| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 71st | Best |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 50 N Merrimon Ave, Asheville, NC, 28804, US |
| Region / Metro | Asheville |
| Year of Construction | 2010 |
| Units | 44 |
| Transaction Date | 2017-10-05 |
| Transaction Price | $366,600 |
| Buyer | MACK ASHEVILLE LLC |
| Seller | LARV TCL LLC |
50 N Merrimon Ave, Asheville NC Multifamily Thesis
Positioned in a high-performing suburban pocket of Asheville, this 2010-vintage, mid-sized asset benefits from a strong renter base and high-cost ownership dynamics, according to WDSuite’s CRE market data.
This suburban neighborhood ranks 6 out of 155 in the Asheville metro with an A+ neighborhood rating, placing it in the top quartile among metro peers for overall livability and investment appeal. Local rents benchmark above many Asheville areas while still aligning with a rent-to-income profile that supports lease retention, and the neighborhood’s renter-occupied share (41.4% of units) signals a meaningfully sized tenant base for multifamily operators.
Amenities skew service-oriented rather than destination-oriented. Cafes and childcare access are competitive among Asheville neighborhoods (ranks 19 and 15 out of 155, respectively; both above national medians), and grocery access is also competitive (rank 32 out of 155). Park access is limited within neighborhood bounds, which may place more weight on on-site greenspace or private outdoor features during repositioning.
Within a 3-mile radius, population has expanded in recent years and is projected to continue growing through 2028, with households expected to increase at a faster clip—an indicator of a larger tenant base and potential renter pool expansion. Household incomes have trended higher as well, supporting demand for professionally managed communities. This forward demand picture, paired with multifamily property research from WDSuite, points to stable leasing fundamentals if product quality and pricing remain aligned with local incomes.
Ownership costs are elevated in this pocket (home values rank 10 out of 155 locally and are high versus the nation), which tends to reinforce reliance on rental housing and can support pricing power when units are well-amenitized. The neighborhood’s average construction year skews older than the subject (1988 average vs. a 2010 build), giving newer assets a competitive edge on finishes and systems while still requiring prudent capital planning over the hold.
Safety signals are mixed and should be underwritten with context. The neighborhood’s crime rank is 39 out of 155 in the Asheville metro (lower ranks indicate higher crime), suggesting it is more impacted than many local peers. However, nationally it sits above the median (around the 60th percentile for safety compared with neighborhoods nationwide), indicating comparatively better positioning in a broader context.
Trend-wise, estimated violent offenses have improved year over year (top-quartile improvement nationally), while property offenses show a recent uptick. For investors, this argues for standard security measures, careful tenant screening, and attention to lighting and visibility during any value-add scope, balancing risk management with leasing appeal.
Nearby employment is diversified, with accessible industrial and business services that help sustain demand for workforce-oriented rentals. The list below highlights a representative nearby employer supporting day-to-day commute convenience.
- Airgas Store — industrial gases & supplies (6.0 miles)
The investment case centers on a 2010 construction year that is newer than the neighborhood average, high-cost ownership dynamics that sustain rental demand, and a growing 3-mile household base that supports occupancy stability. Based on CRE market data from WDSuite, neighborhood rents align with incomes, and the renter-occupied share indicates depth in the tenant pool; meanwhile, the area’s rank places it among the metro’s stronger neighborhoods for livability. While neighborhood occupancy trends require disciplined leasing and renewal management, the asset’s relative vintage provides competitive positioning against older stock.
Key underwriting considerations include calibrating rents to maintain a favorable rent-to-income profile, planning mid-cycle capital to keep 2010-era systems competitive, and acknowledging a mixed safety profile that is stronger nationally than locally. With these levers managed, the property’s location fundamentals and demand drivers present a credible path to steady cash flow.
- 2010 vintage provides competitive positioning versus older neighborhood stock with manageable mid-cycle CapEx planning
- High home values in the area reinforce renter reliance on multifamily, supporting pricing power when amenities align
- Within 3 miles, population and household gains expand the renter pool and support occupancy stability
- Rents align with local incomes, aiding renewal retention when lease management remains disciplined
- Risks: metro-relative crime rank, soft neighborhood occupancy levels, and the need to sustain competitiveness through ongoing upgrades