| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 33rd | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 906 Jamestown Rd, Morganton, NC, 28655, US |
| Region / Metro | Morganton |
| Year of Construction | 1986 |
| Units | 48 |
| Transaction Date | 2024-03-28 |
| Transaction Price | $1,950,000 |
| Buyer | MORGAN HILLS NC LLC |
| Seller | MORGAN HILLS LIMITED PARTNERSHIP |
906 Jamestown Rd Morganton Multifamily Investment
Renter demand is supported by a relatively high neighborhood renter-occupied share and household growth within a 3-mile radius, while softer neighborhood occupancy suggests active asset management could unlock upside, according to WDSuite’s CRE market data.
This Inner Suburb location in Morganton scores an A- neighborhood rating and is competitive among Hickory-Lenoir-Morganton neighborhoods (ranked 28 out of 130), signaling solid fundamentals for workforce-oriented multifamily. Within a 3-mile radius, recent population and household growth points to a larger tenant base, with projections indicating further expansion and slightly smaller household sizes — conditions that typically support leasing and retention.
The renter-occupied share in the neighborhood sits in the low-40% range and ranks among the stronger concentrations in the metro, implying depth in the tenant pool and steady multifamily demand. Neighborhood occupancy trends are below national norms, which frames lease-up and renewal execution as key value drivers rather than assumptions.
Livability is anchored by everyday conveniences: grocery and pharmacy access ranks near the top locally, and dining density is comparatively strong, while parks and childcare options are limited. School ratings in the area are below national averages, which may temper family-driven demand but does not preclude stable workforce rental dynamics.
Ownership costs run relatively elevated for the area (higher value-to-income standing), which can sustain renter reliance on multifamily housing and support pricing power. Rent-to-income levels are somewhat higher than the national midpoint, suggesting affordability pressure should be monitored as part of lease management.
Built in 1986, the property is newer than the neighborhood’s average vintage. This often improves competitive positioning versus older stock, though targeted renovations and system updates may still be warranted to optimize rents and reduce long-term capital risk.
Safety indicators for the neighborhood track below national percentiles, with both property and violent incident measures reflecting a comparatively less safe profile. Recent year-over-year readings show some uptick, underscoring the importance of security-conscious operations and tenant communication. Relative to the broader Hickory-Lenoir-Morganton metro, the safety profile sits below national averages but varies block to block; investors should underwrite to neighborhood-level trends rather than isolated incidents.
906 Jamestown Rd offers a 1986-vintage, 48-unit multifamily asset positioned in a metro-competitive Morganton neighborhood where renter concentration and 3-mile household growth support demand. Neighborhood occupancy runs softer than national norms, positioning operational execution — marketing, turn efficiency, and renewals — as meaningful drivers of NOI rather than relying solely on market lift. Everyday amenities are strong (grocery/pharmacy/dining), while limited parks/childcare and below-average school ratings shape the resident mix toward workforce renters.
Based on CRE market data from WDSuite, elevated ownership costs relative to income in the neighborhood reinforce renter reliance on multifamily, while forecasts for population and household expansion within 3 miles point to a growing renter pool and potential for steadier occupancy once unit positioning aligns with local affordability. The 1986 vintage provides a platform for selective value-add and modernization to sharpen competitiveness against older nearby stock.
- Metro-competitive neighborhood with growing 3-mile household base supporting tenant demand
- Elevated ownership costs in area support sustained reliance on rentals and pricing power
- 1986 vintage offers targeted value-add and modernization potential versus older stock
- Strong daily conveniences (grocery/pharmacy/dining) aid leasing and retention
- Risks: softer neighborhood occupancy and below-average safety/school ratings may affect leasing velocity; underwrite to execution and affordability