| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 60th | Good |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 186 New Haw Creek Rd, Asheville, NC, 28805, US |
| Region / Metro | Asheville |
| Year of Construction | 1983 |
| Units | 56 |
| Transaction Date | 2013-08-28 |
| Transaction Price | $985,500 |
| Buyer | MARDEL HOLDINGS LLC |
| Seller | --- |
186 New Haw Creek Rd Asheville Multifamily Investment
Positioned in Asheville’s inner suburbs, this 56‑unit asset benefits from strong renter concentration and high-cost ownership dynamics that support steady multifamily demand, according to WDSuite’s CRE market data. Neighborhood fundamentals point to durable leasing potential with room for value-add given the property’s 1983 vintage.
Located in an Inner Suburb of Asheville, the neighborhood carries an A rating and sits in the top quartile among 155 Asheville metro neighborhoods, per WDSuite. That positioning reflects balanced amenities and demand drivers rather than a single catalyst.
Amenities within the neighborhood skew toward everyday convenience: restaurant density rates in the upper tier nationally, parks and childcare access score above average, while cafes and pharmacies are limited. Average public school ratings are above national norms (around the 73rd percentile), which can aid family retention in rental housing.
The area’s renter-occupied share is high (top decile nationally), indicating a deep tenant base and supporting multifamily lease-up and retention. By contrast, overall neighborhood occupancy has trended softer over five years; investors should underwrite leasing plans that emphasize marketing, renewals, and unit turns to protect NOI.
Within a 3-mile radius, population has grown in recent years and is projected to expand further, with household counts expected to rise and average household size increasing. This suggests a larger tenant base and more renters entering the market, a constructive backdrop for multifamily property research. Elevated home values versus national benchmarks point to a high-cost ownership market that tends to sustain renter reliance on apartments, reinforcing pricing power for well-positioned assets.
Vintage context: the neighborhood’s average construction year skews to 1990, while this asset dates to 1983. The older vintage can translate into targeted capital planning, with potential value-add and modernization opportunities to improve competitive positioning against newer stock.
Safety metrics are mixed. Compared with neighborhoods nationwide, recent readings for both property and violent offenses track below national safety percentiles, signaling a weaker baseline. At the metro level, the neighborhood trends around the middle of the pack among the 155 Asheville neighborhoods, suggesting conditions that are neither outliers on the upside nor the downside locally.
That said, WDSuite data indicates meaningful year-over-year declines in both violent and property offense rates, an improving trend to monitor. Investors should incorporate standard security measures and community engagement in operating plans, and track whether the recent downtrend persists.
Nearby employers contribute to commuter convenience and broaden the renter pool for workforce housing. The following employer presence within a short drive can support daily leasing stability.
- Airgas Store — industrial gases & equipment offices (1.9 miles)
This 56‑unit asset combines a high renter concentration neighborhood with elevated ownership costs, a pairing that supports tenant demand and lease retention. According to CRE market data from WDSuite, the area ranks in the top quartile within the Asheville metro, restaurants/parks/childcare access are comparatively strong, and above-average school ratings help stabilize family-oriented renters. While neighborhood occupancy has softened over five years, population growth within a 3‑mile radius and a projected increase in households point to a larger tenant base over the next cycle.
Built in 1983, the property is older than the neighborhood average (1990), creating value‑add potential through systems upgrades and interior refreshes to compete with newer inventory. High home values relative to incomes indicate a high‑cost ownership market that can sustain renter reliance on multifamily, supporting pricing power for well‑maintained units. Operators should plan for hands‑on leasing and standard security practices given mixed safety readings but note the recent downward trend in offense rates.
- High renter concentration and high-cost ownership reinforce demand and lease retention
- Top-quartile neighborhood positioning in the Asheville metro with durable amenity support
- 1983 vintage offers actionable value-add and modernization upside
- Population and household growth within 3 miles expands the tenant base over time
- Risks: softer neighborhood occupancy and below-national safety metrics require active management