| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Fair |
| Demographics | 76th | Best |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 551 Blue Ridge Rd, Raleigh, NC, 27606, US |
| Region / Metro | Raleigh |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | 2021-08-20 |
| Transaction Price | $8,800,000 |
| Buyer | HPP RALEIGH LLC |
| Seller | BLUE RIDGE APTS LLC |
551 Blue Ridge Rd, Raleigh NC Multifamily Investment
Renter-occupied housing is prevalent in the surrounding neighborhood, supporting depth of demand even as neighborhood occupancy trends fluctuate, according to CRE market data from WDSuite. Elevated ownership costs in the metro context further sustain the renter base, a consideration for lease retention and pricing discipline.
The property sits in an Inner Suburb location within the Raleigh-Cary metro, where the neighborhood carries a B+ rating and ranks 88 out of 331 metro neighborhoods. That places it competitive among Raleigh-Cary neighborhoods for overall livability while not at the very top of the pack.
Amenity access is mixed: parks score in the top quartile nationally (78th percentile), and grocery availability trends above national midline (62nd percentile). However, cafes and pharmacies are sparse in this immediate area. For investors, this combination suggests day-to-day convenience anchored by essentials and green space, with fewer lifestyle retail draws within close range.
On housing dynamics, the neighborhood’s renter-occupied share is high (rank 45 of 331 in the metro; top decile nationally), indicating a sizable tenant base for multifamily. Neighborhood occupancy is lower relative to the metro median (rank 265 of 331; 34th percentile nationally), so underwriting should assume competitive leasing conditions and focus on product differentiation and management execution to support stability.
The asset’s 2008 vintage is materially newer than the neighborhood’s average construction year of 1971 (rank 193 of 331). Newer product often competes well against older stock; investors can position finishes and common-area features accordingly while planning for mid-life system updates as the property advances past its first generation of mechanicals.
Within a 3-mile radius, demographics show a large adult cohort, smaller household sizes over time, and growth in household counts despite modest population contraction. This pattern typically supports a larger renter pool and sustained leasing velocity, especially where median incomes are rising and contract rents trend upward. The neighborhood’s rent-to-income context remains moderate, which can aid lease retention and reduce affordability pressure relative to higher-cost submarkets.
Home values in this neighborhood trend above national midline (71st percentile; value-to-income ratio in the 81st percentile nationally). In practice, this high-cost ownership market reinforces reliance on rental housing, supporting depth of demand and potential pricing power for well-managed, well-located multifamily assets.
Safety indicators for the neighborhood are below national midline: overall crime sits around the 20th percentile nationally and ranks 230 out of 331 among Raleigh-Cary neighborhoods, signaling weaker relative safety compared with many metro peers. Violent and property offense benchmarks also track in lower national percentiles.
Recent trend signals show estimated year-over-year increases in both violent and property offenses. Investors should account for this in operating plans through security-minded site design, lighting, and resident engagement, and underwrite accordingly relative to competitive properties that draw from the same tenant base.
Nearby employment nodes include insurance offices and corporate services that help support renter demand through commute convenience. The list below highlights MetLife Auto & Home Craig Conley LUTCF, MetLife, Erie Insurance Group, John Deere Morrisville Training Center, and Amerisource Bergen.
- MetLife Auto & Home Craig Conley LUTCF — insurance (4.9 miles)
- MetLife — insurance (6.2 miles)
- Erie Insurance Group — insurance (6.6 miles)
- John Deere Morrisville Training Center — industrial training (7.8 miles)
- Amerisource Bergen — pharmaceutical distribution (8.0 miles)
551 Blue Ridge Rd offers a newer-vintage multifamily position in an Inner Suburb pocket where renter concentration is high, supporting a durable tenant base. While the neighborhood’s occupancy level trends below metro norms, the asset’s 2008 construction provides competitive positioning versus older stock, with an opportunity to capture demand via product quality, management execution, and targeted value-add. According to CRE market data from WDSuite, ownership costs in the area remain elevated relative to incomes, reinforcing reliance on rental housing and supporting long-run demand.
Within a 3-mile radius, household counts are expanding as household sizes decline, effectively widening the renter pool despite modest population contraction. Income growth and upward-trending rents point to continued leasing viability; investors should balance this with prudent affordability and retention strategies, given mixed amenity density and below-median neighborhood occupancy and safety metrics.
- High renter concentration locally supports depth of demand and leasing stability.
- 2008 vintage competes well versus older neighborhood stock; plan for mid-life system upgrades.
- Elevated ownership costs sustain reliance on rentals, aiding pricing power for well-positioned assets.
- 3-mile household growth and smaller household sizes expand the renter pool, supporting occupancy over time.
- Risks: below-median neighborhood occupancy and safety indicators; mixed amenity density requires strong operations and product differentiation.