| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Good |
| Demographics | 35th | Fair |
| Amenities | 40th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 620 McLeod St, Elizabethtown, NC, 28337, US |
| Region / Metro | Elizabethtown |
| Year of Construction | 1988 |
| Units | 42 |
| Transaction Date | 2014-10-01 |
| Transaction Price | $978,000 |
| Buyer | OAK ESTATES I LP |
| Seller | PAIT HOUSING ASSOCIATES |
620 McLeod St Elizabethtown NC Multifamily Investment
Neighborhood renter concentration is higher than national norms and daily-needs amenities are close by, supporting tenant retention according to WDSuite’s CRE market data. Occupancy at the neighborhood level trails national averages, so leasing execution remains a key driver rather than broad market lift.
The property sits in an A-rated suburban neighborhood that ranks 2 out of 26 in Bladen County — competitive among local peers and in the top quartile nationally on several daily-needs measures. Grocery, pharmacy, and park access score above metro medians (ranks of 1 out of 26 for each category), which helps support day-to-day livability for residents. Cafes and childcare are limited in the immediate area, so lifestyle-driven demand may be thinner than in larger metros.
Neighborhood rents benchmark on the lower end versus national levels, which can aid lease retention but may cap near-term pricing power. By contrast, the share of housing units that are renter-occupied is elevated (above the national baseline), indicating a deeper tenant base and steadier multifamily demand at the neighborhood level rather than reliance on a small pool of renters.
Neighborhood occupancy is below national norms, signaling that property-level marketing, unit readiness, and management discipline will be important to sustain performance. Median home values sit near national midpoints, and ownership costs do not appear unusually high for the region, suggesting rentals compete primarily on convenience and monthly affordability rather than dramatic ownership cost differentials.
The average construction year across nearby stock is older than this asset’s 1988 vintage, positioning it as relatively newer within its competitive set. That can reduce near-term functional obsolescence versus older comparables, while still leaving room for targeted system upgrades or cosmetic repositioning to improve rentability.
Safety indicators compare favorably to national norms on violent incidents, with levels placing in the highest national percentiles, while property-related metrics also test strong versus national averages. Recent year-over-year swings show improvement in violent categories but some uptick in property-related incidents, a reminder to underwrite stable operations with prudent security and lighting standards. These are neighborhood-level trends rather than property-specific conditions.
This 42-unit asset, built in 1988, competes against an older neighborhood stock, offering relative modernization with potential to capture tenants seeking convenience and value. A higher share of renter-occupied housing units in the neighborhood supports a deeper tenant base and can help stabilize occupancy, while lower rent benchmarks suggest room for consistent renewals even if rent growth remains measured. According to CRE market data from WDSuite, neighborhood occupancy trails national levels, so asset-specific operations and targeted capex will likely drive outcomes more than broad market momentum.
Daily-needs access is a differentiator locally, with strong proximity to grocery, pharmacy, and parks supporting resident satisfaction and lease retention. Median home values around national midpoints indicate a balanced ownership market; rentals can compete on monthly affordability and convenience rather than extreme ownership cost pressures, supporting steady demand for workforce-oriented units.
- 1988 vintage is newer than much of the competitive set, with scope for targeted updates to enhance positioning
- Elevated renter-occupied share indicates a deeper tenant pool and supports occupancy stability
- Strong daily-needs access (grocery, pharmacy, parks) underpins retention and leasing velocity
- Lower relative rent levels favor renewals and steady absorption, though may limit near-term pricing power
- Risk: Neighborhood occupancy trends below national norms make property-level execution and capex planning critical