| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Poor |
| Demographics | 66th | Good |
| Amenities | 12th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6500 Paces Arbor Cir, Raleigh, NC, 27609, US |
| Region / Metro | Raleigh |
| Year of Construction | 1986 |
| Units | 101 |
| Transaction Date | 2012-03-01 |
| Transaction Price | $5,774,000 |
| Buyer | Ocean Lynn Lake |
| Seller | BVF Paces Forest Limited |
6500 Paces Arbor Cir, Raleigh Multifamily Investment
Neighborhood renter concentration is elevated and 3-mile household growth is projected to expand the tenant base, supporting leasing durability even as local occupancy trends sit below national norms, according to WDSuite’s CRE market data.
Located in an Inner Suburb of Raleigh, the property sits in a neighborhood that is rated C and ranks 232 out of 331 metro neighborhoods, placing it below the metro median on composite measures. Restaurant density is competitive among Raleigh-Cary neighborhoods (rank 68 of 331), while other day-to-day amenities (grocery, cafes, parks, pharmacies) are limited within the immediate neighborhood footprint, which may shift convenience expectations toward nearby corridors.
Neighborhood occupancy averages 86% (rank 280 of 331), below national benchmarks, yet renter-occupied housing units represent 52.2% (rank 42 of 331), a top-quartile renter concentration that points to depth in the multifamily demand pool. Median contract rents at the neighborhood level sit in the above-national-middle range (66th percentile), and the rent-to-income ratio near 0.20 suggests moderate affordability pressure that can aid retention and support disciplined pricing strategy.
Within a 3-mile radius, population has grown in recent years and households are projected to increase further, with smaller average household size over the forecast horizon — dynamics that typically expand the renter pool and support occupancy stability. Median and mean household incomes within 3 miles have risen materially and are projected to continue increasing, which can underpin rent growth and reduce turnover risk as units remain competitively positioned.
The asset’s 1986 vintage is slightly newer than the neighborhood’s average construction year (1981). Investors should plan for targeted capital projects typical of late-1980s assets — systems modernization and selective interior updates — which can capture value-add upside relative to older competing stock while maintaining operational competitiveness.
Home values in the neighborhood sit below many coastal markets, indicating a more accessible ownership landscape. For investors, that can mean some competition from entry-level ownership, but the area’s elevated renter concentration and income trends help sustain multifamily demand and lease-up velocity.
Safety indicators for the neighborhood track below both metro and national averages. The area ranks 227 out of 331 Raleigh-Cary neighborhoods for crime, which places it below the metro median, and it sits in lower national percentiles for safety. Recent data also show a year-over-year uptick in both property and violent offense rates. Investors should underwrite with prudent security, lighting, and community engagement measures and benchmark performance against comparable inner-suburban assets.
Proximity to major corporate offices in and around Research Triangle supports a diverse employment base and steady renter demand, including MetLife, AmerisourceBergen, John Deere, MetLife Auto & Home, and Quintiles Transnational Holdings.
- MetLife — insurance (9.1 miles)
- AmerisourceBergen — pharmaceutical distribution (10.1 miles)
- John Deere Morrisville Training Center — industrial training (10.3 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (10.9 miles)
- Quintiles Transnational Holdings — life sciences CRO (10.9 miles) — HQ
This 101-unit, 1986-vintage asset benefits from a deep renter base and growing 3-mile household counts, while neighborhood-level occupancy trends remain below national benchmarks. The rent-to-income profile suggests manageable affordability pressure supportive of retention, and rising local incomes provide room for measured rent growth. Based on CRE market data from WDSuite, the surrounding neighborhood’s renter concentration is in the top quartile metro-wide, reinforcing demand depth even as amenity density is uneven.
Vintage creates a clear value-add angle: targeted system upgrades and unit renovations can elevate competitive positioning versus older stock while keeping capital plans disciplined. Key underwriting considerations include modest neighborhood convenience for daily needs, below-median safety metrics, and some competition from more accessible ownership — all manageable with thoughtful operations and pricing strategy.
- Deep renter base with top-quartile renter concentration supporting demand stability
- 3-mile population and household growth expand the tenant pool and support occupancy
- 1986 vintage offers value-add via systems modernization and interior upgrades
- Rent-to-income dynamics allow disciplined pricing while aiding retention management
- Risks: lower neighborhood safety ranking, limited immediate amenities, and ownership alternatives competing at the margin