| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 38th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4400 Capital Blvd, Raleigh, NC, 27604, US |
| Region / Metro | Raleigh |
| Year of Construction | 1988 |
| Units | 113 |
| Transaction Date | 2012-05-22 |
| Transaction Price | $3,225,000 |
| Buyer | EPKON LLC |
| Seller | BOULEVARD MOTEL CORP |
4400 Capital Blvd, Raleigh NC Multifamily Investment
Neighborhood-level renter concentration is high, supporting a deeper tenant base and stable leasing potential, according to WDSuite’s CRE market data. This location pairs everyday convenience with value-add upside at the asset level rather than reliance on rapid rent growth.
The property sits in an Inner Suburb of Raleigh within the Raleigh–Cary metro, offering strong daily-needs access. Neighborhood amenity density is a relative strength: grocery options rank 3rd among 331 metro neighborhoods and are in the top quartile nationally, while restaurants are similarly dense (10th of 331; top quartile nationally). Cafés are also competitive (8th of 331; top decile nationally). These patterns typically support renter convenience and retention.
Construction in the surrounding neighborhood skews newer than the property itself (average vintage 2001; rank 66 of 331), while the asset’s 1988 vintage points to potential value-add through interior upgrades, systems modernization, and curb appeal improvements to better compete with younger stock. For underwriting, this suggests allocating capital for renovations to capture rent premiums without overreliance on outsized market growth.
Neighborhood occupancy is below the metro median (rank 250 of 331), so investors should prioritize operational execution and leasing strategy. At the same time, renter-occupied housing is a local hallmark: renter concentration is high (rank 9 of 331; top quartile nationally), indicating depth in the tenant pool for multifamily assets.
Within a 3-mile radius, recent data show a small decline in population alongside a modest increase in households, implying smaller household sizes and a more diversified renter base. Looking forward to 2028, forecasts point to population growth and a notable increase in households in the same 3-mile radius, which would expand the renter pool and can support occupancy stability if supply remains disciplined.
Ownership context is mixed. Median home values in the neighborhood sit below many national markets, but the value-to-income ratio is elevated (87th percentile nationally), which often sustains renter reliance on multifamily housing. Rent-to-income levels indicate affordability pressure locally, so pricing power should be paired with careful lease management to mitigate turnover risk.
Safety indicators for the neighborhood track below both metro and national norms. Overall crime ranks 223 out of 331 Raleigh–Cary neighborhoods, and national positioning is in a lower percentile, signaling a relatively higher incidence than many peer areas. Property and violent offense measures also sit in low national percentiles, and recent year-over-year trends show increases that warrant ongoing monitoring.
For investors, this typically implies thoughtful security planning, active management, and attention to lighting, access control, and resident engagement. Comparative performance can vary block to block; underwriting should reflect neighborhood-level conditions rather than assumptions about the specific property.
Proximity to major employers across insurance, life sciences, and advanced manufacturing supports commuter convenience and multifamily renter demand. The nearby base includes MetLife, AmerisourceBergen, John Deere, Erie Insurance, and Quintiles.
- MetLife — insurance (12.5 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (12.9 miles)
- Amerisource Bergen — pharmaceuticals distribution (13.8 miles)
- John Deere Morrisville Training Center — advanced manufacturing training (13.9 miles)
- Erie Insurance Group — insurance (14.6 miles)
- Quintiles Transnational Holdings — clinical research (14.9 miles) — HQ
This 113-unit, 1988-vintage asset offers a straightforward value-add thesis in an Inner Suburb location with strong daily-needs access and a deep renter base. The surrounding neighborhood shows high renter concentration (rank 9 of 331) and competitive amenity density, which can support leasing and renewal performance. While neighborhood occupancy trends below the metro median, operational focus and targeted renovations can enhance competitive positioning against newer nearby stock.
According to CRE market data from WDSuite, ownership costs relative to income are elevated at the neighborhood level, reinforcing the role of multifamily as a housing option. Within a 3-mile radius, households have been increasing even as population dipped slightly, and forecasts call for growth in both households and incomes by 2028—factors that can expand the renter pool. Affordability pressures and safety metrics below metro norms are the principal underwriting considerations, suggesting a pragmatic approach to rent setting, security, and resident services.
- Value-add potential: 1988 vintage with room for renovations to compete with newer neighborhood stock.
- Deep tenant base: high renter concentration (rank 9 of 331) supports demand for multifamily units.
- Convenience moat: strong grocery and restaurant density (top quartile nationally) aids retention and leasing.
- Forward demand: 3-mile forecasts indicate growth in households and incomes by 2028, supporting occupancy stability.
- Risks: below-metro safety positioning and affordability pressure call for disciplined underwriting and active management.