| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 35th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 944 E Haggard Ave, Elon, NC, 27244, US |
| Region / Metro | Elon |
| Year of Construction | 2004 |
| Units | 26 |
| Transaction Date | 2022-02-01 |
| Transaction Price | $3,000,000 |
| Buyer | IOL UNIVERSITY POINTE LLC |
| Seller | OVERMAN FAMILY ASSOCIATES LLC |
944 E Haggard Ave, Elon NC Multifamily Investment
Suburban Burlington location with accessible rents relative to area incomes and a moderate renter base, according to WDSuite’s CRE market data. Investor focus is on steady demand from nearby employment and population growth, with operations discipline where neighborhood occupancy trends trail metro norms.
Livability skews suburban with low immediate amenity density; neighborhood-level counts for groceries, parks, cafes, and restaurants are among the lowest across 53 Burlington metro neighborhoods. For investors, that typically translates to car-reliant residents and value-conscious renters who prioritize space and parking over walkable retail. Neighborhood rents remain modest versus incomes, supporting lease retention and steady absorption more than premium pricing.
The area’s average construction year is around 2000 (competitive among Burlington neighborhoods), and this property’s 2004 vintage positions it slightly newer than nearby stock. That can aid leasing versus older product while still warranting selective modernization planning for systems and finishes as part of a measured value-add approach.
Within a 3-mile radius, demographics point to recent population and household growth with additional gains projected through 2028. This expands the local tenant base and supports occupancy stability for well-managed assets. Median home values are lower than in high-cost coastal markets, which can introduce some competition from ownership; however, more accessible ownership often coexists with durable renter demand when communities deliver convenience and functional layouts.
Relative to the metro, the neighborhood’s occupancy ranking sits below the median (in the lower cohort among 53 neighborhoods), suggesting an operational emphasis on renewals, turn efficiency, and unit-level differentiation. Renter-occupied share at the neighborhood level is moderate, indicating a viable, balanced multifamily demand pool that rewards disciplined underwriting and hands-on asset management.
Safety indicators are mixed. Compared with Burlington metro peers, the neighborhood’s crime rank falls in a weaker cohort among 53 neighborhoods, warranting standard risk controls and resident communication. Nationally, however, the area benchmarks above the U.S. median and approaches the top quartile on some measures, indicating comparatively stronger conditions in a broader context.
Recent signals from WDSuite point to year-over-year declines in both property and violent offenses at the neighborhood level. Investors should verify current comps and maintain typical multifamily best practices—lighting, access control, and community standards—to support resident retention.
The renter base is supported by a diverse set of nearby employers that provide commute-convenient jobs and can bolster leasing stability. Notable anchors include diagnostics, apparel, networking, biotech, and clinical research firms listed below.
- Laboratory Corp. of America — diagnostics (2.7 miles) — HQ
- VF — apparel (17.9 miles) — HQ
- Cisco Systems — networking (37.7 miles)
- Biogen Idec — biotech (38.5 miles)
- Quintiles Transnational Holdings — clinical research (39.2 miles) — HQ
This 26-unit property (built 2004) is slightly newer than the neighborhood average and competitive within the Burlington, NC metro. According to CRE market data from WDSuite, neighborhood occupancy ranks below the metro median, so performance hinges on hands-on operations—renewals, targeted upgrades, and unit-level differentiation. At the same time, rents remain accessible relative to local incomes and the 3-mile radius shows recent and projected increases in population and households, expanding the renter pool and supporting stabilized leasing for well-run assets.
Given the suburban, amenity-light setting, the investment case centers on functional layouts, parking, and selective modernization to defend and grow effective rents. Homeownership is more attainable here than in high-cost markets, which can introduce competition, but a balanced renter-occupied share and proximity to established employers help sustain demand and retention.
- 2004 vintage offers relative competitiveness versus older stock, with targeted modernization for finishes and systems
- Accessible rents against area incomes support retention and measured pricing power
- 3-mile radius shows population and household growth, expanding the tenant base and aiding occupancy stability
- Proximity to major regional employers underpins steady demand and leasing continuity
- Risks: amenity-light location, neighborhood crime ranking within metro, and below-metro occupancy trends necessitate active management