| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 53rd | Good |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 124 Tarpley St, Burlington, NC, 27215, US |
| Region / Metro | Burlington |
| Year of Construction | 1998 |
| Units | 60 |
| Transaction Date | 1997-08-07 |
| Transaction Price | $73,000 |
| Buyer | UNITED RESIDENTIAL SERV INC |
| Seller | --- |
124 Tarpley St, Burlington NC — 60-Unit Multifamily Opportunity
Neighborhood occupancy is competitive among Burlington submarkets and a high renter-occupied share supports leasing durability, according to WDSuite s CRE market data. This positioning provides investors a straightforward, demand-driven thesis grounded in local renter depth and stable utilization.
This Inner Suburb neighborhood rates A- and ranks 10th of 53 Burlington neighborhoods, placing it in the top quartile locally for overall fundamentals. Dining access is a relative strength (restaurants rank among the highest in the metro and 91st percentile nationally), with everyday needs supported by grocery and pharmacy density that is competitive within the metro. Coverage is thinner for parks, cafes, and childcare, which may modestly influence lifestyle appeal for some resident segments.
For multifamily investors, utilization is the core story: the neighborhood s occupancy trends sit competitive among Burlington neighborhoods and have improved over the last five years, supporting income stability. Renter-occupied housing accounts for a majority of units locally (a high renter concentration by national standards), indicating a deep tenant base and durable demand for apartments.
Within a 3-mile radius, population and household counts have grown and are projected to continue expanding through the forecast period, pointing to a larger tenant base and runway for absorption. Projections also indicate rising household incomes and smaller average household sizes, which can support demand for professionally managed rentals and reinforce occupancy stability. Based on commercial real estate analysis from WDSuite, elevated home values relative to local incomes suggest a high-cost ownership market that tends to sustain reliance on rental housing and can aid lease retention.
School ratings in the neighborhood are lower on average compared with national benchmarks, which could be a consideration for family-oriented leasing strategies. The property s 1998 construction is newer than the neighborhood s mid-century average stock, offering competitive positioning against older buildings while still warranting typical system updates and targeted renovations for modernization and rent competitiveness.
Safety indicators are mixed when viewed against national benchmarks. Overall crime levels track near the national midpoint, while violent-offense measures sit below the national average, underscoring the need for prudent operating practices and resident communication.
A notable positive trend: property-offense rates have decreased sharply year over year (a top-quartile improvement nationally), suggesting recent momentum in local conditions. Investors should underwrite with current data and continue monitoring trend direction rather than relying on block-level assumptions.
Proximity to healthcare, life sciences, and corporate services employers underpins renter demand through commute convenience and a diversified white-collar and healthcare workforce. The following nearby employers are most relevant to this location:
- Laboratory Corp. of America healthcare diagnostics (0.5 miles) HQ
- VF apparel & retail corporate offices (20.1 miles) HQ
- Cisco Systems technology corporate offices (35.4 miles)
- Biogen Idec biotechnology offices (36.1 miles)
- Quintiles Transnational Holdings life sciences services (36.9 miles) HQ
The investment case centers on demand depth, stability, and relative competitiveness versus older local stock. The neighborhood shows competitive occupancy among Burlington peers and a high share of renter-occupied units, which reinforces day-to-day leasing, supports renewal capture, and reduces exposure to sharp vacancy swings. According to CRE market data from WDSuite, ownership costs are elevated relative to incomes, which often sustains rental demand and can buttress pricing power when paired with steady household growth.
Built in 1998, the asset is newer than the neighborhood s mid-century average vintage, positioning it favorably against older comparables while still benefiting from targeted value-add, system modernization, and common-area updates. Within a 3-mile radius, population and household growth and projections for further expansion point to a larger renter pool over time, supporting occupancy stability and measured rent positioning.
- Competitive neighborhood occupancy and high renter concentration support durable leasing
- 1998 vintage offers an edge versus older stock with clear value-add pathways
- Expanding 3-mile population and households indicate a growing tenant base
- Elevated ownership costs versus incomes reinforce reliance on multifamily rentals
- Risks: lower school ratings, mixed safety indicators, and amenity gaps (parks/cafes) warrant cautious underwriting