| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 33rd | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 124 Elm St, Morganton, NC, 28655, US |
| Region / Metro | Morganton |
| Year of Construction | 1978 |
| Units | 46 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
124 Elm St, Morganton NC Multifamily Investment
Renter concentration in the neighborhood is elevated versus the metro, supporting a deeper tenant base even as neighborhood occupancy has cooled in recent years, according to WDSuite’s CRE market data.
Morganton’s inner-suburban setting offers everyday convenience that supports leasing: neighborhood access to groceries, pharmacies, and restaurants ranks competitive among Hickory–Lenoir–Morganton’s 130 neighborhoods, with food and daily-needs retail especially well represented. Cafés are relatively available for a small market, while parks and childcare are limited, which may influence family appeal and amenity-driven retention strategies.
For investors, the tenure profile signals demand depth: the neighborhood’s share of renter-occupied housing units is above the metro median, indicating a sizable pool of prospective renters and potential stability for workforce-oriented product. Median neighborhood rent levels remain modest relative to national markets, and a measured rent-to-income ratio points to manageable affordability pressure that can aid lease retention and reduce turnover risk.
Home values are lower than many coastal markets but remain a high-cost ownership market relative to local incomes by national comparison, which can sustain renter reliance on multifamily housing and support consistent absorption for well-managed assets. School ratings in the area trail national averages, which may temper family-driven demand but is less determinative for smaller-unit mixes.
Demographic statistics aggregated within a 3-mile radius show recent growth in households alongside slight population expansion and smaller average household sizes, implying a gradual renter pool expansion and demand for additional rental units. Forward-looking projections indicate a larger household base and rising incomes, which can underpin occupancy stability and selective rent growth for competitively positioned properties.
The property’s 1978 vintage is slightly older than the neighborhood average and suggests planning for system upgrades and value-add renovations to remain competitive against newer stock, while also offering scope to capture return through targeted interior and common-area improvements.
Neighborhood safety indicators track below national averages, with both property and violent offense measures placing the area in a lower national safety percentile and below the metro median among 130 Hickory–Lenoir–Morganton neighborhoods. Recent year-over-year readings show a mild uptick, so underwriting should incorporate prudent security, lighting, and resident engagement plans.
Investors should compare trends against nearby submarkets and emphasize practical mitigations—on-site visibility, access control, and partnership with local resources—while monitoring multi-year trajectories rather than single-year fluctuations.
This 46-unit, 1978-vintage asset in Morganton benefits from a renter-heavy neighborhood, everyday retail proximity, and manageable rent-to-income dynamics that can support occupancy stability for workforce housing. Based on CRE market data from WDSuite, neighborhood amenities are competitive within the metro while ownership remains comparatively high-cost relative to local incomes, reinforcing reliance on multifamily options.
The vintage points to a clear value-add path—targeted interior upgrades, energy and system replacements, and curb appeal—positioning the property to capture demand from a growing 3‑mile household base and rising incomes. Balanced against this are softer neighborhood occupancy readings and safety perceptions that warrant conservative leasing and operating assumptions.
- Renter-occupied share above metro median supports a deeper tenant base and leasing durability.
- Competitive grocery/pharmacy/restaurant access aids day-to-day livability and retention.
- 1978 vintage offers value-add potential through system upgrades and unit renovations.
- Household growth within 3 miles and rising incomes support occupancy and pricing power over time.
- Risks: below-metro safety rankings and softer neighborhood occupancy call for conservative underwriting and active management.