| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 44th | Good |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 325 Bost Rd, Morganton, NC, 28655, US |
| Region / Metro | Morganton |
| Year of Construction | 2002 |
| Units | 22 |
| Transaction Date | 2018-09-26 |
| Transaction Price | $1,200,000 |
| Buyer | EWT 63, LLC |
| Seller | Bost Road Apartments, LLC |
325 Bost Rd Morganton 22-Unit Multifamily Investment
Neighborhood occupancy runs above the metro median with five-year rent growth trending upward, according to WDSuite’s CRE market data, pointing to stable leasing dynamics for a 2002-vintage asset.
Rated A- and ranked 25th of 130 neighborhoods in the Hickory–Lenoir–Morganton metro, this area sits in the top quartile metro-wide, signaling solid fundamentals for workforce-oriented multifamily. Neighborhood occupancy is above the metro median and has firmed over the last five years, which supports income stability for well-managed properties.
Livability is balanced rather than urban: grocery and pharmacy access trends around the middle of national peers, while parks score in the upper half nationwide; cafes and restaurants are thinner, typical of a rural setting. Average school ratings skew below national norms, which warrants conservative underwriting for family-driven demand but does not preclude workforce leasing.
For investors tracking rent and affordability, neighborhood-level rents have climbed over the past five years while the rent-to-income ratio remains moderate. In practice, that mix can aid retention and measured pricing power, especially where ownership costs are relatively elevated for local incomes. According to WDSuite’s CRE market data, neighborhood NOI per unit averages trail national peers, suggesting that disciplined expense control and targeted value-add can be differentiators at the asset level.
Demographic statistics aggregated within a 3-mile radius show recent softness in population and household counts, but forecasts point to population growth and a meaningful increase in households alongside smaller average household sizes. That combination typically expands the renter pool and can support occupancy stability for appropriately positioned properties.
Safety trends compare favorably: the neighborhood ranks in the top quartile among 130 metro neighborhoods and sits above the national median for safety. Recent year-over-year estimates show declining property and violent offense rates, indicating improving conditions relative to both metro and national benchmarks based on WDSuite’s data. As always, investors should evaluate submarket trends and property-specific measures rather than block-level assumptions.
Built in 2002, the 22-unit property is newer than the neighborhood’s average vintage, offering competitive positioning versus older stock while leaving room for modernization and selective upgrades over the hold. Occupancy in the surrounding neighborhood is above the metro median and has improved over five years; paired with moderate rent-to-income levels, this supports steady absorption and tenant retention. According to CRE market data from WDSuite, neighborhood performance is solid within the metro even as amenity density is lighter than urban cores.
Demographic statistics within a 3-mile radius indicate a forecasted increase in population and households, which typically expands the tenant base and supports leasing stability. Underwriting should account for below-average school ratings and a suburban-rural amenity mix, but the asset’s newer vintage, measured affordability dynamics, and stable neighborhood occupancy present a straightforward, operations-focused thesis.
- 2002 vintage offers relative competitiveness versus older local stock with potential value-add.
- Neighborhood occupancy above metro median supports income durability.
- Moderate rent-to-income levels aid retention and measured rent growth.
- 3-mile forecasts point to renter pool expansion, supporting leasing stability.
- Risks: lower school ratings and thinner amenity density warrant conservative underwriting.