| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 81st | Best |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6504 The Lakes Dr, Raleigh, NC, 27609, US |
| Region / Metro | Raleigh |
| Year of Construction | 1974 |
| Units | 24 |
| Transaction Date | 2019-04-17 |
| Transaction Price | $8,000,000 |
| Buyer | BRIDGE WF II NC WILLOW CREEK NORTH RIDGE |
| Seller | NORTH RIDGE APTS LLC |
6504 The Lakes Dr Raleigh 24-Unit Inner-Suburb Multifamily
Elevated renter-occupied share in the surrounding neighborhood and a higher-cost ownership market point to a deeper tenant base and steady leasing, according to WDSuite’s CRE market data.
Positioned in Raleigh’s inner suburbs, the property sits in a neighborhood rated A- and ranked 56 out of 331 within the Raleigh–Cary metro, which is competitive among metro neighborhoods. Nationally, the area scores in the top quintile for demographic strength, signaling a solid foundation for multifamily demand.
Daily-needs access is a local strength: grocery and pharmacy density ranks well above national norms, and restaurants per square mile are in a high national percentile. By contrast, parks and cafes are sparse, so residents rely more on private and neighborhood amenities. For investors, this mix tends to support everyday convenience and lease retention even if lifestyle options are more distributed.
Within a 3-mile radius, population has grown modestly in recent years and households increased by about 4%, expanding the renter pool. Looking forward, population is projected to rise roughly 6% and households are expected to increase significantly by 2028, which supports future demand for rental units. Median household income is solid, and the neighborhood’s rent-to-income ratio near 0.17 suggests manageable affordability pressure that can aid retention and reduce turnover risk.
Tenure patterns also favor apartments: the neighborhood’s renter-occupied share sits in a high national percentile, indicating deeper multifamily demand and a broader leasing funnel. With median home values above national averages and a higher value-to-income ratio than many U.S. areas, ownership costs are comparatively elevated, which tends to sustain reliance on rental housing and support pricing power over time. Neighborhood occupancy has improved over the past five years, pointing to more stable baseline demand, based on CRE market data from WDSuite.
Safety indicators for the neighborhood are mixed and should be evaluated alongside property-level measures and tenant profile. Compared with neighborhoods nationwide, overall crime levels track below average safety (around the lower national percentiles), and within the Raleigh–Cary metro the area is mid-pack rather than a top performer. For investors, this suggests attention to security, lighting, and partnership with local patrols may be prudent in underwriting.
Recent trends are nuanced: estimated property offenses have declined year over year, while estimated violent offenses increased over the same period. This divergence underscores the importance of active management and resident engagement to support on-site safety and leasing stability. All figures reflect neighborhood-level conditions rather than this specific property.
Proximity to large employers in insurance, life sciences, and technology supports a steady commuter renter base and can aid retention through commute convenience. Notable nearby employment nodes include MetLife, AmerisourceBergen, John Deere’s training operations, and IQVIA (Quintiles), as well as major tech campuses like Cisco.
- MetLife — insurance (10.1 miles)
- Amerisource Bergen — pharma distribution (11.2 miles)
- John Deere Morrisville Training Center — industrial training (11.4 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (11.6 miles)
- Quintiles Transnational Holdings — CRO/life sciences (12.0 miles) — HQ
- Erie Insurance Group — insurance (13.4 miles)
- Biogen Idec — biotechnology (13.5 miles)
- Cisco Systems, Building 8 — technology offices (14.0 miles)
- Cisco Systems — technology campus (14.3 miles)
This 24-unit asset in Raleigh’s inner suburbs benefits from an above-median neighborhood standing in the metro and strong demographic fundamentals. A high renter-occupied share and elevated ownership costs indicate a durable tenant pool, while neighborhood occupancy has improved over the past five years. Daily-needs retail access (grocery, pharmacy) and proximity to diversified employers in insurance, life sciences, and technology further support leasing stability. According to CRE market data from WDSuite, rent levels relative to income suggest manageable affordability pressure, which can help sustain retention while allowing disciplined rent growth.
Key considerations include neighborhood safety that trails national averages and limited nearby parks/cafes, which places more emphasis on property-level amenities and security. With expected population and household growth within 3 miles, investor focus on unit finish, curb appeal, and professional management can position the asset to capture incremental demand without overreliance on speculative assumptions.
- Competitive neighborhood within the Raleigh–Cary metro with strong demographic profile
- Elevated renter-occupied share and higher ownership costs bolster multifamily demand depth
- Daily-needs retail access and diversified nearby employers support occupancy stability
- Manageable rent-to-income dynamics support retention and measured pricing power
- Risks: below-average national safety standing and limited parks/cafes call for strong on-site security and amenities