| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 45th | Fair |
| Amenities | 11th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 315 Aiken Rd, Asheville, NC, 28804, US |
| Region / Metro | Asheville |
| Year of Construction | 1985 |
| Units | 32 |
| Transaction Date | 2012-07-17 |
| Transaction Price | $744,500 |
| Buyer | NEW HOMESTEAD APARTMENTS LLC |
| Seller | HOMESTEAD INVESTMENT CO |
315 Aiken Rd Asheville Multifamily Value-Add Opportunity
Suburban Asheville asset with steady renter demand drivers and renovation upside, according to WDSuite’s CRE market data. Neighborhood occupancy trends are softer, but population and household growth in the 3-mile area support long-term leasing stability.
Located in a suburban pocket of Asheville, the neighborhood shows limited retail and daily-needs coverage inside its boundaries, while parks access is comparatively stronger than many local peers. Amenity density ranks below the metro median (85 of 155 neighborhoods), but park availability is competitive (27 of 155), giving residents nearby open-space options.
Neighborhood occupancy is lower than the national norm and sits below the Asheville metro median, which warrants conservative lease-up and renewal assumptions. Importantly, these figures reflect the neighborhood as a whole, not this property. Within a 3-mile radius, population and household counts have grown meaningfully over the past five years and are projected to continue expanding through 2028, supporting a larger tenant base and helping stabilize occupancy over a longer horizon.
Within 3 miles, roughly one-third of housing units are renter-occupied, indicating a tangible renter concentration that supports multifamily demand. Median household incomes in the 3-mile area have risen, and contract rents have trended upward historically with additional growth forecast, suggesting continued pricing power where unit quality and location fundamentals align.
Home values in the neighborhood are elevated relative to incomes (top quintile nationally by value-to-income), which tends to reinforce reliance on rental housing and can aid lease retention. The property’s 1985 vintage is older than the neighborhood average construction year (1995), pointing to potential value-add through interior updates and systems modernization to compete effectively with newer stock.
Safety indicators are competitive among Asheville neighborhoods (rank 54 of 155), and overall conditions align near the national middle of the pack. Property-related offenses trend favorably with recent year-over-year declines and performance in a stronger national percentile, while violent-offense rates benchmark relatively better nationally but have shown a less favorable short-term change. Taken together, investors should underwrite to average regional safety with attention to recent trend volatility rather than block-level assumptions.
Nearby employment is diversified at the metro level; within commuting reach, industrial and distribution roles contribute to a steady renter base. The list below highlights a representative employer accessible from the property.
- Airgas Store — industrial gases & supplies (8.8 miles)
315 Aiken Rd is a 32-unit asset built in 1985, positioned in a suburban Asheville neighborhood where near-term occupancy indicators are softer, but the broader 3-mile area shows durable tailwinds: rising population and households, an increasing renter share, and elevated ownership costs that sustain multifamily demand. According to CRE market data from WDSuite, neighborhood home values skew high relative to incomes, which tends to support renter reliance and can aid lease retention for well-positioned, renovated product.
The 1985 vintage suggests practical value-add potential via interior updates and building systems planning to strengthen competitive positioning against newer stock. While limited in-neighborhood amenities and mixed safety trends argue for disciplined underwriting, sustained household growth and upward rent trajectories in the 3-mile area underpin a constructive long-term view on demand and stabilized occupancy.
- Consistent 3-mile population and household growth supports a larger tenant base over time
- Elevated ownership costs locally reinforce renter demand and potential lease retention
- 1985 vintage offers clear value-add and systems-upgrade pathways to enhance competitiveness
- Historical and forecast rent growth in the 3-mile area supports revenue optimization with prudent affordability checks
- Risks: below-metro neighborhood occupancy, limited immediate amenities, and uneven near-term safety trends warrant conservative underwriting