| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 66th | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 400 Shelly River Dr, Raleigh, NC, 27609, US |
| Region / Metro | Raleigh |
| Year of Construction | 1996 |
| Units | 20 |
| Transaction Date | 2008-10-30 |
| Transaction Price | $17,066,000 |
| Buyer | 317 LYNN ROAD HOLDINGS LLC |
| Seller | CARTER JAMES OLIVER |
400 Shelly River Dr Raleigh Multifamily Investment
Inner-suburb fundamentals in Raleigh support steady renter demand and above-metro occupancy at the neighborhood level, according to WDSuite’s CRE market data. This location offers pricing power potential reinforced by a high-cost ownership market and a sizable renter base.
Situated in an Inner Suburb of the Raleigh-Cary metro, the neighborhood carries a B rating and ranks 130 out of 331 — competitive among Raleigh-Cary neighborhoods. Neighborhood occupancy is above the metro median and has trended higher over the last five years, supporting income stability for multifamily assets in this pocket (figures reflect neighborhood, not the property).
Livability skews practical rather than destination-oriented. Pharmacy and childcare access are relatively strong compared with national peers, while cafes, restaurants, parks, and grocery options are thinner locally. For residents, this mix points to convenience for daily needs, but fewer lifestyle amenities within immediate proximity — an item to consider for positioning and marketing.
Renter-occupied housing is meaningful at the neighborhood level — roughly half of units — indicating depth in the tenant base and potential for resilient leasing. Within a 3-mile radius, population and household counts have grown in recent years, with forecasts calling for further household gains and smaller average household sizes. That dynamic typically expands the renter pool and supports occupancy stability for well-managed properties.
Home values sit well above national medians and the neighborhood’s value-to-income ratio ranks in the top decile nationally. In practice, this is a high-cost ownership market, which tends to sustain multifamily demand and can aid retention and pricing discipline. Average school ratings are below national medians, which may modestly limit appeal for some family renters, but the area’s educated workforce and solid income profile counterbalance demand fundamentals.
Neighborhood-level safety indicators are mixed. Relative to U.S. neighborhoods, the area sits below the national median for safety, and within the Raleigh-Cary metro it tracks near the middle of the pack (ranked 167 out of 331). Investors should underwrite with conservative assumptions for security and resident experience.
Trend-wise, property offense rates have improved year over year in the neighborhood, while violent offense measures remain weaker versus national peers. Framing for investors: prioritize proven on-site management practices, lighting and access controls, and leverage comps with demonstrated leasing performance nearby rather than block-level assumptions.
Proximity to major corporate offices underpins demand from professionals seeking commute convenience. Nearby employers include MetLife, AmerisourceBergen, John Deere s training center, MetLife Auto & Home operations, and Quintiles (IQVIA) all of which align with stable white-collar employment drivers for the renter base.
- MetLife insurance & financial services (9.1 miles)
- AmerisourceBergen pharmaceutical distribution (10.2 miles)
- John Deere Morrisville Training Center manufacturing training center (10.4 miles)
- MetLife Auto & Home Craig Conley LUTCF insurance services (10.8 miles)
- Quintiles Transnational Holdings life sciences/CRO (11.0 miles) HQ
Built in 1996, the 20-unit property offers mid-1990s vintage systems and interiors that can benefit from targeted value-add upgrades to remain competitive versus newer supply. At the neighborhood level, occupancy trends are above the metro median and rising over five years, and homeownership remains comparatively expensive — factors that can reinforce renter reliance on multifamily housing and support income durability.
Within a 3-mile radius, population and households have grown, with forecasts pointing to additional household growth and smaller average household sizes — a setup that typically expands the renter pool and supports lease-up and retention. According to CRE market data from WDSuite, neighborhood rents benchmark above national medians while rent-to-income ratios indicate manageable affordability pressure, suggesting room for disciplined revenue management rather than outsized escalations. Key watch items include thinner lifestyle amenities nearby and safety metrics that trail national norms, both manageable with focused operations and tenant screening.
- Neighborhood occupancy above metro median supports cash flow stability
- High-cost ownership market sustains rental demand and retention
- 1996 vintage offers value-add potential through targeted renovations
- 3-mile household growth and smaller household sizes expand renter pool
- Risks: thinner nearby amenities and below-median safety metrics require active management