| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 67th | Best |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 132 Springside Rd, Asheville, NC, 28803, US |
| Region / Metro | Asheville |
| Year of Construction | 1999 |
| Units | 24 |
| Transaction Date | 2000-08-04 |
| Transaction Price | $337,500 |
| Buyer | NORTH FRENCH BROAD LLC |
| Seller | MAYFAIR PARTNERS LLC |
132 Springside Rd, Asheville Multifamily Investment
Elevated neighborhood home values and a sizable renter base point to durable leasing demand, according to WDSuite’s CRE market data. Focus is on steady retention rather than outsized rent growth in this suburban Asheville location.
Located in Asheville’s south-side suburban fabric, the property benefits from a neighborhood that ranks competitive among 155 Asheville neighborhoods for amenity access, with restaurants, cafes, groceries, and pharmacies performing above national averages. Limited park space nearby suggests residents rely more on private or regional recreation.
With a neighborhood rating of A+ and an amenity rank in the top quartile among 155 metro neighborhoods, local conveniences support tenant livability. Average school ratings are around the middle of the pack, which can still serve workforce households seeking proximity to jobs and services without premium school-driven pricing.
The 1999 vintage is slightly newer than the neighborhood’s average construction year (mid-1990s), giving the asset a relative edge versus older stock. Investors should still plan for system updates and selective modernization to keep pace with newer deliveries and support leasing competitiveness.
Ownership costs in the neighborhood are high relative to income (home values sit in a high national percentile), which tends to reinforce reliance on multifamily rentals and can support pricing power and lease retention. Neighborhood unit tenure data indicate a meaningful share of renter-occupied housing, signaling depth in the tenant base and demand stability for a 24-unit asset.
Within a 3-mile radius, recent population gains and rising household incomes point to a larger tenant base over time, and projections indicate further population and household growth by 2028. While household counts have fluctuated, increasing household size and an expanding mix of middle- to higher-income brackets suggest more renters entering the market, supporting occupancy and absorption at stabilized rent levels.
Counterbalancing these strengths, neighborhood-level occupancy has trended below the metro median in recent years. This underscores the importance of asset-specific execution—unit finishes, management, and pricing strategy—to capture demand that is present but competitive across comparable properties.
Safety indicators are mixed but improving. The neighborhood’s composite crime rank is competitive among 155 Asheville neighborhoods, aligning near the national middle. According to recent trend data, both violent and property offense estimates have declined significantly year over year, a constructive signal for investor risk management even as select categories remain below national safety percentiles.
For investors, the takeaway is to underwrite to neighborhood averages rather than block-level assumptions and to emphasize property-level measures—lighting, access controls, and resident engagement—to help sustain leasing and retention alongside the broader trend improvements.
Nearby employment is anchored by light industrial and distribution operations that support workforce housing demand and practical commute times for residents. The list below reflects employers with known proximity.
- Airgas Store — industrial gases & supplies (5.2 miles)
This 24-unit asset built in 1999 offers slightly newer vintage than the neighborhood average, providing a competitive position versus older stock while leaving room for targeted value-add and system updates. Elevated neighborhood home values and a substantial renter-occupied share support a deep tenant base and steady leasing, while rent-to-income dynamics remain manageable for retention, based on CRE market data from WDSuite.
Local amenities are strong relative to the metro, and 3-mile demographic trends point to continued population growth and higher incomes, which can support stabilized occupancy and pricing over the hold. The main risk factor is neighborhood-level occupancy that trails the metro median, making asset quality, management, and pricing discipline essential to capture demand in a competitive set.
- 1999 vintage offers competitive positioning with room for selective modernization
- High-cost ownership market reinforces multifamily renter reliance and retention
- Strong amenity access supports livability and leasing in suburban Asheville
- 3-mile population and income growth expand the renter pool and support occupancy
- Risk: neighborhood-level occupancy below metro median requires disciplined operations