| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Poor |
| Demographics | 54th | Best |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2400 Mourglea Ave SE, Valdese, NC, 28690, US |
| Region / Metro | Valdese |
| Year of Construction | 1986 |
| Units | 40 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2400 Mourglea Ave SE, Valdese NC Multifamily Investment
Neighborhood fundamentals point to steady renter demand with modest renter concentration and accessible rents, according to WDSuite’s CRE market data. A 3-mile rise in household counts supports a consistent tenant base while occupancy in the neighborhood tracks below the metro median, favoring disciplined lease management.
The property sits in a Rural neighborhood in the Hickory–Lenoir–Morganton metro that WDSuite rates B+. At rank 48 out of 130 metro neighborhoods, it is competitive among Hickory–Lenoir–Morganton neighborhoods, offering balanced fundamentals rather than a pure growth story.
Daily-needs access is a relative strength: grocery, parks, and pharmacy density trends ahead of many peers in the metro, while cafes and restaurants are sparse. For investors, this mix supports routine living needs but limits foot-traffic synergies often seen in denser retail corridors.
Neighborhood occupancy is below the metro median, signaling the need for hands-on leasing and renewals. Renter-occupied housing is modest (around one-fifth to one-quarter of units), which typically supports workforce housing strategies without overreliance on transient demand. Within a 3-mile radius, households have grown in recent years and forecasts indicate continued household formation even as average household size trends lower—conditions that expand the renter pool and support occupancy stability.
Affordability is a clear tailwind. The area posts a high national percentile for rent-to-income affordability and elevated ownership accessibility relative to national norms. While accessible ownership can create some competition with rentals, it also supports retention for well-managed properties positioned as more convenient or lower-friction housing options.
Safety indicators are mixed but generally comparable to nationwide norms. National percentiles place the neighborhood around the middle of the pack overall, with violent-offense measures trending in a safer direction than many U.S. neighborhoods (top third nationally) and property-offense measures stronger than average as well.
Within the 130-neighborhood Hickory–Lenoir–Morganton metro, the area sits below the metro median on crime, warranting prudent property and lighting improvements and proactive coordination with local resources. Recent trends are mixed—violent incidents have eased while property-related measures have shown volatility—so underwriting should assume steady, safety-conscious operations rather than outsized improvement.
The broader labor shed includes large, commuting-distance employers that help underpin regional renter demand, notably Duke Energy and Lowe’s. Proximity to these employers supports leasing from workers seeking stable housing within a manageable drive.
- Duke Energy — utilities (36.1 miles)
- Lowe’s — home improvement retail (42.0 miles) — HQ
Built in 1986, this 40-unit asset is newer than much of the surrounding housing stock, offering a competitive edge versus older product while still leaving room for targeted system upgrades or light renovations. According to CRE market data from WDSuite, the neighborhood’s occupancy sits below the metro median, suggesting that returns will hinge on attentive leasing, resident experience, and renewal strategy rather than rapid rent-up alone.
Investment appeal centers on affordability-driven demand and growing household counts within a 3-mile radius, which broaden the tenant base even as household sizes trend smaller. Amenity access favors daily needs (grocery, pharmacy, parks) over dining/entertainment, aligning with a practical, workforce-oriented renter profile. Accessible ownership costs in the area can create competition, but well-positioned units with convenience and low move-in friction can sustain pricing power and retention.
- 1986 vintage offers relative competitiveness vs. older stock, with selective upgrade potential for building systems and finishes.
- Household growth within 3 miles expands the renter pool and supports occupancy stability despite smaller average household sizes.
- Affordability tailwinds and practical amenity access (grocery, pharmacy, parks) align with workforce housing demand.
- Risk: Neighborhood occupancy trails the metro median and dining/entertainment options are limited—plan for active leasing, resident programming, and thoughtful retention management.