| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Fair |
| Demographics | 27th | Poor |
| Amenities | 72nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1407 W Chapel Hill St, Durham, NC, 27701, US |
| Region / Metro | Durham |
| Year of Construction | 1983 |
| Units | 36 |
| Transaction Date | 2017-07-11 |
| Transaction Price | $1,800,000 |
| Buyer | CASA |
| Seller | UW II LLC |
1407 W Chapel Hill St Durham Multifamily Opportunity
High renter concentration in the surrounding neighborhood supports a deeper tenant base and leasing durability, according to WDSuite’s CRE market data. The 1983 vintage offers a competitive edge versus older local stock while leaving room for targeted upgrades.
Competitive among Durham-Chapel Hill neighborhoods, this Inner Suburb location benefits from strong daily-needs access: restaurants, groceries, cafes, pharmacies, and parks all index in the top quartile nationally. That convenience supports renter appeal and day-to-day livability, a theme echoed by WDSuite’s commercial real estate analysis of the area.
The neighborhood skews renter-occupied at roughly three-fifths of housing units, indicating a broad base of multifamily demand. Neighborhood occupancy is below the metro median, so investors should plan for active leasing and retention management; however, the deep renter pool can help sustain traffic and reduce downtime when managed proactively.
The property’s 1983 construction is newer than the neighborhood’s older housing stock (average vintage mid-20th century), which can improve competitive positioning against legacy assets. That said, systems and common areas may still warrant modernization to support rent premiums and operating efficiency.
Within a 3-mile radius, households have grown in recent years and are projected to expand further through 2028, pointing to a larger tenant base over time. Elevated home values relative to local incomes signal a high-cost ownership market, which tends to reinforce reliance on multifamily housing and can support pricing power, while neighborhood rent-to-income levels suggest monitoring affordability pressure and renewal risk.
Safety outcomes in this neighborhood trend below the national median; investors should underwrite appropriate security, lighting, and property management protocols. Recent year-over-year declines in both violent and property offense rates, per WDSuite’s data, indicate improving momentum, but risk remains a consideration typical of many inner-suburban submarkets.
Proximity to regional employers in life sciences, technology, and pharmaceutical distribution supports workforce housing demand and commute convenience for renters. The following nearby firms anchor local employment and can aid leasing and retention:
- Quintiles Transnational Holdings — life sciences/clinical research (9.2 miles) — HQ
- Cisco Systems — networking/technology (9.5 miles)
- Cisco Systems, Building 8 — networking/technology (9.8 miles)
- Biogen Idec — biotech (9.9 miles)
- Amerisource Bergen — pharmaceutical distribution (11.5 miles)
This 36-unit asset at 1407 W Chapel Hill St balances demand depth with operational upside. A renter-leaning neighborhood, strong access to daily amenities, and a high-cost ownership landscape support tenant demand and lease retention. Based on CRE market data from WDSuite, neighborhood occupancy trails the metro median, so performance depends on disciplined leasing and renewal execution. The 1983 vintage is newer than much of the surrounding stock, creating a path for targeted renovations to enhance competitiveness versus older assets.
Within a 3-mile radius, recent household growth and projections for additional increases by 2028 point to a larger renter pool ahead. Monitoring rent-to-income levels will be important for pricing decisions, but elevated ownership costs in the area should continue to underpin multifamily demand.
- Renter-heavy neighborhood and strong amenity access support demand and leasing velocity
- 1983 construction offers competitive positioning versus older local stock with value-add potential
- High-cost ownership market reinforces reliance on rental housing and tenant retention
- 3-mile household growth and projections suggest an expanding renter pool through 2028
- Risk: Below-metro neighborhood occupancy and safety considerations require active management and underwriting discipline