| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Poor |
| Demographics | 17th | Poor |
| Amenities | 26th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 119 N Ireland St, Burlington, NC, 27217, US |
| Region / Metro | Burlington |
| Year of Construction | 1986 |
| Units | 21 |
| Transaction Date | 2017-09-21 |
| Transaction Price | $346,000 |
| Buyer | HAMPTON APARTMENT HOMES LLC |
| Seller | NDS APARTMENTS LLC |
119 N Ireland St, Burlington NC Multifamily Investment
Neighborhood occupancy has trended higher and renter demand is supported by a sizable renter-occupied housing base, according to WDSuite s CRE market data. These signals point to steadier income potential at the submarket level, though performance will vary by asset quality and execution.
Livability in this Inner Suburb location balances daily convenience with value. Grocery access stands out as above the metro median (ranked 4th among 53 Burlington neighborhoods and in a high national percentile), while restaurants are competitive locally. By contrast, parks, pharmacies, cafes, and childcare options are limited within the immediate neighborhood a consideration for resident convenience and leasing narratives.
Vintage context matters for competitiveness: the neighborhood s average construction year skews older (1950), while this property s 1986 delivery is newer than local stock. That positioning can help on leasing versus older comparables, though systems from the 1980s may still require targeted modernization to meet today s renter expectations.
For investors focused on income stability, note that the neighborhood occupancy rate is 89.7% and has improved over the past five years. The share of housing units that are renter-occupied is 48.9%, indicating meaningful renter concentration and a broad tenant base for multifamily assets. Neighborhood median contract rent is $707, which supports attainable positioning and can aid retention when paired with disciplined lease management.
Demographic trends, aggregated within a 3-mile radius, show modest population growth over the last five years and an increase in households, which expands the local renter pool. Forward-looking projections point to further population and household gains through 2028, which would support occupancy stability and leasing velocity if realized. Household incomes have risen, and rent levels are projected to grow as well, reinforcing demand for functional, well-managed units without overreliance on luxury positioning.
On the ownership side, neighborhood home values are relatively accessible, and the value-to-income ratio sits in a moderate range. That can introduce some competition from entry-level ownership options, but it also underscores the role of multifamily as a more flexible housing choice with pricing power tied to finish quality, maintenance standards, and service reliability rather than premium amenity packages.
Safety indicators are mixed but improving. The neighborhood ranks 19th out of 53 Burlington neighborhoods for overall crime competitive among local areas and sits around the national median (52nd percentile) compared with neighborhoods nationwide. Encouragingly, both property and violent offense rates have trended down over the past year, which supports a more stable operating backdrop if those trends persist.
As with any submarket, conditions vary by block and property operations. Owners can reinforce resident confidence through lighting, access control, and responsive management, aligning onsite practices with the positive directional trend.
The area draws from a diversified employment base spanning healthcare and life sciences, apparel, and technology, which supports workforce housing demand and commute convenience for renters. Key nearby employers include Laboratory Corp. of America, VF, Cisco Systems, Biogen Idec, and Quintiles (IQVIA).
- Laboratory Corp. of America diagnostics & lab services (0.6 miles) HQ
- VF apparel & footwear (20.8 miles) HQ
- Cisco Systems networking & enterprise tech (34.7 miles)
- Biogen Idec biotechnology (35.5 miles)
- Quintiles Transnational Holdings contract research organization (36.3 miles) HQ
This 21-unit asset, built in 1986, offers relative competitiveness versus older neighborhood stock while remaining positioned for targeted value-add through unit and system modernizations. At the neighborhood level, occupancy has improved and the renter-occupied share of housing units is substantial, supporting depth of tenant demand. According to commercial real estate analysis from WDSuite, attainable median rents and a moderate rent-to-income backdrop can aid retention when paired with disciplined operations.
Demographics within a 3-mile radius point to recent growth in population and households, with projections indicating further renter pool expansion through 2028. Amenity access favors daily needs (notably grocery), while limited parks and specialty retail suggest a pragmatic, value-oriented resident profile. Balance these strengths with risks tied to older surrounding housing stock, mixed safety indicators, and potential competition from more accessible ownership options.
- 1986 vintage outcompetes older local stock; plan for selective system and interior updates
- Neighborhood occupancy improving with a sizable renter-occupied housing base supporting demand
- Attainable rents and moderate rent-to-income dynamics support retention and leasing stability
- 3-mile demographics indicate population and household growth, expanding the renter pool
- Risks: mixed safety indicators, limited nearby amenities beyond grocery, and competition from entry-level ownership