| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 35th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 807 E Haggard Ave, Elon, NC, 27244, US |
| Region / Metro | Elon |
| Year of Construction | 2005 |
| Units | 22 |
| Transaction Date | 2022-11-04 |
| Transaction Price | $5,275,000 |
| Buyer | WATERFORD IV-PROVENCE 1031 LLC |
| Seller | PROVENCE PROPERTIES LLC |
807 E Haggard Ave, Elon NC — 22-Unit 2005 Multifamily
Neighborhood-level renter demand and steady wage gains point to durable leasing, according to WDSuite’s CRE market data, with a 2005 vintage that competes well against older local stock.
Elon is a suburban location within the Burlington, NC metro where the immediate neighborhood shows a moderate renter-occupied share and occupancy that trends below the metro median. That setup suggests investors should prioritize retention and leasing execution, while the 2005 construction at this property offers a more competitive profile versus older area assets.
Within a 3-mile radius, population and household counts have increased in recent years, with further growth projected. This points to a larger tenant base over time and supports occupancy stability, even as unit turnover management remains important.
Local amenity density (cafes, groceries, parks) is limited in the immediate neighborhood by count, which favors properties that deliver on-site convenience and parking. For investors screening comparables, this context can bolster appeal for well-managed, need-based housing over purely walkable offerings.
Home values in the neighborhood context sit at levels that make ownership comparatively accessible relative to high-cost metros, which can introduce some competition from for-sale options. At the same time, neighborhood rent-to-income remains manageable, helping support pricing power without outsized affordability pressure—an important nuance for commercial real estate analysis.
Tenure data indicates a meaningful, but not dominant, renter concentration. For multifamily owners, that implies a stable—yet competitive—demand pool, with leasing performance tied to management quality, unit finishes, and proximity to jobs.
Neighborhood safety metrics compare favorably. Crime ranks 3rd out of 53 Burlington metro neighborhoods, indicating the area is among the safer parts of the region. Nationally, the neighborhood sits in a higher safety percentile, translating to “above-average” conditions versus many U.S. neighborhoods.
Recent trend indicators also show year-over-year declines in both property and violent incidents. While safety can vary block to block and over time, the directional improvement supports renter retention and leasing stability relative to peer locations.
Proximity to established employers underpins weekday traffic and helps stabilize renter demand. Notable nearby names include Laboratory Corp. of America, VF, Cisco Systems, Biogen, and IQVIA/Quintiles.
- Laboratory Corp. of America — healthcare diagnostics HQ (2.9 miles) — HQ
- VF — apparel HQ (17.5 miles) — HQ
- Cisco Systems — networking & tech offices (37.8 miles)
- Biogen Idec — biotech offices (38.6 miles)
- Quintiles Transnational Holdings — life sciences HQ (39.4 miles) — HQ
Built in 2005, this 22-unit asset offers a more contemporary vintage than much of the surrounding stock, supporting leasing competitiveness while still allowing for targeted upgrades as systems age. Neighborhood occupancy trends sit below the metro median, so execution on renewals and turn times is key; however, within a 3-mile radius, population and households are expanding, pointing to a growing renter pool that can help support steady absorption. According to CRE market data from WDSuite, neighborhood rent-to-income levels remain manageable, suggesting room for disciplined rent progression without undue retention risk.
Ownership costs in the broader context are relatively accessible compared with high-cost metros, which can create some competition from for-sale housing. Even so, proximity to anchor employers in Burlington and the Triangle/Triad corridors reinforces day-to-day demand for well-managed workforce housing, and limited immediate amenity density gives properties with parking and practical conveniences an edge.
- 2005 vintage supports competitive positioning versus older neighborhood stock with selective value-add potential
- Expanding 3-mile population and household counts point to a larger tenant base and steadier absorption
- Manageable neighborhood rent-to-income dynamics support disciplined rent growth and retention
- Employer proximity across healthcare, tech, and life sciences reinforces weekday demand and lease stability
- Risk: neighborhood occupancy trends below metro median heighten the need for strong leasing and renewal execution