| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Good |
| Demographics | 30th | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3930 Dowling Haven Pl, Raleigh, NC, 27610, US |
| Region / Metro | Raleigh |
| Year of Construction | 1995 |
| Units | 48 |
| Transaction Date | 2017-06-23 |
| Transaction Price | $2,200,000 |
| Buyer | Harmony Housing Advisors |
| Seller | --- |
3930 Dowling Haven Pl Raleigh Multifamily Opportunity
Neighborhood fundamentals point to durable renter demand and occupancy stability, according to WDSuite’s CRE market data, positioning this 48-unit asset to compete on cash flow while value-add plays are evaluated.
Located in Raleigh’s Inner Suburb fabric of Wake County, the surrounding neighborhood shows full occupancy at the neighborhood level, ranking at the top among 331 metro neighborhoods. For investors, that signals a stable leasing backdrop and supports retention even as rents cycle.
Renter concentration varies by lens: at the neighborhood level, roughly one-third of housing units are renter-occupied, while within a 3-mile radius renters account for about two-fifths of occupied units. This mix suggests a sufficient tenant base for workforce-oriented product and mid-market repositioning strategies.
Livability is serviceable rather than amenity-rich. Grocery access is around the metro middle, while cafes, parks, and pharmacies are comparatively sparse. Median neighborhood contract rents sit in the upper national tier, indicating pricing headroom relative to many U.S. neighborhoods, while 3-mile trends show rising household counts and incomes, which can broaden the renter pool and support occupancy stability.
The property’s 1995 vintage is older than the neighborhood’s newer building stock profile. That creates a clear value-add path—cosmetic upgrades, unit modernization, and system updates—to stay competitive against 2020s deliveries while managing capital planning deliberately.
Homeownership is a higher-cost proposition locally relative to incomes by national comparison, which tends to sustain renter reliance on multifamily housing and can aid lease retention. These dynamics, combined with population and household growth within a 3-mile radius, are supportive of medium-term demand.
Safety indicators are mixed and should be underwritten with care. The neighborhood’s crime rank sits below the metro average among 331 Raleigh–Cary neighborhoods, and national percentiles place the area below the midpoint for safety compared with neighborhoods nationwide. Recent data also shows property offenses declining year over year, an encouraging directional trend to monitor alongside management practices and security measures.
Proximity to insurance, manufacturing training, and pharmaceutical distribution employers supports a diversified commuter tenant base and helps leasing resilience at workforce price points. Nearby employers include MetLife Auto & Home, Erie Insurance Group, MetLife, John Deere Morrisville Training Center, and AmerisourceBergen.
- MetLife Auto & Home Craig Conley LUTCF — insurance services (11.9 miles)
- Erie Insurance Group — insurance (13.1 miles)
- MetLife — insurance (13.6 miles)
- John Deere Morrisville Training Center — manufacturing training (15.2 miles)
- Amerisource Bergen — pharmaceutical distribution (15.3 miles)
This 48-unit, 1995-vintage asset benefits from a neighborhood backdrop featuring top-ranked occupancy among 331 metro neighborhoods—an indicator of full absorption that supports leasing stability. With the subarea’s renter base balanced between neighborhood and 3-mile views, demand depth is sufficient for workforce and mid-market positioning. The older vintage versus newer local stock sets up a practical value-add program to drive rent premiums while maintaining competitive effective rents.
Population and household growth within a 3-mile radius, along with a high-cost ownership market relative to incomes, should continue to reinforce multifamily demand and lease retention. According to CRE market data from WDSuite, neighborhood rents sit in the upper national tier, suggesting headroom for renovated units, while investors should underwrite to modest near-term growth given amenity limitations and competition from newer deliveries.
- Neighborhood occupancy ranks at the top of the metro, supporting leasing stability
- 1995 vintage offers clear value-add and modernization upside versus newer local stock
- 3-mile population and household growth expand the tenant base and support retention
- Risks: below-metro-average safety metrics, limited local amenities, and competition from recent deliveries