| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 33rd | Poor |
| Amenities | 14th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1302 Piedmont Dr NW, Lenoir, NC, 28645, US |
| Region / Metro | Lenoir |
| Year of Construction | 1978 |
| Units | 50 |
| Transaction Date | 2010-06-11 |
| Transaction Price | $2,150,000 |
| Buyer | MCKENZIE CHARLENE G |
| Seller | CHEEK FOSTER LINDA |
1302 Piedmont Dr NW, Lenoir NC Multifamily
Neighborhood-level occupancy trends indicate steady renter demand in this rural pocket of Lenoir, according to WDSuite’s CRE market data. The submarket’s stability favors hold strategies focused on durable cash flow over speculative rent spikes.
Located in a rural part of Lenoir within the Hickory–Lenoir–Morganton metro, the neighborhood rates C- overall and sits 108 out of 130 metro neighborhoods, indicating a more value-oriented setting rather than a prime amenity core. Grocery access is moderate for the metro, while cafés, parks, and pharmacies are sparse, consistent with low-density surroundings. For investors, this points to workforce housing dynamics where car-based living is the norm and on-site features may matter more than walkable retail.
The neighborhood’s occupancy is competitive among Hickory–Lenoir–Morganton neighborhoods (ranked 45 of 130), suggesting relatively stable leasing fundamentals versus the metro. Renter-occupied housing accounts for roughly three in ten units locally, indicating a modest but meaningful tenant base that can support multifamily absorption when units are well-positioned. Median contract rents in the neighborhood are low and the rent-to-income ratio sits in a higher national percentile, implying limited affordability pressure that can aid lease retention, though it may temper near-term pricing power.
Within a 3-mile radius, population grew in recent years and households increased, with projections pointing to notable population growth and a larger household count over the next five years; smaller average household sizes are expected. These shifts typically expand the renter pool and support occupancy stability for professionally managed assets. Based on commercial real estate analysis from WDSuite, such demand-side tailwinds can benefit properties that present practical finishes and reliable operations.
Construction trends nearby skew older than this asset’s 1978 vintage (local average 1966). Being newer than much of the surrounding stock can be a competitive edge against older properties, but investors should still plan for mid-life system updates or selective renovations to align with renter expectations and sustain leasing velocity.
School ratings in the neighborhood benchmark low nationally, which may reduce appeal for some family renters. Median home values remain comparatively low locally, which can introduce competition from entry-level ownership; however, a high-cost ownership market is not required for steady multifamily demand when units are positioned for convenience, value, and reliable management.
Neighborhood-level crime estimates are not available in WDSuite for this location, so comparative safety insights at the block level cannot be provided. Investors should benchmark conditions against the Hickory–Lenoir–Morganton metro and review multi-year trends from local law enforcement and property management reports to understand resident perception and any implications for leasing and retention.
As with many rural neighborhoods, reporting coverage and incident mix can differ from denser urban areas. On-the-ground diligence—daypart visits, talking with neighboring operators, and reviewing recent incident logs—can help validate assumptions in pro forma underwriting.
This 1978, 50-unit property aligns with stable, workforce-oriented demand in a rural Lenoir submarket where neighborhood occupancy ranks competitively within the metro. Low median rents and a high national percentile for rent-to-income indicate limited affordability pressure, supporting retention and steady collections. Within a 3-mile radius, recent household growth and projections for further population expansion point to a gradually widening tenant base, which can underpin occupancy stability.
Being newer than the surrounding average (1966) offers a relative edge versus older stock, while still leaving room for targeted capital projects to refresh systems and common areas. According to CRE market data from WDSuite, the neighborhood’s fundamentals favor hold strategies emphasizing consistent operations over aggressive rent growth, with underwriting mindful of modest amenities, low school ratings, and potential competition from entry-level ownership.
- Competitive neighborhood occupancy within the metro supports stable leasing
- Low rent-to-income suggests limited affordability pressure and stronger retention
- 1978 vintage is newer than local average, with value-add potential via selective upgrades
- 3-mile forecasts indicate population and household growth, expanding the renter pool
- Risks: sparse amenities, low school ratings, and competition from ownership may limit pricing power