| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Fair |
| Demographics | 16th | Poor |
| Amenities | 32nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 702 Lakeside Ave, Burlington, NC, 27217, US |
| Region / Metro | Burlington |
| Year of Construction | 1980 |
| Units | 41 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
702 Lakeside Ave Burlington NC Multifamily Investment
Neighborhood occupancy is roughly in line with national norms and a renter-occupied share near half of units points to a durable tenant base, according to WDSuite’s CRE market data. Moderate rent levels and steady demand drivers suggest practical lease-up and retention dynamics rather than outsized pricing power.
This Inner Suburb pocket of Burlington offers day-to-day convenience supported by competitive amenity access among 53 metro neighborhoods. Grocery and pharmacy density track above national averages for similar areas, while cafes and parks are limited nearby—conditions that typically favor workforce renters prioritizing essentials over destination retail.
Neighborhood occupancy is around the national midpoint (ranked below the Burlington metro median at 31 of 53), indicating stable but competitive leasing conditions. The renter-occupied share is 49.1% of housing units, signaling a meaningful base of multifamily demand and depth for everyday product. Median contract rents in the neighborhood sit in a lower tier for the metro, which can aid retention and consistent absorption for value-oriented assets.
Within a 3-mile radius, population grew in recent years with additional gains projected, and households are expected to expand further even as average household size trends slightly lower—dynamics that generally increase the renter pool and support occupancy stability. Median home values here remain well below many coastal markets, and with a rent-to-income ratio near 0.17, affordability pressure is moderate, helping sustain renewals and lowering move-out risk for cost-conscious renters.
The asset’s 1980 vintage is newer than the neighborhood’s average 1962 construction year, offering relative competitiveness versus older stock. Investors should still plan for targeted modernization and system updates to maintain positioning and capture value-add upside over a multi-year hold.
Safety trends are mixed in context. The neighborhood’s crime rank sits at 11 out of 53 Burlington metro neighborhoods, indicating higher crime levels relative to the metro. However, on a national basis the area falls around the safer side of average (roughly the 61st percentile), and recent directional data is constructive.
Property offenses declined sharply in the latest year (a top-quartile improvement nationally), and violent offenses also eased with above-average national improvement, according to WDSuite’s CRE market data. Investors should underwrite routine security measures and lighting, but current momentum points to incremental normalization rather than deterioration.
Proximity to established employers underpins renter demand and commute convenience for workforce households, led by healthcare and life sciences, apparel, and technology offices cited below.
- Laboratory Corp. of America — healthcare & diagnostics HQ (1.1 miles) — HQ
- VF — apparel & corporate services (20.0 miles) — HQ
- Cisco Systems — technology offices (35.7 miles)
- Biogen Idec — biotechnology offices (36.5 miles)
- Quintiles Transnational Holdings — clinical research HQ (37.3 miles) — HQ
702 Lakeside Ave offers a pragmatic workforce housing thesis in a neighborhood where occupancy trends are near national norms and rents track toward the metro’s lower tier, supporting retention. The area’s renter-occupied share near half of units signals demand depth, and within a 3-mile radius both recent and projected population and household growth point to a larger tenant base over time. According to CRE market data from WDSuite, amenity access is competitive for essentials (groceries, pharmacies), while limited lifestyle retail nearby keeps the focus on value and convenience.
The 1980 construction year is newer than the neighborhood average, providing relative competitiveness versus older stock while leaving room for targeted renovations and system upgrades to enhance yield. With moderate rent-to-income metrics and a homeownership landscape that does not overly compete on monthly costs, the asset’s positioning leans toward steady occupancy and disciplined rent management rather than aggressive mark-to-market assumptions.
- Stable tenant base supported by renter concentration near half of units and neighborhood occupancy around national norms
- Essentials-first location: competitive grocery and pharmacy access sustains everyday livability for workforce renters
- 1980 vintage offers relative competitiveness vs. older local stock with value-add potential through selective modernization
- Demographic tailwinds within 3 miles, with growth translating into a larger renter pool and support for occupancy stability
- Watchlist: safety is below the metro average despite recent improvements; amenities skew toward essentials rather than lifestyle