| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Poor |
| Demographics | 54th | Best |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 101 Spann St, Connelly Springs, NC, 28612, US |
| Region / Metro | Connelly Springs |
| Year of Construction | 1987 |
| Units | 24 |
| Transaction Date | 2016-03-31 |
| Transaction Price | $852,500 |
| Buyer | RUTHERFORD SQUARE APARTMENTS LIMITED PAR |
| Seller | RUTHERFORD COLLEGE HOUSING LIMITED PARTN |
101 Spann St, Connelly Springs Multifamily Opportunity
Renter demand is supported by everyday amenities and relatively modest rents in a rural pocket of the Hickory–Lenoir–Morganton metro, according to WDSuite’s CRE market data. Expect steady leasing from workforce households with measured pricing power rather than outsized growth.
The property sits in a rural neighborhood that is competitive among Hickory–Lenoir–Morganton neighborhoods (among 130) for daily-needs access, with groceries, parks, and pharmacies represented locally, while restaurants and cafés are limited. This mix supports day-to-day livability for renters but suggests fewer lifestyle-driven premiums.
Neighborhood occupancy trends run below the metro median, pointing to more balanced negotiations on rent growth and a need for hands-on leasing and retention. Renter concentration is modest (about one-fifth of housing units are renter-occupied), implying a thinner but stable tenant base; marketing should target local workforce segments and value-focused renters.
Within a 3-mile radius, households have increased over the past five years even as the population slightly contracted, indicating smaller household sizes and a gradual shift toward more households—a dynamic that can broaden the renter pool and support occupancy stability. Forward-looking estimates point to additional household growth, which should add depth to multifamily demand over time.
Home values in this submarket are lower relative to many metros, and rent-to-income ratios are also low, which supports retention and reduces affordability pressure but may limit near-term pricing power. For investors, this tilts the thesis toward durable cash flow from attainable rents rather than aggressive rent-ups.
Vintage matters: built in 1987, the asset is newer than the neighborhood’s average construction year and should be more competitive than older local stock. That said, core systems and finishes are now decades old; targeted modernization can sharpen positioning without overcapitalizing.
Safety indicators are generally favorable compared with national norms, with the neighborhood scoring above the national median on key measures. Within the metro (130 neighborhoods), the area is competitive rather than top-tier, which aligns with a steady, workforce-oriented renter profile.
Recent trends are mixed: violent offense estimates have eased year over year, while property offense estimates showed an uptick. For underwriting and operations, this argues for routine property-level security measures and resident engagement, not a thesis-changing risk.
Regional employment is anchored by large utilities and home improvement corporate offices within commuting distance, supporting workforce housing demand and lease stability for value-oriented units. This employment base includes Duke Energy and Lowe’s.
- Duke Energy — utilities (34.7 miles)
- Lowe's — home improvement corporate offices (40.0 miles) — HQ
This 1987 vintage, 24-unit property fits a durable, cash-flow orientation in a rural North Carolina submarket. Neighborhood occupancy sits below the metro median, and renter concentration is modest, so the thesis leans on steady demand from local households rather than premium amenity pricing. According to commercial real estate analysis from WDSuite, the area offers solid access to daily-needs amenities but limited dining and café options—supporting baseline livability with measured rent growth expectations.
Households within a 3-mile radius have grown despite a slight population decline, signaling smaller household sizes and a gradually expanding renter pool. Lower home values and low rent-to-income ratios support retention and consistent collections, though they can cap pricing power. Being newer than the neighborhood average, the 1987 construction should remain competitive against older stock, with value-add potential through focused system upgrades and interior refreshes to improve lease-up velocity and renewal capture.
- Workforce-driven demand with steady cash flow orientation in a rural metro pocket
- 1987 vintage offers relative competitiveness versus older local stock; targeted modernization can lift positioning
- Daily-needs amenities nearby support renter retention; limited dining/cafés temper rent premiums
- 3-mile household growth expands the tenant base and supports occupancy stability
- Risks: owner-leaning market and low rent-to-income may limit pricing power; maintain active leasing and renewals