| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 38th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4204 Greencastle Ct, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 1985 |
| Units | 28 |
| Transaction Date | 2005-09-30 |
| Transaction Price | $6,150,000 |
| Buyer | SCHRADER FAMILY LP |
| Seller | WILSON DAVID WARREN |
4204 Greencastle Ct Raleigh Multifamily Investment
Neighborhood fundamentals point to steady renter demand supported by strong nearby retail and dining density and a high share of renter-occupied units, according to WDSuite’s CRE market data. For investors, the area’s renter base and location convenience may help underpin occupancy even as property upgrades are planned.
Livability is driven by access to daily needs: the neighborhood ranks 3rd of 331 Raleigh–Cary neighborhoods for grocery density and is also competitive for restaurants and cafes (top decile locally). This retail coverage supports convenience and can aid leasing velocity for workforce-oriented assets.
Multifamily demand signals are mixed but investable. Neighborhood occupancy is 88.6% (neighborhood metric, not the property), with modest improvement over five years, while the share of housing units that are renter-occupied is among the highest nationally and competitive among Raleigh–Cary neighborhoods (rank 9 of 331). This points to a deep tenant base and potential stability for well-managed assets.
At the property level, the 1985 vintage is older than the neighborhood’s average construction year (2001). That suggests underwriting for capital expenditures and a clear value‑add or modernization path to improve relative positioning versus newer stock, especially for systems, interiors, and curb appeal.
Within a 3‑mile radius, households increased over the past five years even as population edged down, indicating smaller household sizes and a larger pool of potential renters by unit. Forward-looking data show projected population and household growth by 2028, which can expand the tenant base and support occupancy. Median contract rents in the neighborhood track around the metro middle, suggesting pricing needs to be balanced against positioning and finish quality during lease-up and renewals.
Ownership context is mixed: national data show elevated value‑to‑income ratios locally (top quartile nationally), while median home values are below national averages. For multifamily, this combination can sustain rental reliance for some cohorts but also creates competition from more accessible ownership options; active asset management and product differentiation are important to maintain lease retention and pricing power.
Safety metrics are below the metro median (crime rank 223 out of 331 Raleigh–Cary neighborhoods) and sit in lower national percentiles. Recent one‑year trends indicate an uptick in violent incidents, while property crime also saw a smaller increase. Investors typically address this through enhanced lighting, access control, and community standards, and should reflect insurance and security line items in underwriting.
As always, safety conditions vary by block and over time; consider comparing trends to nearby Raleigh submarkets and reviewing recent comps to calibrate achievable rents, leasing velocity, and retention strategies.
Proximity to diversified employers supports commute convenience and renter demand, with nearby nodes in insurance, life sciences, and advanced manufacturing. Key employers include MetLife, AmerisourceBergen, John Deere, Erie Insurance, and Quintiles Transnational Holdings.
- MetLife — insurance (11.5 miles)
- AmerisourceBergen — pharmaceuticals distribution (12.9 miles)
- John Deere Morrisville Training Center — equipment & training (13.0 miles)
- Erie Insurance Group — insurance (13.6 miles)
- Quintiles Transnational Holdings — life sciences services (14.1 miles) — HQ
This 28‑unit, 1985‑built asset sits within a Raleigh inner‑suburb pocket that combines strong daily‑needs access with a renter‑heavy housing mix. Based on CRE market data from WDSuite, the neighborhood’s renter-occupied share is among the highest in the metro and nationally, indicating depth of tenant demand. While neighborhood occupancy is in the high‑80s (neighborhood metric), the combination of retail convenience and employer access can support leasing for well‑positioned product.
The vintage is older than the neighborhood average, creating tangible value‑add opportunity through systems, interiors, and amenity refresh to compete with 2000s stock. Within a 3‑mile radius, household counts have risen and are projected to grow further, expanding the renter pool. Counterpoints include affordability pressure (high rent‑to‑income ratios) and below‑median safety rankings, which call for disciplined rent setting, resident services, and security investments in the business plan.
- Renter-heavy housing mix supports demand depth and renewal stability
- Daily-needs retail and dining density aids leasing and convenience
- 1985 vintage offers clear value-add path versus 2000s neighborhood stock
- 3-mile household growth and employer access support occupancy over time
- Risks: below-median safety metrics and rent-to-income pressure require careful underwriting and asset management