| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 68th | Good |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 414 Meredith Anne Ct, Raleigh, NC, 27606, US |
| Region / Metro | Raleigh |
| Year of Construction | 2001 |
| Units | 24 |
| Transaction Date | 2008-06-03 |
| Transaction Price | $38,300,000 |
| Buyer | CARY TOWNE PARK LLC |
| Seller | CASA GROUP LLC |
414 Meredith Anne Ct, Raleigh NC Multifamily Investment
Renter demand is deep at the neighborhood level, though occupancy trends run below the metro, according to WDSuite’s CRE market data, suggesting investors should prioritize leasing execution and retention. Grocery and dining access are competitive for an inner suburb location, supporting day-to-day livability for a workforce tenant base.
This Inner Suburb neighborhood carries a B rating within the Raleigh–Cary metro and is positioned above the metro median overall (rank 154 of 331). Local livability skews practical for renters: grocery access ranks in the top quartile among 331 metro neighborhoods, and restaurant density is also top quartile, while cafes, parks, childcare, and pharmacies are limited within the neighborhood footprint. For investors, that mix supports daily convenience without paying a premium for lifestyle-centric micro-locations.
Neighborhood occupancy is below the metro median (rank 277 of 331), signaling room to tighten operations at the asset level. At the same time, renter concentration is notably high with a renter-occupied share ranking near the top of the metro (rank 5 of 331; high national percentile), which points to a broad tenant pool and consistent leasing velocity for well-positioned multifamily properties.
Within a 3-mile radius, demographics indicate a stable working-age base and an expanding household count over the next five years, implying smaller household sizes and a larger tenant base entering the market. Rising household incomes alongside projected rent growth suggest potential for measured pricing power, but lease management should balance rent steps with retention to sustain occupancy.
Ownership remains a higher-cost proposition in context (value-to-income measures are elevated versus national norms), which tends to reinforce reliance on rental housing and can support lease retention. Meanwhile, rent-to-income levels in the neighborhood are comparatively manageable, a combination that can reduce affordability pressure and support longer tenures for qualified renters.
Safety indicators trend below national averages for comparable neighborhoods, and the area ranks below the metro median (rank 211 of 331). Recent data show property offenses easing modestly while violent offenses have moved higher year over year. For underwriting, this suggests prudent security measures, strong tenant screening, and attention to lighting and access control to support resident satisfaction and retention.
Investors should evaluate block-by-block conditions during site visits and compare trends against nearby Raleigh submarkets. Positioning the asset with visible management presence and practical safety upgrades can help mitigate risk and protect occupancy.
Proximity to insurance, healthcare services, and advanced manufacturing/training nodes supports a diversified commuter base and steady renter demand. The following employers within a typical commute radius contribute to leasing stability for workforce-oriented units.
- MetLife Auto & Home Craig Conley LUTCF — insurance (2.8 miles)
- Erie Insurance Group — insurance (4.5 miles)
- MetLife — insurance/financial services (4.8 miles)
- John Deere Morrisville Training Center — manufacturing training (6.3 miles)
- Amerisource Bergen — healthcare distribution (6.7 miles)
Built in 2001, this 24‑unit asset offers relatively newer vintage versus the neighborhood’s average stock, supporting competitive positioning with potential upside from targeted modernization of interiors and common areas. The submarket’s renter-occupied share is among the highest in the metro, indicating depth of tenant demand, while neighborhood occupancy trends below the metro median point to an operational opportunity to drive lease-up and retention through management focus and amenity calibration.
Within a 3-mile radius, forecasts call for a larger household base and rising incomes over the next five years, expanding the renter pool and supporting occupancy stability. Ownership remains comparatively high-cost in context, while rent-to-income levels are more manageable—an investor-friendly combination that can sustain leasing. According to CRE market data from WDSuite, local dining and grocery access are competitive for the metro, reinforcing the property’s day-to-day convenience story.
- 2001 vintage provides relative competitiveness, with value-add potential through focused upgrades rather than heavy capex.
- High renter-occupied share in the neighborhood supports a deep tenant base and steady leasing velocity.
- 3-mile forecasts show household growth and income gains, supporting occupancy stability and measured rent growth.
- Competitive grocery and dining access enhances livability without lifestyle premiums, aiding retention.
- Risks: neighborhood occupancy trails metro norms and safety trends are mixed; plan for proactive leasing, security, and resident engagement.