| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 47th | Fair |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1018 Wait Ave, Wake Forest, NC, 27587, US |
| Region / Metro | Wake Forest |
| Year of Construction | 1998 |
| Units | 50 |
| Transaction Date | 2014-03-31 |
| Transaction Price | $2,500,000 |
| Buyer | LLC |
| Seller | Ridgewood Housing Associates, Private Investor, Ridgewood Housing Associates, PriceCash Equivalent Price/sf |
1018 Wait Ave, Wake Forest NC Multifamily Investment
Inner-suburb location with steady renter demand and competitive amenities supports lease stability, according to WDSuite s CRE market data. Neighborhood occupancy trends sit near the metro middle, favoring disciplined operations over outsized risk.
Wake Forest s inner-suburb setting offers day-to-day convenience that supports resident retention. Within the Raleigh Cary metro, the neighborhood s amenity access ranks 24 out of 331 neighborhoods, indicating competitive positioning locally, while parks and pharmacies score in the top quartile nationally. Caf e9 and grocery density also test above national averages, helping sustain lifestyle appeal that can translate into leasing consistency.
Neighborhood occupancy is around the metro midpoint, suggesting stable—but not overheated—fundamentals that reward hands-on revenue management. The local renter-occupied share is in the low-20s as a portion of housing units, signaling a moderate renter concentration and a broad tenant base without oversaturation. For multifamily owners, this typically supports steady absorption and renewals with thoughtful marketing and pricing.
Within a 3-mile radius, demographics show notable population and household growth over the last five years and projections point to additional expansion by 2028. A larger household base and rising incomes imply a growing pool of renters, which can support occupancy stability and measured rent growth over time. Median home values in the neighborhood rank above many areas nationally, reflecting a higher-cost ownership market that tends to reinforce reliance on multifamily housing and bolster pricing power for well-operated assets.
Vintage dynamics favor this property: the asset s 1998 construction is newer than the neighborhood s average vintage. Newer product generally competes well against older stock, though investors should still plan for modernization of systems and finishes as part of medium-term capital planning to preserve competitive positioning.
Safety indicators present a mixed but manageable profile for investors. Compared with Raleigh Cary neighborhoods, the area s crime rank (22 out of 331) indicates elevated incidence locally, warranting standard property-level measures and community engagement. At the same time, national comparisons place the neighborhood above average for safety overall, with both violent and property offense rates scoring in higher percentiles versus neighborhoods nationwide.
Trend direction is constructive: the most recent year shows a meaningful reduction in estimated violent offense rates. For underwriting, these signals support prudent assumptions and routine security line items rather than exceptional contingencies, while ongoing monitoring remains important.
The property sits within commuting reach of major Triangle employers in insurance, life sciences, and technology, supporting a diverse renter base and retention potential. Nearby anchors include MetLife, AmerisourceBergen, IQVIA (Quintiles), John Deere training operations, and Biogen.
- MetLife d insurance (19.7 miles)
- Amerisource Bergen d pharmaceutical distribution (20.3 miles)
- Quintiles Transnational Holdings d clinical research (20.4 miles) d HQ
- John Deere Morrisville Training Center d manufacturing training (20.7 miles)
- Biogen Idec d biotech offices (22.3 miles)
This 50-unit, 1998-vintage asset in Wake Forest benefits from competitive neighborhood amenities, a moderate renter concentration, and occupancy levels around the metro middle. Newer-than-average construction versus local stock supports relative competitiveness, with a clear path for targeted modernization to capture value-add upside. Elevated ownership costs locally help sustain multifamily demand and can underpin pricing power when paired with disciplined leasing.
Population and household growth within a 3-mile radius signal a larger tenant base ahead, supporting absorption and renewals. According to CRE market data from WDSuite, neighborhood amenity access and national safety percentiles compare favorably, while metro-relative crime ranks warrant standard risk controls. Together, these dynamics point to a balanced, operations-focused investment where asset management and selective capital improvements drive returns.
- 1998 vintage competes well versus older local stock with room for targeted upgrades
- Inner-suburb amenities and higher ownership costs reinforce multifamily renter demand
- 3-mile radius shows ongoing population and household growth supporting occupancy stability
- Metro-mid occupancy backdrop favors revenue management over aggressive underwriting
- Risk: metro-relative crime ranks call for routine security measures and active monitoring