| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 74th | Good |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9240 Bruckhaus St, Raleigh, NC, 27617, US |
| Region / Metro | Raleigh |
| Year of Construction | 2007 |
| Units | 78 |
| Transaction Date | 2010-07-20 |
| Transaction Price | $28,300,000 |
| Buyer | GRAY PROPERTY 2004 LLC |
| Seller | FUND X EBC RALEIGH LLC |
9240 Bruckhaus St Raleigh Multifamily Opportunity
Positioned in an inner-suburban pocket with steady renter demand and near-median neighborhood occupancy, this asset benefits from a sizable tenant base and proximity to major employment hubs, according to WDSuite’s CRE market data.
The neighborhood surrounding 9240 Bruckhaus St ranks 92 out of 331 within the Raleigh-Cary metro, placing it competitive among Raleigh-Cary neighborhoods for overall fundamentals (B+ rating), based on CRE market data from WDSuite. Dining and daily needs access are serviceable, with restaurant and pharmacy density performing above many peers in the region, though grocery and park options are limited within the immediate neighborhood boundaries.
At the neighborhood level, occupancy trends sit around the national middle, while the share of renter-occupied housing is elevated (about six in ten units). For investors, that higher renter concentration signals a deeper tenant pool and potential demand stability for multifamily. Median contract rents in the neighborhood are positioned above national norms, which is consistent with the area’s income profile and supports revenue potential when paired with careful lease management.
Within a 3-mile radius, demographics show a larger tenant base today and continued expansion ahead: households have grown meaningfully in recent years and are projected to increase further, with incomes trending higher. This combination points to sustained renter pool expansion that can support occupancy stability and pricing power in well-managed assets.
The property’s 2007 construction is slightly newer than the neighborhood average (2004). That vintage can offer competitive positioning versus older stock, while investors should still plan for mid-life system upgrades or targeted renovations to protect NOI and support retention.
Ownership costs in the area are relatively high for the region (neighborhood home values sit well above national averages). In practice, this high-cost ownership market tends to reinforce reliance on multifamily housing, supporting lease retention and reducing move-outs to ownership, provided rent-to-income levels remain manageable for the target renter cohort.
Safety indicators for this neighborhood trail national benchmarks. WDSuite’s data places the area in lower national safety percentiles, and its crime rank is 235 out of 331 among Raleigh-Cary neighborhoods, indicating conditions below the metro median. Recent year-over-year readings also show some volatility in violent and property offenses.
For underwriting, investors commonly respond with practical measures such as lighting, access controls, and visibility improvements, and by aligning operating plans with local patterns rather than block-level assumptions. Comparing trends to nearby submarkets during diligence can help calibrate security spend and leasing strategies.
The location serves a diverse employment base anchored by life sciences, pharmaceuticals, insurance, and technology operations, which supports workforce housing demand and commute convenience for renters. Nearby anchors include Quintiles (IQVIA), AmerisourceBergen, John Deere’s training center, Biogen, and MetLife.
- Quintiles Transnational Holdings — clinical research (2.6 miles) — HQ
- Amerisource Bergen — pharmaceutical distribution (3.7 miles)
- John Deere Morrisville Training Center — industrial equipment training (4.4 miles)
- Biogen Idec — biotechnology (4.6 miles)
- MetLife — insurance operations (4.9 miles)
This 2007, 78-unit asset is positioned in an inner-suburban Raleigh location with a sizable renter base and neighborhood occupancy near national norms. Household and income growth within a 3-mile radius point to ongoing renter pool expansion, while elevated ownership costs locally tend to sustain reliance on multifamily housing—factors that can support occupancy stability and rent performance when paired with disciplined operations.
Proximity to major employers in life sciences, pharma, insurance, and tech underpins steady leasing fundamentals, and the property’s slightly newer vintage versus the neighborhood average offers relative competitiveness with selective mid-life capital planning. According to CRE market data from WDSuite, the neighborhood’s overall standing is competitive within the metro, though safety metrics lag regional and national benchmarks—an underwriting consideration that can be mitigated through targeted security measures and resident experience upgrades.
- Inner-suburban location with a deep renter base and near-median neighborhood occupancy supporting leasing stability
- 2007 vintage offers competitive positioning with targeted value-add or mid-life systems planning
- Robust 3-mile household and income growth supports tenant demand and potential pricing power
- Access to nearby life sciences, pharma, insurance, and tech employers reinforces retention and commute convenience
- Risk: safety indicators trail metro and national benchmarks; plan for security, visibility, and community engagement investments