| 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 | 2008 |
| Units | 120 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1151 S Main St Wake Forest 2008 Multifamily Investment
Newer construction relative to nearby stock positions this 120-unit asset for competitive leasing, with a sizable renter-occupied presence in the neighborhood supporting demand. Area fundamentals are stable according to WDSuite’s CRE market data, though operators should plan for disciplined lease management.
Located in Wake Forest’s inner suburban fabric of the Raleigh–Cary metro, the property benefits from everyday conveniences: grocery access ranks in the top quartile among 331 metro neighborhoods and is strong by national standards. Cafés and restaurants are also competitive (both top quartile locally), supporting resident livability and retail adjacency that can aid leasing velocity.
The neighborhood’s renter concentration is meaningful, with 39.3% of housing units renter-occupied (above the metro median and high versus national peers). For investors, that signals a durable tenant base and depth for renewal and new-lease demand. By contrast, neighborhood occupancy is below the national median, so performance may hinge on hands-on marketing and unit readiness rather than pure market lift.
Schools sit near the national midpoint and park access is limited, while household incomes are comparatively strong and home values elevated versus many U.S. areas. In practice, a higher-cost ownership market can reinforce reliance on multifamily housing, supporting pricing power when units are well-finished and well-managed. The local rent-to-income profile indicates manageable affordability pressure, which can aid retention when paired with thoughtful renewal strategies.
Construction trends also matter: with an average neighborhood vintage around 1995, a 2008 asset competes well against older stock and may require targeted modernization rather than full-scale repositioning. Demographic statistics aggregated within a 3-mile radius show notable population and household growth historically, with further increases expected, pointing to a larger tenant base that can support occupancy stability over time, based on CRE market data from WDSuite.
Safety indicators are competitive among Raleigh–Cary neighborhoods (rank 87 out of 331), and the area compares favorably to many U.S. neighborhoods on violent and property offense rates overall. That said, recent year-over-year trends show an uptick in both violent and property offenses, so operators should budget for appropriate site-level measures (lighting, access control) and reflect this in underwriting and asset management plans.
In short, the comparative standing is supportive from a regional perspective, but investors should monitor trend direction rather than relying solely on point-in-time readings.
Regional corporate offices across insurance, life sciences, and advanced manufacturing create a diversified white-collar employment base within commuting range, supporting renter demand and lease retention for workforce and professional households.
- MetLife — insurance (18.4 miles)
- AmerisourceBergen — pharmaceutical distribution (18.9 miles)
- Quintiles Transnational Holdings — contract research (19.0 miles) — HQ
- John Deere Morrisville Training Center — industrial equipment training (19.3 miles)
- Biogen Idec — biotechnology (20.9 miles)
This 2008-vintage, 120-unit community sits in a renter-friendly pocket of Wake Forest with strong everyday amenities and elevated household incomes, which can support rent levels and renewal outcomes. While neighborhood occupancy trends run below the national median, a sizable renter base and competitive positioning versus older local stock point to solid leasing prospects with proactive operations. According to CRE market data from WDSuite, ownership costs in the area are relatively high compared with incomes, reinforcing sustained reliance on multifamily housing and supporting long-term demand.
The forward view is constructive: within a 3-mile radius, population and household counts have expanded and are projected to continue rising, implying a larger tenant pool and potential for occupancy stability. Operators should still plan for selective updates as systems age and maintain focus on marketing execution, given softer neighborhood occupancy and evolving safety trends.
- Newer 2008 vintage vs. neighborhood average, competitive against older stock with targeted modernization upside
- Renter-occupied share supports a deeper tenant base and renewal potential
- Amenity-rich corridor (grocery, cafés, restaurants) aids leasing velocity and daily convenience
- Growing 3-mile population and households expand the renter pool, supporting occupancy stability over time
- Risks: neighborhood occupancy below national median and recent safety uptick require disciplined operations and resident experience