| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 37th | Poor |
| Amenities | 49th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 601 Pony Rd, Zebulon, NC, 27597, US |
| Region / Metro | Zebulon |
| Year of Construction | 2001 |
| Units | 33 |
| Transaction Date | 2000-06-28 |
| Transaction Price | $88,000 |
| Buyer | SILVER SPRING HOUSING ASSOCIATES LLC |
| Seller | WIGGINS JULIA F |
601 Pony Rd, Zebulon NC — 33-Unit Multifamily Investment
Neighborhood occupancy trends appear stable and renter demand is supported by a high-cost ownership backdrop relative to incomes, according to WDSuite’s CRE market data. The property’s positioning in suburban Zebulon offers steady workforce appeal within the Raleigh-Cary metro.
Located in suburban Zebulon within the Raleigh-Cary metro, the neighborhood carries a B- rating and performs above the metro median for overall amenities (rank 83 of 331), though national amenity density is mixed. Daily needs such as pharmacies and childcare are present at competitive levels for the metro, while cafes are limited; investors should underwrite convenience as adequate rather than a leasing differentiator.
At the neighborhood level, multifamily occupancy is 92.8% and the renter concentration is 41.7% of housing units, indicating a meaningful base of renter-occupied stock that can support demand. Median contract rents in the neighborhood sit on the lower side relative to national comparisons, which can aid leasing velocity and retention while moderating pricing power.
Demographic figures aggregated within a 3-mile radius show population growth over the last five years alongside a 20.6% increase in households, expanding the local tenant base. Looking ahead, the 3-mile area is projected to see further growth in households (+51.7%) even as population edges slightly lower, signaling smaller average household sizes and a broader pool of renters for professionally managed units. Median household incomes in the 3-mile radius have risen, supporting collections and renewals for well-run assets.
Home values in the neighborhood are elevated relative to local incomes (value-to-income ratio ranks in a higher national band), which reinforces reliance on rental housing and supports occupancy stability. For context, the asset’s 2001 vintage is older than the neighborhood’s newer average stock, creating straightforward value-add and capital planning opportunities to sharpen competitive positioning against post-2020 deliveries.
Safety indicators for the neighborhood track below national benchmarks, with both violent and property offense measures in lower national percentiles compared with neighborhoods nationwide. Within the Raleigh-Cary metro, the neighborhood’s crime rank (172 of 331) places it near the middle of the pack rather than among the metro’s stronger performers.
Recent trend data offers a mixed picture: estimated property offenses declined meaningfully year over year, while violent offense estimates moved higher. Investors should underwrite security, lighting, and site-level management practices accordingly and monitor metro-wide trends as they evolve.
Regional employment anchors within commuting distance include insurance, pharmaceutical distribution, manufacturing training, and clinical research. This mix supports workforce housing demand and can aid lease retention for well-managed assets.
- MetLife — insurance (26.3 miles)
- Erie Insurance Group — insurance (27.0 miles)
- Amerisource Bergen — pharmaceutical distribution (27.7 miles)
- John Deere Morrisville Training Center — manufacturing training (27.7 miles)
- Quintiles Transnational Holdings — clinical research services (28.8 miles) — HQ
601 Pony Rd offers a 33-unit footprint with smaller average unit sizes that can appeal to cost-conscious renters, positioned in a suburban neighborhood where occupancy is steady and renter-occupied housing is meaningful. Based on CRE market data from WDSuite, neighborhood rents price toward the lower end nationally while ownership remains comparatively expensive relative to incomes, a combination that tends to support leasing velocity and renewal capture for professionally managed multifamily.
Constructed in 2001, the asset trails the neighborhood’s newer average stock, pointing to clear value-add potential via targeted renovations and systems updates to compete against post-2020 deliveries. Household counts within a 3-mile radius have expanded and are projected to increase further even as household sizes shrink, which broadens the tenant pool and can support occupancy stability over the medium term. Underwriting should account for mixed safety trends and a convenience profile that is competitive in the metro but not a unique draw.
- Steady neighborhood occupancy and a meaningful renter base support demand durability
- Lower relative rents with elevated ownership costs bolster leasing and retention
- 2001 vintage offers straightforward value-add and capital planning opportunities
- Expanding household counts within 3 miles grow the tenant pool and support stability
- Risks: below-average safety benchmarks and amenities that are competitive but not a differentiator