| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 62nd | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9200 Oceangate Plaza Ext, Leland, NC, 28451, US |
| Region / Metro | Leland |
| Year of Construction | 2013 |
| Units | 48 |
| Transaction Date | 2012-05-18 |
| Transaction Price | $1,100,000 |
| Buyer | WESTGATE SENIOR APARTMENTS LLC |
| Seller | OCEANGATE LLC |
9200 Oceangate Plaza Ext Leland Multifamily Opportunity
Neighborhood occupancy is strong and renter demand appears durable, according to WDSuite’s CRE market data, supporting stable operations for well-located assets in Leland. A 2013 vintage positions this property competitively versus older stock while still leaving room for selective modernization.
This Inner Suburb location in Leland carries an A neighborhood rating and ranks in the top quartile among 161 metro neighborhoods, signaling solid fundamentals for multifamily investors. Amenity access is competitive nationally, with grocery, parks, and dining densities trending above the national median, and average school ratings around 3.0 (above the national midpoint) providing a family-friendly backdrop that can aid retention.
Renter concentration varies by geography: at the neighborhood level, about 38.1% of housing units are renter-occupied, pointing to a meaningful tenant base for multifamily. Within a 3-mile radius, the area is more owner-leaning today (roughly one-fifth of units renter-occupied) but is projected to see a higher renter share over the next five years, which can deepen the pool of prospective tenants. This mix suggests steady demand for quality rentals while highlighting the importance of product differentiation.
Occupancy for the neighborhood is approximately 96% and ranks in the top quartile among 161 metro neighborhoods, a positive indicator for lease-up and renewal stability. Median contract rents and household incomes both sit above national medians, and the rent-to-income ratio near 0.22 indicates manageable affordability pressure that can support retention and measured rent growth management.
Demographic statistics aggregated within a 3-mile radius show substantial population and household expansion over the past five years, with further growth projected through 2028. This expansion translates to a larger tenant base and supports sustained demand for professionally managed rentals, especially properties that offer modern finishes and convenient access to daily needs.
Contextual safety indicators point to comparatively favorable conditions versus many neighborhoods nationwide. Estimated property offense rates sit in a high national safety percentile, and recent year-over-year data shows a notable decline in property offenses, according to CRE market data from WDSuite. Overall crime metrics for the broader neighborhood score above the national median for safety.
That said, violent offense trends have shown recent volatility on a year-over-year basis even as the current level remains in a strong national safety percentile. Investors should underwrite with standard precautions—verify recent comps, engage local management insights, and monitor trendlines rather than single-year movements.
The employment base includes advanced manufacturing and materials, supporting commute convenience for renters and potential leasing stability. Nearby employers reflect industrial and corporate office roles.
- Corning Optical Fiber Wilmington — advanced manufacturing (9.1 miles)
Built in 2013, this 48-unit asset offers relatively modern construction that is competitive against older multifamily stock while approaching a period where selective capital projects (common areas, systems, and unit refreshes) can unlock value-add upside. Neighborhood occupancy around 96% sits in the top quartile among 161 metro neighborhoods, and demographic growth within a 3-mile radius expands the renter pool, supporting lease-up and renewal stability. According to commercial real estate analysis from WDSuite, local rent levels align with above-median household incomes, and a rent-to-income ratio near 0.22 suggests manageable affordability pressure that can aid retention.
At the same time, elevated home values relative to incomes indicate an ownership market that can be competitive for some renters, so positioning and amenities will matter. Safety indicators are favorable by national comparison, though recent violent offense trends have shown year-over-year variability—underwriting should reflect prudent contingency planning. Overall, the combination of strong occupancy, growing local households, and a 2013 vintage underpins a clear operational case with measured, execution-focused upside.
- 2013 vintage with potential for targeted value-add to enhance competitiveness
- Top-quartile neighborhood occupancy among 161 metro neighborhoods supports stability
- Expanding 3-mile renter pool underpins ongoing demand and leasing velocity
- Rent-to-income near 0.22 indicates manageable affordability pressure for retention
- Risks: owner-leaning 3-mile area and year-over-year safety volatility require positioning and prudent underwriting