and support occupancy stability. Median home values in the neighborhood sit above national midpoints (higher value-to-income ratios relative to many areas), reinforcing reliance on rental housing and aiding pricing power, while rent-to-income levels appear manageable, which can support retention.
Safety trends are mixed and should be assessed carefully. Relative to neighborhoods nationwide, the area sits in lower national percentiles for safety (crime profile closer to the metro s higher-crime cohort), and its overall crime rank is 191 out of 331 within the Raleigh-Cary metro, indicating it trails the metro average. Recent momentum is nuanced: property offenses show a year-over-year decline, whereas violent offenses increased. Investors should incorporate these dynamics into underwriting, security planning, and resident-experience strategies.
Proximity to major corporate offices across insurance, pharmaceuticals distribution, and industrial equipment supports commuter convenience and multifamily leasing depth for workforce renters.
- MetLife insurance (12.8 miles)
- MetLife Auto & Home Craig Conley LUTCF insurance (13.3 miles)
- Amerisource Bergen pharmaceuticals distribution (14.1 miles)
- John Deere Morrisville Training Center industrial equipment training (14.2 miles)
- Erie Insurance Group insurance (14.9 miles)
This 88-unit, 1985-vintage asset sits in an inner-suburban Raleigh location where renter concentration is high at the neighborhood level, supporting a deeper tenant base. Based on CRE market data from WDSuite, neighborhood occupancy trails metro norms, so performance will hinge on hands-on leasing, renewals, and targeted upgrades. The 3-mile area shows a recent shift toward more households and smaller household sizes, which can expand the renter pool and support steady absorption. Elevated ownership costs relative to income in the neighborhood context bolster reliance on rental housing, while rent burdens appear moderate enough to aid retention.
Operationally, the 1985 vintage offers a mild competitive edge versus older stock, with scope for value-add through modernization of interiors and building systems. Amenity access is practical for daily needs (notably groceries and dining), though limited parks, pharmacies, and cafes within the neighborhood suggest value in enhancing on-site offerings to support resident satisfaction and lease stability.
- High renter concentration supports a deeper tenant base and leasing velocity.
- 3-mile household growth and smaller household sizes point to renter pool expansion.
- 1985 vintage enables value-add via targeted renovations and systems upgrades.
- Elevated ownership costs reinforce sustained rental demand in this submarket.
- Risks: neighborhood occupancy below metro norms and safety metrics below national averages require proactive operations and resident experience focus.