| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 81st | Best |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6401 The Lakes Dr, Raleigh, NC, 27609, US |
| Region / Metro | Raleigh |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
6401 The Lakes Dr Raleigh 24-Unit Multifamily
Renter demand is supported by a sizable renter-occupied base in the immediate neighborhood and steady amenity access, pointing to durable leasing conditions according to WDSuite’s CRE market data. Stabilizing occupancy in the area suggests manageable leasing risk with potential for operational improvements.
Located in Raleigh’s inner suburbs, the neighborhood ranks 56 out of 331 metro neighborhoods (A-), positioning it as competitive among Raleigh-Cary submarkets for investors seeking balanced fundamentals. Dining and daily-needs access are strengths, with restaurants, grocery, and pharmacies testing in the higher national percentiles, while parks and cafes are comparatively limited — a mix that favors convenience over lifestyle amenities.
From a multifamily demand perspective, the share of housing units that are renter-occupied is 42.4% (ranked 70 of 331), indicating a deep local tenant base that can support leasing and renewal activity. Neighborhood occupancy has increased over the past five years, signaling improved absorption, though current occupancy sits closer to national mid-range levels — an operational landscape where focused management can add value.
Within a 3-mile radius, demographics show modest population growth with a larger increase in households and a gradual decrease in average household size. This points to more households competing for units and a broader tenant pool, which typically supports occupancy stability and steady leasing velocity.
Ownership costs in the neighborhood skew higher relative to incomes (elevated value-to-income ratio, top-quartile nationally), which tends to reinforce reliance on rental housing and can support pricing power. Median contract rents sit around the national mid-range with a rent-to-income ratio near 0.17, suggesting manageable affordability pressures that can help with retention and reduce turnover-related expense.
Safety trends warrant measured attention. The neighborhood’s safety profile sits below the metro median, ranking 177 out of 331 Raleigh-Cary neighborhoods. Compared with neighborhoods nationwide, overall safety benchmarks are in lower percentiles, indicating higher-than-average incident rates.
Recent directional indicators are mixed: property offense estimates declined year over year, while violent offense estimates increased. For investors, this argues for proactive security measures and tenant communication, balanced with underwriting that assumes conservative loss and operating reserves.
Proximity to major corporate employers across insurance, life sciences, and technology supports a diverse commuter tenant base and can aid retention through commute convenience. Notable nearby employers include MetLife, AmerisourceBergen, John Deere, IQVIA (Quintiles), and Cisco.
- MetLife — insurance (10.0 miles)
- Amerisource Bergen — pharmaceuticals distribution (11.1 miles)
- John Deere Morrisville Training Center — industrial equipment training (11.3 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance (11.5 miles)
- Quintiles Transnational Holdings — clinical research (12.0 miles) — HQ
- Erie Insurance Group — insurance (13.3 miles)
- Biogen Idec — biotechnology (13.5 miles)
- Cisco Systems, Building 8 — technology offices (13.9 miles)
- Cisco Systems — technology (14.3 miles)
This 24-unit asset benefits from a competitive inner-suburb location where renter concentration is strong and neighborhood occupancy has trended upward, supporting a stable leasing base. Daily-needs access is a relative advantage (restaurants, grocery, pharmacies), while limited parks and cafes underscore a practical, convenience-led profile that aligns with workforce and professional renters. According to CRE market data from WDSuite, local rents track near national mid-range, and ownership costs are comparatively high versus incomes — dynamics that typically sustain rental demand and modest pricing power.
Within a 3-mile radius, a growing household count and smaller average household sizes point to a larger tenant pool over the medium term. Coupled with the area’s diverse employer base spanning insurance, life sciences, and technology, the property is positioned for durable occupancy. Key risks include a safety profile below the metro median and the need for active management to capture operational upside.
- Competitive inner-suburb location with steady renter demand and upward-trending neighborhood occupancy
- Daily-needs amenities (grocery, pharmacy, dining) support leasing and renewal performance
- Household growth within 3 miles expands the tenant base and supports occupancy stability
- Higher ownership costs versus incomes underpin reliance on rentals and measured pricing power
- Risks: safety below metro median and amenity gaps (parks/cafes) require prudent operations and underwriting