| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Best |
| Demographics | 74th | Good |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1700 Alexander Springs Ln, Wake Forest, NC, 27587, US |
| Region / Metro | Wake Forest |
| Year of Construction | 2013 |
| Units | 21 |
| Transaction Date | 2021-01-01 |
| Transaction Price | $38,980,000 |
| Buyer | 1747 ALEXANDER HERITAGE LLC |
| Seller | HERITAGE GARDENS LLC |
1700 Alexander Springs Ln Wake Forest Multifamily
Stabilized renter demand and high neighborhood occupancy point to steady cash-flow potential, based on CRE market data from WDSuite for the Wake Forest submarket.
Located in suburban Wake Forest within the Raleigh–Cary metro, the area posts a high neighborhood rating (A+) and strong amenity access. With an amenity rank of 10 out of 331 metro neighborhoods and national amenity percentile in the upper range, this location is competitive among Raleigh–Cary neighborhoods for daily needs like restaurants, pharmacies, and grocery stores. Average school ratings near 4.5/5 (ranked 21 of 331; top quartile nationally) add to neighborhood stability, which can support resident retention and leasing velocity, according to WDSuite’s CRE market data.
Neighborhood occupancy is reported at 98.2% (ranked 55 of 331; strong relative to both the metro and top decile nationally), indicating limited vacancy and reinforcing near-term leasing stability for multifamily operators. Median asking rents in the area sit in the upper range for the metro (around the 70th national percentile), and the rent-to-income ratio trends lower than many markets, signaling manageable rent burdens that can support renewal rates and reduce turnover risk.
Tenure data show a renter-occupied share near 29% in the immediate neighborhood, reflecting a more owner-leaning base but still a meaningful tenant pool for smaller multifamily assets. Elevated home values (upper 80s national percentile) characterize a high-cost ownership market, which tends to sustain reliance on rental housing and supports pricing power for well-maintained assets without overextending affordability.
Within a 3-mile radius, demographics indicate substantial household and population growth over recent years, with further increases projected through 2028. Expanding households and rising incomes in this radius point to a larger tenant base and durable demand for quality rentals, which can underpin occupancy stability and measured rent growth in line with Raleigh–Cary trends.
Safety indicators are mixed and should be interpreted comparatively. The neighborhood’s crime rank is 43 out of 331 within the Raleigh–Cary metro, suggesting higher reported incidents than many local peers. Nationally, however, the area trends above the median for safety (mid-to-high national percentiles), indicating comparatively better conditions than many U.S. neighborhoods.
Recent trends diverge by category: property offenses show a notable year-over-year improvement (upper national percentile for decline), while violent offense rates sit near the national middle but have exhibited short-term volatility. For investors, this argues for standard security measures and tenant-screening practices, while recognizing that metro-wide safety fundamentals remain comparatively favorable by national standards.
Proximity to major Raleigh–Durham employers supports a strong regional workforce and commuter draw, which can help deepen the renter base and support retention. Key nearby employers include Quintiles Transnational Holdings, MetLife, Amerisource Bergen, John Deere, and Cisco Systems.
- MetLife — insurance & financial services (17.8 miles)
- Amerisource Bergen — pharmaceuticals distribution (18.4 miles)
- Quintiles Transnational Holdings — life sciences services (18.6 miles) — HQ
- John Deere Morrisville Training Center — manufacturing training (18.8 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance (19.9 miles)
- Biogen Idec — biotechnology (20.5 miles)
- Cisco Systems, Building 8 — technology offices (20.9 miles)
- Cisco Systems — technology (21.2 miles)
- Erie Insurance Group — insurance (21.7 miles)
Built in 2013, this 21-unit asset is newer than the neighborhood’s average vintage (2005), offering competitive positioning versus older stock and lower near-term capital needs, while leaving room for targeted upgrades to enhance rents and retention. Strong neighborhood occupancy (upper national percentile) and an owner-leaning but material renter concentration create a stable demand backdrop, particularly as elevated ownership costs in the area reinforce reliance on multifamily housing. Within a 3-mile radius, population and household growth, along with rising incomes, point to a larger tenant base and support for steady leasing performance.
According to CRE market data from WDSuite, rents benchmark in the upper range for the metro yet remain manageable relative to incomes locally, which can aid renewals and reduce churn. Forward-looking data in the same 3-mile radius indicate continued population growth and higher household counts through 2028, supporting occupancy stability and disciplined rent-setting. Key risks include an owner-heavy submarket that may temper leasing depth at certain price points and recent volatility in violent offense trends, warranting standard risk controls and careful lease management.
- 2013 vintage provides competitive positioning versus older local stock, with selective value-add potential
- High neighborhood occupancy and elevated ownership costs support renter reliance and pricing power
- 3-mile radius shows population and household growth, expanding the tenant base and supporting retention
- Rents trend in the metro’s upper range but remain manageable relative to incomes, aiding renewals
- Risks: owner-leaning submarket and recent safety volatility require prudent lease and asset management