| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 20th | Poor |
| Amenities | 34th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 101 Gillam St, Morganton, NC, 28655, US |
| Region / Metro | Morganton |
| Year of Construction | 2002 |
| Units | 31 |
| Transaction Date | 2023-05-11 |
| Transaction Price | $1,370,000 |
| Buyer | EWT 87 LLC |
| Seller | MILLSIDE MANOR LLC |
101 Gillam St, Morganton Multifamily Investment
Neighborhood data points to a sizable renter base and relatively accessible rents that can support steady leasing, according to WDSuite’s CRE market data. This commercial real estate analysis suggests demand resiliency is tied to renter-occupied concentration and a location with everyday conveniences.
Morganton’s inner-suburban pocket surrounding 101 Gillam St is rated B and ranks 59th among 130 metro neighborhoods, indicating solid but not top-tier fundamentals for workforce housing. Restaurant density ranks 7th of 130 (top quartile metro-wide) and pharmacies rank 16th (top quartile), while grocery access ranks 23rd (also top quartile). By contrast, parks and cafes are limited, so the amenity mix skews toward daily needs rather than lifestyle destinations, based on CRE market data from WDSuite.
The neighborhood’s renter-occupied share is elevated (ranked 1st of 130), signaling a deep tenant base for multifamily owners. Neighborhood occupancy is below national medians but has improved over the past five years, suggesting stable, needs-based demand rather than a discretionary leasing story.
Within a 3-mile radius, recent population has been essentially flat, but WDSuite’s projections indicate increases in households and incomes over the next five years. A growing household count with slightly smaller average household sizes points to renter pool expansion and support for occupancy stability.
Ownership remains a high-cost path relative to local incomes (value-to-income ratio sits in a high national percentile), which tends to reinforce reliance on rental housing. Median contract rents in the neighborhood remain comparatively accessible and a rent-to-income ratio near the national middle suggests manageable affordability pressure that can aid retention while allowing disciplined rent growth.
Schools in the immediate neighborhood benchmark below national averages, which may influence family renter appeal. For investors targeting workforce and service-oriented households, the trade-off is balanced by proximity to everyday services and a strong renter concentration.
Safety metrics for the neighborhood are below national medians, with both violent and property offense rates benchmarking in lower national percentiles. In metro context, these readings sit below the midpoint among the 130 Hickory–Lenoir–Morganton neighborhoods. That said, recent data show a notable year-over-year improvement in violent offense rates, indicating a constructive directional trend, according to WDSuite’s CRE market data.
For underwriting, this profile argues for prudent security measures and conservative loss assumptions, while acknowledging the improving trajectory rather than assuming continued deterioration. Compare trends to peer submarkets during diligence to calibrate retention and premium exposure.
Regional employers contribute to a diversified labor shed that supports workforce housing demand. The list below highlights a nearby utility presence relevant to commuter renters.
- Duke Energy — utilities (42.6 miles)
Built in 2002, the asset is newer than much of the surrounding housing stock, offering relative competitiveness versus older product while still warranting capital planning for aging systems and potential value-add updates. The immediate neighborhood shows strong renter concentration and everyday-service amenities, with rents that remain accessible—factors that support occupancy stability and leasing velocity, based on CRE market data from WDSuite.
Forward-looking household and income growth within a 3-mile radius points to a larger tenant base over time, and a high-cost ownership landscape should continue to steer demand toward multifamily. Key underwriting watch items include below-average school ratings, safety metrics that trail national medians (despite recent improvement), and the smaller asset scale, which can amplify vacancy swings.
- 2002 vintage offers competitive positioning versus older local stock, with clear renovation and systems-upgrade pathways.
- Strong renter-occupied concentration supports depth of demand and occupancy resilience.
- Accessible neighborhood rents and a mid-range rent-to-income profile aid retention and disciplined pricing.
- 3-mile projections indicate household and income growth, expanding the renter pool over the medium term.
- Risks: below-average school benchmarks, safety metrics below national medians, and small-asset volatility warrant conservative assumptions.