| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 30th | Poor |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 221 Commons Blvd, Durham, NC, 27704, US |
| Region / Metro | Durham |
| Year of Construction | 2011 |
| Units | 48 |
| Transaction Date | 2007-07-26 |
| Transaction Price | $750,000 |
| Buyer | DURHAM VOLUNTEERS OF AMERICA ELDERLY HOU |
| Seller | VOA NORTH CAROLINA COMMUNITY HOUSING DEV |
221 Commons Blvd, Durham 2011-Vintage 48-Unit Multifamily
Renter concentration in the surrounding neighborhood is high, supporting depth of tenant demand and generally steady occupancy, according to WDSuite’s CRE market data. Location fundamentals and a newer 2011 build give this asset competitive positioning versus older local stock.
The property sits in an Inner Suburb of Durham within the Durham–Chapel Hill metro (neighborhood rating: B). Neighborhood occupancy is in line with the metro median, while the share of housing units that are renter-occupied is high (top quartile among 211 metro neighborhoods), signaling a broad tenant base and consistent leasing velocity for multifamily.
Daily-life amenities are reasonably accessible: restaurants and cafes index above national averages (national percentiles in the 70s), and grocery access is comparatively strong for the metro. Park and pharmacy density are lighter in the immediate neighborhood, so on-site features and nearby private services can play an outsized role in resident retention.
School ratings are competitive among Durham–Chapel Hill neighborhoods (top quartile among 211), though they land near the national middle, suggesting solid but not standout family appeal. Median contract rents in the neighborhood track modestly above national levels, and five-year growth has been positive, reinforcing the case for durable renter demand based on multifamily property research from WDSuite.
The average neighborhood construction year is 1995, and this asset’s 2011 vintage positions it newer than much of the nearby stock. That typically supports leasing competitiveness and reduces near-term major system CapEx versus older comparables, while still leaving room for selective modernization to elevate rents.
Within a 3-mile radius, the population has grown modestly in recent years, while household counts increased and average household size edged lower. Looking ahead, forecasts point to meaningful growth in both households and incomes by 2028, which would expand the renter pool and support occupancy stability and rent durability over time.
Safety indicators for the neighborhood rank around the middle of the Durham–Chapel Hill metro (competitive among 211 neighborhoods), but compare below national norms overall. Recent year-over-year trends show double-digit declines in both violent and property offense rates, indicating improvement momentum, based on WDSuite s CRE market data.
Investors should underwrite property-level security measures and tenant screening, and consider how improving but still below-national safety readings may influence marketing, insurance costs, and retention strategies versus other Durham submarkets.
Proximity to major Research Triangle employers supports a diversified renter base and commute convenience, notably life sciences and technology offices along with corporate services from Quintiles, Cisco Systems, Biogen Idec, AmerisourceBergen, and John Deere.
- Quintiles Transnational Holdings — life sciences (11.5 miles) — HQ
- Cisco Systems — technology (12.4 miles)
- Biogen Idec — biotechnology (12.6 miles)
- AmerisourceBergen — pharmaceutical distribution (13.8 miles)
- John Deere Morrisville Training Center — manufacturing training (14.4 miles)
2011 construction makes this 48-unit asset newer than the neighborhood average, supporting competitive positioning against older multifamily stock. The surrounding neighborhood shows a high share of renter-occupied housing units and occupancy near the metro median, which together point to a durable tenant base. Within a 3-mile radius, households and incomes have risen and are projected to grow further, expanding the renter pool and supporting lease-up and retention. According to CRE market data from WDSuite, neighborhood rents sit modestly above national levels with positive multi-year growth, aligning with a case for steady cash flow.
Key underwriting considerations include affordability pressure (a higher rent-to-income dynamic at the neighborhood level) and safety metrics that trail national norms despite recent improvement. Amenity access is solid for dining and groceries but lighter for parks and pharmacies, so property-level amenities and services can help sustain pricing power and renewals.
- 2011 vintage newer than local average, reducing near-term major CapEx while remaining upgradeable for value-add
- High neighborhood renter concentration supports depth of demand and leasing stability
- Household and income growth within 3 miles expands the tenant base and supports occupancy over time
- Neighborhood rents trend modestly above national levels with positive multi-year growth, per WDSuite data
- Risks: below-national safety benchmarks and renter affordability pressure; underwrite retention and insurance accordingly