| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 20th | Poor |
| Amenities | 34th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 405 Old Nc 18, Morganton, NC, 28655, US |
| Region / Metro | Morganton |
| Year of Construction | 1996 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
405 Old NC 18, Morganton Multifamily Investment
1996 vintage, 36-unit asset positioned newer than much of the local stock, with renter demand supported by a high neighborhood renter-occupied share and ownership costs that sustain rental reliance, according to WDSuite’s CRE market data.
Located in Morganton’s inner-suburb context, the neighborhood posts a B rating and shows renter-friendly fundamentals. Neighborhood occupancy has improved over the past five years and the area’s renter-occupied share is high, indicating a deeper tenant base; these metrics are measured for the neighborhood, not the property. In a high-cost ownership landscape (value-to-income ratio is elevated nationally), multifamily assets can benefit from steady renter reliance and potentially firmer lease retention.
Amenities are mixed. Restaurants are competitive among Hickory-Lenoir-Morganton neighborhoods (rank 7 out of 130) and above many neighborhoods nationwide, with grocery and pharmacy access also competitive locally (ranks 23 and 16 out of 130). Parks, cafes, and childcare are limited in the immediate area, which can influence family-oriented leasing strategies. Average public school ratings in the neighborhood are on the lower end, an underwriting consideration for family households.
Demographic statistics aggregated within a 3-mile radius indicate modest recent population growth with a stable age mix. Projections point to further population and income gains over the next five years, suggesting a larger tenant base and support for occupancy stability. Household counts are projected to rise while average household size trends smaller, which can sustain demand for apartment units rather than larger single-family options.
For investors conducting commercial real estate analysis, neighborhood rents start from a relatively accessible base and rent-to-income levels sit in a range that helps manage affordability pressure, supporting lease retention while allowing for targeted rent optimization tied to unit quality and amenity upgrades.
Safety indicators are mixed and should be considered in leasing and asset management plans. The neighborhood’s crime profile ranks 41 out of 130 metro neighborhoods, indicating elevated crime relative to many local peers. Nationally, overall crime sits below the median, with property crime also below the national median.
A constructive trend is the improvement in violent offense rates, which are declining at a pace that is strong compared with neighborhoods nationwide (top quartile improvement). Property offense rates show a modest year-over-year decrease as well. These comparative trends suggest risk management measures and visible on-site practices can align with a market that is showing gradual improvement.
Regional employers help anchor the area’s workforce and broaden the renter base; the utility sector presence noted below provides commute-accessible jobs that can support leasing stability.
- Duke Energy — utilities (41.1 miles)
Built in 1996, this 36-unit property is newer than the neighborhood’s average housing vintage, offering relative competitiveness versus older local stock while leaving room for modernization to drive rent positioning. Neighborhood data indicates a high renter-occupied share and improving occupancy over time; combined with a high-cost ownership environment and moderate rent-to-income levels, these dynamics support depth of demand and potential lease retention. According to CRE market data from WDSuite, local amenities skew toward restaurants, groceries, and pharmacies, with limited parks and childcare—helpful context for amenity planning and marketing.
Average unit size is approximately 847 square feet, which suits a mix of 1–2 bedroom demand profiles. While school ratings are lower and crime stands elevated relative to several metro peers, recent safety trends are improving and demographic projections within 3 miles point to a growing, higher-income renter pool over the next five years—supportive of targeted value-add and renovation strategies. Investors should plan for aging system replacements typical for late-1990s construction while prioritizing interior upgrades and operational efficiencies to capture rent upside.
- Newer 1996 vintage versus local stock, with modernization upside
- High neighborhood renter-occupied share supports tenant base depth
- Ownership costs elevated versus incomes reinforce rental demand
- Amenities competitive for restaurants/groceries; plan around limited parks/childcare
- Risks: lower school ratings and elevated crime vs. some metro peers; capital for aging systems