| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 87th | Best |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 401 S Bloodworth St, Raleigh, NC, 27601, US |
| Region / Metro | Raleigh |
| Year of Construction | 2006 |
| Units | 24 |
| Transaction Date | 2004-09-27 |
| Transaction Price | $625,000 |
| Buyer | CARLTON PLACE DEVELOPMENT LLC |
| Seller | THE CITY OF RALEIGH |
401 S Bloodworth St, Raleigh NC Multifamily Investment
Neighborhood fundamentals point to durable renter demand supported by a high renter-occupied share and elevated ownership costs, according to WDSuite’s CRE market data. Monitor leasing since neighborhood occupancy trends are softer than metro norms.
Located in Raleigh’s inner-suburb fabric, the area offers strong daily-life convenience. Restaurant density ranks first among 331 metro neighborhoods, with grocery access also competitive (ranked 11th of 331). Parks are a standout amenity as well, ranking 2nd of 331, while pharmacy options are limited within the immediate neighborhood—residents may rely on nearby districts for certain services.
The neighborhood skews strongly renter-occupied (high renter concentration by metro standards), which typically supports a deeper tenant base for multifamily. However, neighborhood occupancy is measured for the neighborhood and not the property, and it currently trails national norms; investors should underwrite to thoughtful leasing assumptions rather than extrapolating metro-wide stability.
Home values in the neighborhood sit at the higher end for the metro, a dynamic that often sustains reliance on rental housing and can reinforce pricing power for well-positioned assets. At the same time, rent-to-income levels indicate manageable affordability pressure, which can help with lease retention.
Within a 3-mile radius, population and households have expanded over the past five years, and forecasts point to further household growth alongside rising incomes. This trend suggests a larger tenant base and supports occupancy stability for competitively positioned units.
Vintage context: the average construction year in the neighborhood is 1988, while this property was built in 2006. Being newer than the neighborhood average can enhance competitive positioning versus older stock; investors should still plan for mid-life systems updates and selective modernization to capture demand.
Safety indicators for the neighborhood trend weaker than both metro and national benchmarks. Based on WDSuite data, the neighborhood’s crime profile ranks 245 out of 331 metro neighborhoods, which places it below the metro median. Nationally, the neighborhood sits in a lower safety percentile, indicating elevated incident rates compared with many U.S. neighborhoods.
Recent readings also show an uptick in violent incidents year over year. Investors should account for this in underwriting by stress-testing lease-up and renewal assumptions, considering security measures, and weighing how management practices and property design can mitigate resident concerns. As always, crime dynamics vary block to block; use on-the-ground diligence and current police data to validate trends.
Proximity to diversified employers supports renter demand and commute convenience, with nearby roles spanning insurance, life sciences, logistics, and technology. The list below reflects the closest notable employers that help anchor the area’s employment base.
- Erie Insurance Group — insurance (9.9 miles)
- MetLife — insurance (10.1 miles)
- John Deere Morrisville Training Center — industrial training (11.7 miles)
- Amerisource Bergen — pharmaceutical distribution (11.9 miles)
- Quintiles Transnational Holdings — clinical research (13.7 miles) — HQ
401 S Bloodworth St offers investors a small-scale multifamily position in a renter-heavy neighborhood where elevated ownership costs tend to sustain reliance on rental housing. According to CRE market data from WDSuite, neighborhood occupancy trends are softer than national norms, so asset-level execution on finishes, management, and pricing will be important to maintain stability. Within a 3-mile radius, population and households have grown and are projected to expand further, pointing to a larger tenant base and supportive income trends.
Built in 2006, the property is newer than the neighborhood’s average vintage (1988). That relative youth can enhance competitiveness versus older stock, while still warranting capital planning for mid-life systems and targeted upgrades to capture demand. High neighborhood home values and a balanced rent-to-income profile indicate room for disciplined rent growth strategies tied to quality and service rather than aggressive mark-to-market alone.
- Renter-heavy neighborhood supports a deeper tenant base and leasing durability
- 2006 vintage offers competitive positioning vs. older stock with manageable mid-life capex
- High ownership costs in the area reinforce sustained multifamily demand and pricing power
- 3-mile household and income growth underpin demand and support retention
- Risk: neighborhood occupancy and safety trends run below metro/national benchmarks—underwrite leasing and OPEX accordingly