| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Fair |
| Demographics | 46th | Poor |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4344 Saint James Church Rd, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 1986 |
| Units | 92 |
| Transaction Date | 2013-10-08 |
| Transaction Price | $5,030,000 |
| Buyer | Heritage Management Company |
| Seller | PRG Real Estate Management, Inc. |
4344 Saint James Church Rd Raleigh Multifamily Investment
Neighborhood occupancy is strong and trending stable, supporting lease retention potential for a 92-unit asset, according to WDSuite’s CRE market data. This inner-suburban Raleigh location pairs steady renter demand with mid-range rents, offering room for operational execution without relying on outsized growth assumptions.
The property sits in an Inner Suburb pocket of Raleigh (B+ neighborhood rating; rank 114 of 331), positioning it as competitive among Raleigh-Cary neighborhoods while benefiting from established demand drivers. Neighborhood occupancy sits at 96.8% (rank 86 of 331; top quintile nationally), a positive signal for income stability in comparable multifamily product.
Amenity access is a relative strength versus much of the metro: cafes (rank 14 of 331) and groceries (rank 34 of 331) indicate a denser daily-needs environment than many Raleigh areas. This supports renter convenience and helps with leasing velocity. Pharmacy access also ranks competitively (31 of 331). Park access is limited within the immediate neighborhood, which may modestly temper lifestyle appeal for some cohorts.
Within a 3-mile radius, the renter-occupied share is approximately half of housing units, signaling a deep tenant base and consistent multifamily demand. Over the past five years, population contracted slightly while household counts in the same 3-mile area increased, implying smaller average household sizes and a potential tilt toward rental living; projections through 2028 call for further household growth, which should expand the renter pool and support occupancy stability. Median rents in the neighborhood sit around the national mid-range (national percentile ~55), offering room for disciplined revenue management rather than dependence on premium positioning.
Ownership costs in the neighborhood are relatively elevated versus incomes (value-to-income ratio in a higher national percentile), which tends to sustain reliance on multifamily rentals and can support pricing power and retention in well-managed assets. The median rent-to-income ratio is around 0.21, pointing to manageable affordability pressure that can help reduce turnover risk when paired with prudent lease management, based on CRE market data from WDSuite.
Vintage considerations: built in 1986, the asset is older than much of the post-2000 stock across the metro. Investors should expect periodic capital needs for systems, exteriors, and common areas; that same vintage often supports value-add strategies to refresh finishes and amenities and improve competitive standing against newer deliveries.
Safety indicators for the neighborhood trail broader national benchmarks. Overall crime ranks 182 out of 331 Raleigh-Cary neighborhoods, and national percentiles suggest the area is below the national median for safety. Property offenses have improved year over year, while violent offense measures ticked up, underscoring a mixed trend.
For investors, the takeaway is to plan for standard security and lighting upgrades, maintain strong property management presence, and underwrite to the submarket s historical patterns rather than block-level assumptions. Monitoring the recent decline in property offenses alongside the uptick in violent offense metrics can help calibrate operating practices as trends evolve.
The location serves a broad white-collar employment base anchored by life sciences, healthcare distribution, equipment manufacturing, and corporate services, supporting commute convenience and renter retention for workforce and professional tenants. Nearby employers include MetLife, AmerisourceBergen, John Deere, Erie Insurance, and IQVIA (Quintiles Transnational Holdings).
- MetLife — corporate offices (12.8 miles)
- AmerisourceBergen — healthcare distribution (14.1 miles)
- John Deere Morrisville Training Center — equipment manufacturing training (14.2 miles)
- Erie Insurance Group — insurance (14.7 miles)
- Quintiles Transnational Holdings — life sciences services (15.3 miles) — HQ
This 92-unit, 1986-vintage asset in Raleigh s inner suburbs benefits from stable neighborhood occupancy and a sizable renter base, with amenity density that supports leasing performance. According to CRE market data from WDSuite, neighborhood occupancy is in the top quintile nationally, while mid-range rents and a higher value-to-income landscape indicate durable rental reliance rather than dependence on premium pricing. The vintage suggests clear value-add potential through targeted renovations and systems upgrades.
Within a 3-mile radius, household counts have inched up despite slight population contraction, and projections call for notable household growth through 2028 together implying a larger tenant base and support for occupancy stability. Employers across RTP-oriented industries within a 12–16 mile commute broaden the demand profile and can aid retention among professional renters. Key risks include mixed safety signals and the need for ongoing capex typical of 1980s construction.
- Strong neighborhood occupancy and amenity access support lease stability
- 1986 vintage offers value-add and modernization upside
- 3-mile household growth outlook expands the renter pool through 2028
- Proximity to diversified RTP employers supports professional renter demand
- Risks: mixed safety trends and ongoing capex planning for older systems