| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 61st | Fair |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 E Hargett St, Raleigh, NC, 27601, US |
| Region / Metro | Raleigh |
| Year of Construction | 1982 |
| Units | 61 |
| Transaction Date | 1982-04-02 |
| Transaction Price | $50,000 |
| Buyer | ARTESIA WINTERS II LLC |
| Seller | WINTERSHAVEN LTD |
500 E Hargett St Raleigh 61-Unit Value-Add Opportunity
Renter demand is reinforced by a high-cost ownership market and a strong neighborhood renter concentration, according to WDSuite’s CRE market data. Occupancy has held near mid-pack locally while trending upward, suggesting steady leasing conditions.
Positioned in Raleigh’s inner-suburban fabric, 500 E Hargett St benefits from neighborhood fundamentals that are competitive among Raleigh-Cary neighborhoods (ranked 104 out of 331) with a B+ rating. Grocery and parks access are notable strengths—both sit near the top of the metro (grocery density ranked 8 of 331 and parks density ranked 4 of 331) and test high nationally—supporting day-to-day livability and resident retention.
The area’s renter-occupied share is elevated at the neighborhood level (49% renter concentration; ranked 54 of 331, high nationally), which points to a deep tenant base for multifamily investors. Neighborhood occupancy runs around the metro middle but modestly above national norms and has improved over the past five years, indicating durable demand rather than transient spikes.
Within a 3-mile radius, population and household counts have expanded over the last five years, with households growing faster than population—effectively enlarging the renter pool and supporting lease-up and renewal stability. Forward-looking estimates continue to point to additional population and household growth over the next five years, which should help sustain absorption and keep occupancy resilient.
Local schools test at the top of the metro (average rating ranked 1 of 331 and top tier nationally), a differentiator for retention among residents prioritizing education. Home values in the neighborhood are elevated versus national benchmarks, and the value-to-income ratio sits near the high end nationally, which typically sustains reliance on rental housing and supports pricing power. The property’s 1982 vintage suggests clear value-add or modernization potential—capex to refresh interiors and common areas can sharpen competitiveness against newer stock while managing for system updates typical for assets of this era.
Safety indicators in the neighborhood sit below national percentiles, and the overall crime ranking is around the metro median (139 out of 331). Recent trends show property offenses declining meaningfully year over year and violent offenses easing modestly, which is constructive but warrants continued monitoring and proactive management.
For investors, the takeaway is to underwrite security and operating practices appropriate for an urban inner-suburban setting, while recognizing that recent directional improvement can support perception over the hold period if maintained.
Regional employment anchors across insurance, life sciences, healthcare distribution, and technology within roughly 9–15 miles support a broad commuter tenant base and reduce leasing volatility. The list below highlights nearby corporate offices that help underpin renter demand.
- MetLife Auto & Home Craig Conley LUTCF — insurance services (8.7 miles)
- Erie Insurance Group — insurance (10.0 miles)
- MetLife — insurance (10.1 miles)
- John Deere Morrisville Training Center — industrial equipment training (11.7 miles)
- Amerisource Bergen — healthcare distribution (11.9 miles)
- Quintiles Transnational Holdings — contract research (13.7 miles) — HQ
- Biogen Idec — biotechnology (14.4 miles)
- Cisco Systems, Building 8 — technology offices (14.8 miles)
- Cisco Systems — technology (15.2 miles)
This 61-unit, 1982-vintage asset combines an established renter base with tangible value-add potential. Neighborhood renter concentration is high, homeownership costs are elevated relative to incomes, and occupancy has trended upward—factors that collectively support stable demand and pricing discipline. According to CRE market data from WDSuite, local amenities score competitively in the metro, led by strong park and grocery access, while top-tier school performance further supports retention.
Forward-looking 3-mile demographics point to continued population and household growth, expanding the tenant base over the next five years. Investors should plan for targeted renovations typical for early-1980s construction and maintain prudent underwriting for safety and operating practices consistent with an inner-suburban location.
- High neighborhood renter concentration and elevated ownership costs reinforce multifamily demand
- Competitive amenity access (parks and grocery) plus top-ranked schools aid retention
- 1982 vintage offers clear value-add and modernization pathways to enhance competitiveness
- 3-mile population and household growth expand the renter pool and support occupancy stability
- Risks: safety sits below national percentiles and smaller unit sizes may require pricing discipline