| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 84th | Best |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7509 Windmill Harbor Way, Raleigh, NC, 27617, US |
| Region / Metro | Raleigh |
| Year of Construction | 2007 |
| Units | 32 |
| Transaction Date | 2005-12-14 |
| Transaction Price | $2,861,500 |
| Buyer | ALEXANDER CROSSINGS LLC |
| Seller | COURTNEY ESTATES GRAND LLC |
7509 Windmill Harbor Way Raleigh Multifamily Investment
Positioned in an Inner Suburb with a high share of renter-occupied housing, the neighborhood supports durable tenant demand, according to WDSuite s CRE market data. Neighborhood occupancy and livability metrics cited here reflect the surrounding area, not the property.
The property sits in an A+ rated Inner Suburb neighborhood that ranks 8 out of 331 across the Raleigh-Cary metro placing it firmly in the top quartile among metro neighborhoods. Amenity access is competitive, with cafes and childcare densities landing in higher national percentiles, and average school ratings near the top of peer areas (top quartile nationally), according to CRE market data from WDSuite.
Renter concentration is elevated at the neighborhood level (renter-occupied share in the top decile nationally), which deepens the prospective tenant base for a 32-unit asset and can support leasing velocity. While neighborhood occupancy trends sit below the national median, the combination of commuter-friendly inner-suburban positioning and service/retail proximity helps underpin demand through cycles.
Within a 3-mile radius, demographics show a larger tenant base taking shape: population increased over the past five years and households grew more quickly, with projections indicating further household expansion over the next five years. A shrinking average household size within this 3-mile radius also suggests continued reliance on multifamily options, supporting occupancy stability and absorption potential.
Home values in the neighborhood are elevated relative to incomes, a common pattern for strong Raleigh submarkets. This higher-cost ownership context tends to sustain multifamily renter demand and can aid lease retention and pricing power, provided product quality and management remain competitive.
At the asset level, the 2007 construction is newer than much of the metro s legacy stock but older than the neighborhood s average year built (2017). Investors should plan for targeted modernization to remain competitive versus newer product, which can create value-add upside through refreshed interiors, amenities, and energy-efficiency improvements.
Safety indicators for the neighborhood compare unfavorably to many Raleigh-Cary areas and fall below national safety percentiles, based on WDSuite s data. The neighborhood s crime rank sits in the lower tier versus 331 metro neighborhoods, indicating higher reported crime relative to much of the metro. Nationally, the neighborhood aligns with lower percentiles for safety, so investors may wish to incorporate security, lighting, and resident engagement into operating plans.
Framed for investors, the takeaway is comparative rather than block-specific: risk management and thoughtful property operations can help mitigate exposure, especially when balanced against the area s strong renter demand fundamentals and amenity access.
Nearby corporate employers provide a deep white-collar employment base that supports multifamily demand and retention, including Quintiles Transnational Holdings, AmerisourceBergen, John Deere s training facility, MetLife, and Biogen Idec.
- Quintiles Transnational Holdings life sciences CRO (4.5 miles) HQ
- Amerisource Bergen pharmaceutical distribution (5.5 miles)
- John Deere Morrisville Training Center industrial training (6.1 miles)
- MetLife insurance (6.2 miles)
- Biogen Idec biotechnology (6.6 miles)
This 32-unit, 2007-vintage property benefits from an Inner Suburb location that ranks in the top quartile among 331 Raleigh-Cary neighborhoods, with strong amenity access and above-median school ratings. Elevated renter concentration at the neighborhood level deepens the tenant pool, and within a 3-mile radius, household growth and a gradual reduction in household size point to ongoing renter pool expansion and potential support for occupancy stability. According to CRE market data from WDSuite, neighborhood ownership costs are relatively high versus incomes, which typically sustains multifamily demand and can aid lease retention when product is well-positioned.
The property s 2007 vintage is competitive versus older regional stock but trails the neighborhood s newer average year built, creating a clear value-add path through selective renovations and operational upgrades. Key risks include neighborhood-level safety metrics that underperform the metro and occupancy levels that sit below national medians, which place a premium on hands-on management, resident experience, and targeted capital planning.
- Inner Suburb A+ location; top quartile among 331 metro neighborhoods
- High renter-occupied share supports tenant base depth and leasing
- 3-mile household growth and smaller household size support occupancy
- 2007 vintage offers value-add potential versus newer competitive set
- Risks: below-median neighborhood occupancy and weaker safety metrics require proactive management