| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 83rd | Best |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 927 W Morgan St, Raleigh, NC, 27603, US |
| Region / Metro | Raleigh |
| Year of Construction | 2013 |
| Units | 115 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
927 W Morgan St, Raleigh NC — 2013 Multifamily Investment
Urban-core location with a high neighborhood renter-occupied share supports tenant demand and leasing velocity, according to WDSuite’s CRE market data. Newer 2013 construction relative to much of the local stock positions the asset competitively for retention and rent performance.
Located in Raleigh’s Urban Core, the neighborhood ranks 5th out of 331 metro neighborhoods (A+), placing it in the top quartile locally. Amenity access is a clear strength: grocery and pharmacy density are among the highest in the metro (both ranked 1st of 331), with restaurants (4th/331) and cafes (3rd/331) adding walkable convenience. Nationally, these amenity levels sit in the upper percentiles, which can support renter satisfaction and renewal prospects.
At the neighborhood level, renter-occupied housing accounts for a substantial share of units (62.4%), indicating a deep tenant base for multifamily operators. Neighborhood occupancy has softened over the past five years, which warrants active leasing and revenue management, but strong amenities and downtown-adjacent positioning help support ongoing demand.
Home values in the neighborhood are elevated relative to many areas (high national percentile), which generally reinforces reliance on multifamily rentals and supports pricing power when paired with prudent lease management. Median contract rents sit above the national midpoint while the neighborhood rent-to-income ratio is moderate, a mix that can sustain rent roll without outsized affordability pressure.
Within a 3-mile radius, household counts have increased in recent years and are projected to expand further by 2028, while average household size trends smaller. This pattern points to a larger renter pool and sustained demand for professionally managed units, supporting occupancy stability and absorption for well-located properties like this one. According to CRE market data from WDSuite, neighborhood-level NOI per unit benchmarks rank among the highest in the metro, signaling competitive revenue potential for quality assets.
Safety indicators should be considered in context. Compared with neighborhoods nationwide, this area sits below the national median for safety (crime measures in lower national percentiles), suggesting investors should underwrite with prudent security and operational practices. Within the Raleigh-Cary metro, the neighborhood’s crime position is around the middle of the pack.
Recent trends are mixed: estimated property offenses declined meaningfully year over year, while estimated violent offense rates ticked up. For multifamily operations, this argues for standard measures such as lighting, access control, and community engagement to support resident experience and retention.
Proximity to established employers supports a diverse renter base and commute convenience, particularly across insurance, life sciences services, and industrial training. The following nearby employers anchor demand within typical commuting distances.
- MetLife Auto & Home Craig Conley LUTCF — insurance (7.4 miles)
- MetLife — insurance (8.8 miles)
- Erie Insurance Group — insurance (8.9 miles)
- John Deere Morrisville Training Center — industrial training (10.4 miles)
- Quintiles Transnational Holdings — life sciences services (12.4 miles) — HQ
Delivered in 2013, this 115-unit asset offers newer-vintage positioning relative to the neighborhood’s older housing stock, which can reduce near-term capital needs and bolster competitiveness versus legacy properties. The urban-core location benefits from high neighborhood amenity density and a sizable renter-occupied share of units, supporting tenant acquisition and renewal prospects even as neighborhood occupancy has moderated.
Within a 3-mile radius, households have been rising and are projected to grow further through 2028 as average household size trends smaller—factors that can expand the renter pool and support leasing velocity. Based on commercial real estate analysis from WDSuite, neighborhood-level occupancy and income metrics suggest stable demand, while elevated for-sale home values in the area tend to reinforce multifamily reliance and pricing power when managed carefully.
- 2013 vintage vs. older local stock—competitive positioning and moderated near-term CapEx
- Urban-core amenity density and renter-occupied concentration support leasing and renewals
- Household growth within 3 miles and smaller household sizes expand the tenant base
- Risk: softer neighborhood occupancy and below-national safety percentiles—underwrite for active leasing and property operations