| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 71st | Good |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1151 S Main St, Wake Forest, NC, 27587, US |
| Region / Metro | Wake Forest |
| Year of Construction | 2007 |
| Units | 118 |
| Transaction Date | 2004-12-28 |
| Transaction Price | $320,000 |
| Buyer | WAKE FOREST RETIREMENT RESIDENCE LLC |
| Seller | STAR SOUTH LLC |
1151 S Main St, Wake Forest NC Multifamily Investment
Positioned in an inner-suburban submarket with a deep renter base, the asset benefits from neighborhood-level income strength and convenience retail, according to WDSuite’s CRE market data. Expect durable tenant demand with selective upside rather than outsized volatility.
The property sits in an Inner Suburb neighborhood of the Raleigh–Cary metro rated A- and ranked 54 of 331, which is competitive among Raleigh–Cary neighborhoods. Local amenity access skews toward daily-needs retail and food options: grocery density trends in the upper tier nationally, and restaurants and cafes are comparatively plentiful, although park and pharmacy access are thin. For investors, this mix generally supports day-to-day convenience and leasing appeal.
On housing fundamentals, neighborhood rents have risen over the past five years while the neighborhood’s occupancy rate trends below national norms (near the lower half nationally), suggesting the need for active leasing and renewal management to sustain performance. The neighborhood’s renter-occupied share of housing units is elevated versus national patterns, indicating a deeper tenant base and supporting stabilized demand for multifamily product.
Schools in the immediate area average mid-range scores, which can still serve a broad tenant profile but may not command a family-premium positioning. Home values are elevated for the region, and the local rent-to-income ratio remains manageable, a combination that can sustain rental demand and aid lease retention rather than pushing rapid move-outs.
Within a 3-mile radius, demographics show strong population and household growth over the last five years, with projections for additional gains by 2028. Rising household counts alongside high median incomes point to an expanding renter pool and support for occupancy stability and organic rent growth. This commercial real estate analysis also indicates continued demand from professionals and dual-income households seeking proximity to jobs and services.
Vintage and competitive positioning: Built in 2007, the asset is newer than the neighborhood’s average construction year. That newer vintage typically improves competitive positioning against older stock, while still warranting routine capital planning for mid-life systems and common-area refreshes as part of a value-preservation or light value-add strategy.
Safety indicators present a mixed picture. At the metro level, the neighborhood’s crime rank sits in the lower half (rank 87 of 331), indicating comparatively higher incident levels than many Raleigh–Cary peers. Nationally, select components compare more favorably: estimated property and violent offense rates benchmark above the national middle, but recent year-over-year changes have moved higher, warranting continued monitoring.
For investors, the takeaway is pragmatic: performance is more influenced by property-level operations and tenant screening than by any single neighborhood statistic. Tracking trend direction and coordinating with local law enforcement/community initiatives can help support resident satisfaction and renewal rates.
Proximity to major life sciences, tech, and financial services employers supports a steady commuter renter base and underpins weekday occupancy and renewals. Nearby anchors include MetLife, AmerisourceBergen, Quintiles Transnational Holdings, John Deere, and Biogen.
- MetLife — insurance/financial services (18.4 miles)
- AmerisourceBergen — pharmaceutical distribution (18.9 miles)
- Quintiles Transnational Holdings — life sciences CRO (19.0 miles) — HQ
- John Deere Morrisville Training Center — manufacturing/ag equipment offices (19.3 miles)
- Biogen Idec — biotechnology (20.9 miles)
The investment case centers on demand depth, income strength, and competitive vintage relative to local stock. Built in 2007 with 118 units, the property competes well against older inventory, while its average unit size of roughly 454 sq. ft. can position the community for efficient-living renters seeking attainable monthly rents. Neighborhood-level NOI per unit benchmarks above national norms, and nearby amenities and employment hubs reinforce day-to-day convenience. According to multifamily property research from WDSuite, the surrounding neighborhood shows a higher renter-occupied share and solid amenity access, supporting leasing velocity and renewal prospects.
Counterpoints include neighborhood occupancy that trails national medians and mixed safety signals at the metro-comparison level, implying the need for disciplined leasing, resident experience, and expense control. Within a 3-mile radius, past and projected gains in population and households point to renter pool expansion, which can offset competitive pressures and support steady absorption over a multi-year hold.
- 2007 vintage outperforms older neighborhood stock, supporting competitive positioning with manageable mid-life capital planning.
- Expanding 3-mile population and households indicate a larger tenant base and support for occupancy stability over time.
- Elevated neighborhood renter-occupied share and strong daily-needs amenities underpin leasing velocity and renewals.
- Risk: Neighborhood occupancy trails national norms; requires proactive leasing, renewal strategies, and expense discipline.
- Risk/Opportunity: Mixed safety trends call for consistent screening and resident programs to sustain retention.