| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Good |
| Demographics | 44th | Poor |
| Amenities | 40th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 84 Hanor Ln, Wendell, NC, 27591, US |
| Region / Metro | Wendell |
| Year of Construction | 1990 |
| Units | 84 |
| Transaction Date | 2024-03-28 |
| Transaction Price | $3,988,000 |
| Buyer | ROBINWOOD AT WENDELL NC LLC |
| Seller | WENDELL CONGREGATE LIMITED PARTNERSHIP |
84 Hanor Ln Wendell NC Multifamily Investment
Neighborhood occupancy is currently full, supporting leasing stability for well-managed assets in this submarket, according to WDSuite’s CRE market data. An owner-leaning housing mix suggests steady demand for quality rentals with a focus on retention over rapid turnover.
Located in Wendell within the Raleigh–Cary metro, the neighborhood carries a B rating and ranks above the metro median (147 out of 331 neighborhoods). The local amenity profile is competitive among Raleigh–Cary neighborhoods, with everyday needs like grocery and pharmacy access present, but limited parks and cafes, reflecting a more rural living pattern and car-oriented routines.
Neighborhood occupancy is at the top of the metro (ranked 1 of 331), indicating full utilization of existing housing stock at the neighborhood level — not the property — which supports stable rent rolls when operations and product fit align with renter expectations. Median contract rents in the immediate area have risen over the past five years, and rent-to-income levels sit in a range that points to manageable affordability and potential for disciplined pricing while prioritizing renewals.
The average construction vintage in the neighborhood skews newer (2019), while the subject’s 1990 vintage is older than nearby stock. For investors, this underscores potential value‑add through targeted interior and systems upgrades to remain competitive against newer deliveries, coupled with capital planning for mid-life building components.
Demographic statistics within a 3‑mile radius show recent population and household growth, with forecasts pointing to further expansion and a larger tenant base over the next five years. The renter-occupied share is modest in this area, indicating an owner-leaning dynamic; for multifamily, that typically favors steady demand for well-positioned units while emphasizing retention and resident experience to limit turnover.
Safety metrics for the neighborhood signal weaker performance relative to both the metro and national benchmarks. Using Raleigh–Cary comparisons, the area’s crime ranking sits in the lower half (209 out of 331 neighborhoods). Nationally, the neighborhood falls in lower percentiles for both violent and property offenses, indicating below-average safety versus neighborhoods across the country.
Recent trend data shows a year-over-year increase in estimated violent offense rates, which warrants proactive risk management such as lighting, access control, and coordination with local resources. Investors should underwrite to current operating practices and consider security enhancements as part of the value‑preservation strategy.
Regional employment nodes tied to insurance, pharmaceuticals/distribution, and industrial training support commuting patterns from Wendell and can reinforce renter demand through workforce housing needs. Key nearby employers include MetLife, Erie Insurance Group, AmerisourceBergen, and John Deere 1s Morrisville Training Center.
- MetLife Auto & Home Craig Conley LUTCF — insurance services (23.0 miles)
- MetLife — insurance (23.9 miles)
- Erie Insurance Group — insurance (24.3 miles)
- AmerisourceBergen — pharmaceutical distribution (25.4 miles)
- John Deere Morrisville Training Center — industrial training (25.4 miles)
84 Hanor Ln offers scale in a growing Raleigh–Cary corridor where neighborhood-level occupancy is full, supporting income stability when matched with the right unit finishes and operations. The 1990 vintage trails the area’s newer stock, pointing to a clear value‑add path through targeted renovations and systems modernization to compete with post-2010 deliveries. Based on commercial real estate analysis from WDSuite, local rents have advanced while rent-to-income levels remain manageable, supporting a renewals‑first strategy with measured pricing.
Within a 3‑mile radius, population and households have expanded and are projected to continue growing, indicating a larger tenant base over time. The area’s owner-leaning tenure suggests depth for quality rentals but underscores the importance of resident experience, amenity programming, and thoughtful pricing to drive retention. Safety metrics trend below national benchmarks, so underwriting should include prudent security and operational investments.
- Full neighborhood occupancy supports stable leasing when product-market fit is strong
- 1990 vintage enables value‑add via interiors and building systems upgrades
- 3‑mile population and household growth expands the renter pool and supports demand
- Manageable rent-to-income backdrop favors renewals with disciplined pricing
- Risks: below‑average safety metrics and owner‑leaning tenure require strong retention and security planning