| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 35th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 756 E Haggard Ave, Elon, NC, 27244, US |
| Region / Metro | Elon |
| Year of Construction | 2004 |
| Units | 40 |
| Transaction Date | 2013-11-25 |
| Transaction Price | $4,000,000 |
| Buyer | DENC LLC |
| Seller | UVELON LLC |
756 E Haggard Ave Elon NC Multifamily Investment
2004 construction positions this 40-unit asset slightly newer than the neighborhood average, supporting competitive leasing and light value-add potential based on CRE market data from WDSuite.
Elon sits within the Burlington, NC metro and this suburban location offers car-oriented access rather than dense, walkable amenities. Neighborhood amenity density is limited, so residents typically rely on nearby corridors in Elon and Burlington for groceries, services, and dining, which can favor properties with on-site conveniences or parking.
Neighborhood performance trends indicate mixed fundamentals. The area carries a C neighborhood rating and ranks 41 out of 53 Burlington neighborhoods, which is below the metro median. Median asking rents in the neighborhood track on the lower end of the metro distribution (rank 21 of 53), which can support leasing velocity but may temper near-term pricing power.
Tenure patterns point to a moderate renter base: neighborhood data show a renter-occupied share around three-tenths of housing units, implying a workable depth of tenants for smaller multifamily properties while still competing with ownership options. Within a 3-mile radius, households have increased in recent years and are expected to continue expanding, indicating a larger tenant base ahead that can support occupancy stability.
Homeownership costs in the neighborhood sit near national mid-range levels, which can sustain steady demand for attainable rentals and help with lease retention. Average household incomes in the 3-mile radius have grown, further supporting collections and renewal prospects for well-managed, competitively priced units.
Safety signals are mixed when viewed locally versus nationally. Within the Burlington metro, the neighborhood’s crime rank is 3 out of 53 neighborhoods, indicating higher crime exposure than many nearby subareas. At the same time, national comparisons place the neighborhood in stronger percentiles (around the upper half nationally), suggesting outcomes that are better than many communities across the country.
Recent trend data show year-over-year declines in both violent and property offenses, which, if sustained, can support renter sentiment and leasing stability. Investors should underwrite with prudent assumptions, employ standard security measures, and benchmark against comparable Burlington neighborhoods to calibrate operating policies.
Proximity to regional employers supports commuter demand and retention for workforce housing, with a concentration in healthcare diagnostics, apparel, networking, biotech, and clinical research.
- Laboratory Corp. of America — diagnostics (3.1 miles) — HQ
- VF — apparel (17.3 miles) — HQ
- Cisco Systems — networking (38.0 miles)
- Biogen Idec — biotech (38.8 miles)
- Quintiles Transnational Holdings — clinical research (39.6 miles) — HQ
756 E Haggard Ave offers a 2004-vintage, 40-unit footprint in a suburban Elon location where asking rents trend toward the lower end of the metro distribution, supporting lease-up and renewal prospects for attainable product. The vintage is slightly newer than the neighborhood average, pointing to manageable capital planning with optional value-add through interior updates and operational improvements. According to CRE market data from WDSuite, the surrounding neighborhood shows softer occupancy relative to many Burlington peers, so underwriting should prioritize disciplined concessions and marketing.
Demand drivers include a moderate renter-occupied share at the neighborhood level and evidence of population and household growth within a 3-mile radius, which expands the local tenant pool and supports long-run occupancy. Ownership costs near national mid-range levels help sustain reliance on rental options, particularly for compact units that emphasize attainability.
- 2004 construction provides competitive positioning versus older stock with targeted value-add upside.
- Lower-end neighborhood rent positioning supports leasing velocity and renewal potential.
- 3-mile population and household growth expand the renter pool, aiding occupancy stability.
- Proximity to regional employers underpins workforce renter demand.
- Risks: neighborhood occupancy lags metro peers and amenity density is limited; plan for competitive pricing, marketing, and on-site conveniences.