| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Best |
| Demographics | 66th | Best |
| Amenities | 18th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 95 Mills Gap Rd, Asheville, NC, 28803, US |
| Region / Metro | Asheville |
| Year of Construction | 1982 |
| Units | 42 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
95 Mills Gap Rd Asheville Multifamily Opportunity
Positioned in a suburban Asheville neighborhood that is competitive within the metro, the asset benefits from strong renter incomes and elevated ownership costs that help sustain multifamily demand, according to WDSuite s CRE market data. Neighborhood statistics referenced here describe the surrounding area, not the property itself.
The property sits in a suburban pocket of Asheville that ranks 33 out of 155 metro neighborhoods overall, making it competitive among Asheville neighborhoods for investors assessing fundamentals. Neighborhood rents trend in the low-80s national percentile with solid five-year growth, while median household income is also in the mid-70s percentile nationally , supporting depth of the tenant base and pricing resilience.
Local amenity access is above the metro median for groceries (rank 30 of 155) and roughly mid-pack for restaurants, which is supportive of daily convenience even as cafes, parks, and pharmacies are limited within the immediate neighborhood. Investors should expect residents to rely on nearby corridors for a fuller amenity set, typical for suburban submarkets.
Construction in the surrounding neighborhood skews newer than the subject (average 1997; rank 21 of 155). With a 1982 vintage, this asset may trail newer competitors on finishes and systems, creating a clear value-add and capital planning angle to modernize interiors, common areas, and building systems to defend occupancy and enhance relative competitiveness.
Tenure dynamics indicate a moderate renter concentration at the neighborhood level (about a third of housing units are renter-occupied), while the broader 3-mile radius shows a near-even renter/owner mix. Combined with elevated home values in the neighborhood (low-80s national percentile), the ownership landscape tends to reinforce reliance on multifamily housing and can support lease retention and occupancy stability when managed proactively.
Within a 3-mile radius, demographics point to population growth over the past five years and a projected expansion through 2028, alongside rising household sizes. This suggests a larger tenant base over time, although past declines in household counts indicate shifting household composition that owners should monitor for impacts on unit mix preference and leasing velocity.
Neighborhood safety indicators are around the Asheville metro median (crime rank 76 of 155). Compared with neighborhoods nationwide, safety benchmarks sit below the national median, but recent data show a notable decline in property offenses year over year (strong improvement by national standards), while violent offenses have moved higher, underscoring volatility that investors should incorporate into risk assessments and security planning.
Taken together, the area is neither a standout for safety nor an outlier for risk within the region; operators should calibrate onsite measures and resident communication accordingly and continue tracking trend direction at the neighborhood level rather than drawing block-by-block conclusions.
Nearby employment includes industrial and distribution-related operations that contribute to a diversified workforce and support renter demand through commute convenience, led by Airgas.
- Airgas Store — industrial gases & distribution (4.8 miles)
This 42-unit, 1982-vintage asset in suburban Asheville aligns with a neighborhood that is competitive within the metro and benefits from strong renter incomes and elevated ownership costs, which generally support rental demand depth and retention. Neighborhood rents benchmark in the low-80s national percentile, and NOI per unit outperforms much of the metro, according to CRE market data from WDSuite, suggesting room to maintain pricing with effective operations.
Given the property vintage relative to a neighborhood average closer to the late 1990s, a targeted value-add plan —focused on interiors, exteriors, and building systems—can help the asset compete with newer stock. Demographic data within a 3-mile radius indicate population growth and a projected expansion in households, pointing to a larger tenant base over the medium term, while neighborhood occupancy trends warrant attentive leasing and asset management.
- Competitive neighborhood within Asheville metro supporting rent durability
- 1982 vintage offers clear value-add and capital planning pathway
- Elevated home values and strong incomes reinforce multifamily demand
- 3-mile population growth and projected household expansion support a larger renter pool
- Risk: neighborhood occupancy sits below national norms, requiring proactive leasing