| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 26th | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23 Airport Rd, Arden, NC, 28704, US |
| Region / Metro | Arden |
| Year of Construction | 1979 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
23 Airport Rd, Arden NC Multifamily Investment
Older 1979 vintage and compact unit sizes suggest clear value-add pathways in an amenity-supported inner suburb, according to WDSuite’s CRE market data. Neighborhood renter concentration in the low-40% range supports a steady tenant base, though submarket occupancy trends warrant disciplined leasing strategy.
Positioned in Arden’s Inner Suburb within the Asheville metro, the neighborhood rates A- and is competitive among Asheville neighborhoods (ranked 35 out of 155). Dining and daily-needs access are stronger than the national median, with restaurants, cafes, groceries, parks, and pharmacies generally in the low-to-upper 70s percentiles nationally, supporting renter convenience and day-to-day livability.
Neighborhood occupancy trends sit well below national norms, indicating potential leasing volatility. Investors should underwrite to thoughtful marketing, unit turns, and concessions management while aiming to outperform local benchmarks via product differentiation and professional operations.
The area’s housing stock skews newer than this asset (average construction around the mid-1990s), which elevates the importance of targeted renovations for 1979 product—kitchen/bath updates, systems, and exterior/interior common-area improvements—to remain competitive and capture renewal lift.
Tenure patterns show a renter-occupied share around the low-40% range in the neighborhood, implying meaningful depth in the multifamily renter pool. Within a 3-mile radius, population has grown in recent years and is projected to expand further alongside a notable increase in households, pointing to renter pool expansion that can support occupancy stability over the hold period. Median home values and a moderate value-to-income environment indicate ownership is accessible for some households, so compelling renovations and service quality can help sustain retention against entry-level ownership options. Rent-to-income near the high teens suggests manageable affordability pressure, supporting lease retention and pricing power for renovated units.
Safety indicators are mixed but improving. Overall, the neighborhood compares slightly above the national median for safety (mid-50s percentile nationally), according to CRE market data from WDSuite. Property offenses remain a relative weak spot versus national benchmarks, yet recent year-over-year declines have been pronounced. Violent offense levels track below national averages for safety but have also trended down meaningfully in the latest period.
For investors, this trajectory suggests monitoring ongoing trends, aligning security measures with resident expectations, and leveraging professional management to reinforce on-site safety perceptions. Comparisons should be framed at the neighborhood scale rather than block-by-block, and evaluated alongside leasing performance and resident feedback over time.
Nearby employment is diversified at a regional level; within practical commuting distance, industrial and distribution operations contribute to steady workforce housing demand, including Airgas.
- Airgas Store — industrial gases & distribution (7.3 miles)
23 Airport Rd offers a 1979-vintage, 52-unit multifamily footprint in an amenity-supported inner suburb of Asheville. The asset’s older vintage points to clear value-add and capital planning opportunities to compete against a neighborhood stock that trends newer. Renter concentration around the low-40% range provides tenant-base depth, and within a 3-mile radius, population and household growth point to a larger renter pool over the next few years. According to CRE market data from WDSuite, neighborhood occupancy trails national norms, so returns hinge on upgrading unit quality, controlling turns, and disciplined leasing to outperform local benchmarks.
Home values are moderate in context, which can create some competition from entry-level ownership; however, rent-to-income levels around the high teens indicate manageable affordability pressure that can support lease retention, particularly post-renovation. Amenity access above national medians further supports livability, everyday convenience, and leasing velocity for a refreshed product.
- 1979 vintage with clear value-add scope to compete with newer neighborhood stock
- Renter concentration and projected 3-mile household growth support tenant-base depth
- Amenity access above national medians aids leasing and retention after upgrades
- Risk: neighborhood occupancy trends below national norms require disciplined leasing and active asset management