| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Good |
| Demographics | 43rd | Good |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10 Pinewood Plaza Dr, Granite Falls, NC, 28630, US |
| Region / Metro | Granite Falls |
| Year of Construction | 1990 |
| Units | 41 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
10 Pinewood Plaza Dr Granite Falls Multifamily Opportunity
Stabilization and value-add potential in an inner-suburban location where neighborhood occupancy trends have been softer than the metro, according to WDSuite’s CRE market data. Newer 1990 vintage versus older local stock positions the asset to compete on updates and tenant appeal.
The property sits in an Inner Suburb of the Hickory-Lenoir-Morganton, NC metro that ranks in the top quartile among 130 metro neighborhoods (A- neighborhood rating), signaling balanced livability for workforce renters and steady leasing visibility. Amenity access is competitive among metro peers, with everyday needs like groceries and pharmacies relatively convenient, while parks and cafes are sparser—an arrangement that favors car-oriented daily life over lifestyle destinations.
Neighborhood multifamily occupancy has trended below the metro median in recent years, suggesting operators should emphasize leasing execution and renewal management rather than assume automatic fill. At the same time, local median asking rents sit below national medians, which can support absorption for value-focused product and help maintain a wider demand funnel.
Schools and demographics (3-mile radius): Average school ratings are around the national middle-to-above-middle range, which can aid retention for family renters. Within 3 miles, population has grown modestly and is projected to expand further, with household counts expected to rise—supporting a larger tenant base and occupancy stability over time. Median and mean household incomes in the 3-mile area have increased meaningfully versus five years ago, creating headroom for measured rent steps where unit quality supports it.
Housing context points to a high-cost ownership market relative to local incomes (value-to-income ratio in the upper national percentiles), which tends to reinforce renter reliance on multifamily housing and can support pricing power when units are well-positioned. Given the property’s 1990 construction in a neighborhood where average vintage skews older, targeted renovations can further differentiate against legacy stock. For investors conducting multifamily property research, these location fundamentals align with workforce demand drivers while warranting attentive lease management.
Comparable safety data for this neighborhood is limited in the current release, so block-level conclusions are not appropriate. Investors should benchmark any on-site incident history and security measures against broader Hickory-Lenoir-Morganton patterns and owner-operator standards rather than rely on anecdotal impressions.
Regional employment anchors within commuting range help support renter demand and renewal stability, notably utilities and home improvement corporate operations.
- Duke Energy — utilities (34.3 miles)
- Lowe's — home improvement retail HQ operations (37.5 miles) — HQ
Built in 1990, this 41-unit asset is newer than much of the surrounding stock, offering a platform for selective renovations and operational improvements to outperform older comparables. Neighborhood occupancy has been softer than the metro, but lower local rent levels and a high-cost ownership landscape support a broad renter pool and potential pricing power as units are upgraded.
Within a 3-mile radius, modest population growth and an expected increase in households point to a larger tenant base, while income gains create capacity for incremental rent growth where unit quality warrants it. According to CRE market data from WDSuite, these dynamics align with a value-oriented strategy focused on retention, steady lease-ups, and targeted capex.
- 1990 vintage offers value-add and modernization upside versus older neighborhood stock
- Workforce demand supported by below-national rent levels and a high-cost ownership market
- 3-mile demographics indicate renter pool expansion and improving incomes to support rent steps
- Proximity to regional employers supports leasing stability and renewals
- Risk: neighborhood occupancy below metro median requires active leasing, renewal, and expense control