| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 71st | Best |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 151 Weaverville Rd, Asheville, NC, 28804, US |
| Region / Metro | Asheville |
| Year of Construction | 1980 |
| Units | 24 |
| Transaction Date | 2013-08-28 |
| Transaction Price | $1,266,000 |
| Buyer | MARDEL HOLDINGS LLC |
| Seller | --- |
151 Weaverville Rd, Asheville NC Multifamily Value-Add
Positioned in a high-cost ownership pocket of Asheville, this 24-unit asset benefits from durable renter demand and a solid suburban location, according to CRE market data from WDSuite. Neighborhood occupancy and renter concentration are measured at the neighborhood level, signaling leasing dynamics investors can underwrite with local comps rather than property assumptions.
The property sits in a suburban neighborhood rated A+ and ranked 6 out of 155 Asheville metro neighborhoods — solidly top quartile locally. Livability is supported by everyday amenities with moderate national standing (amenities overall around the middle of U.S. peers), while cafes and childcare availability trend above national averages, aiding day-to-day convenience for residents.
Neighborhood housing dynamics point to a high-cost ownership market: home values rank near the upper end nationwide, and the value-to-income ratio is in the 95th percentile. For multifamily investors, that backdrop can sustain renter reliance on apartments and support pricing power and retention, particularly when paired with a rent-to-income ratio near the low side nationally that can help manage affordability pressure and limit turnover risk.
Tenure patterns indicate a meaningful renter-occupied share (about two-fifths of units at the neighborhood level), suggesting a stable tenant base for mid-scale multifamily. However, neighborhood occupancy is below national norms (around the lower-third nationally), so leasing plans should emphasize competitive positioning, unit turns, and renewal management rather than assuming full stabilization at premium terms.
Within a 3-mile radius, demographics show recent population and household growth with additional expansion projected over the next five years. This points to a larger tenant base and continued renter pool expansion that can support occupancy stability and steady absorption, based on CRE market data from WDSuite. The area lacks nearby parks by national comparison, which modestly reduces outdoor amenity appeal, but everyday retail and services help balance overall livability.
Safety trends are competitive among Asheville neighborhoods, with the area ranked 39 out of 155 locally. Nationally, indicators sit above average (roughly 60th to upper-60th percentiles), suggesting comparatively favorable conditions versus many U.S. neighborhoods.
Recent data also point to improvement in severe incidents at the neighborhood level, with violent offense rates trending down year over year. Investors should continue to track local patterns, but current readings support a responsible underwriting stance on safety relative to broader regional options.
Nearby employment access supports commute convenience for a renter base tied to industrial and services roles referenced below. This helps leasing stability for workforce-oriented units.
- Airgas Store — industrial gases & supplies (6.4 miles)
Built in 1980, the asset is slightly older than the neighborhood’s average vintage, creating value-add potential through selective renovations and systems upgrades while remaining competitive against newer stock. The surrounding neighborhood ranks in the top quartile locally, sits in a high-cost ownership market, and shows renter-occupied depth, all of which can reinforce tenant retention and pricing resilience, per commercial real estate analysis grounded in WDSuite’s CRE market data.
Investor considerations include underwriting to neighborhood-level occupancy, which trails national norms, and acknowledging limited nearby park amenities. Counterbalancing forces are a growing 3-mile population and household base that expands the renter pool, above-average safety readings nationally, and everyday services that support livability and lease retention.
- High-cost ownership market supports sustained rental demand and pricing power
- 1980 vintage offers value-add and capex planning opportunities to lift NOI
- Top-quartile neighborhood rank (6 of 155) with above-average national safety indicators
- 3-mile population and household growth broadens the tenant base, aiding occupancy stability
- Risk: neighborhood occupancy below national norms and limited park access warrant conservative leasing assumptions