| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Fair |
| Demographics | 25th | Poor |
| Amenities | 18th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1520 Berkley St SW, Lenoir, NC, 28645, US |
| Region / Metro | Lenoir |
| Year of Construction | 1988 |
| Units | 36 |
| Transaction Date | 2020-08-11 |
| Transaction Price | $11,600,000 |
| Buyer | CARSWELL HUNTER J |
| Seller | WOODS GARY LEE |
1520 Berkley St SW, Lenoir NC Investment Housing
Positioned in a rural submarket with manageable rents and a stable renter base, this 36-unit asset offers pragmatic cash-flow potential, according to WDSuite’s CRE market data. Neighborhood occupancy trends are softer, so performance depends on operational execution and value-focused leasing.
The property sits in a Rural neighborhood within the Hickory–Lenoir–Morganton metro, rated C and below the metro median (rank 93 of 130 neighborhoods). For investors, that indicates value positioning rather than top-of-market pricing power, with leasing driven by practicality and price.
Daily convenience is reasonable: grocery access is competitive among Hickory–Lenoir–Morganton neighborhoods (rank 18 of 130), while restaurants are present but thinner than core corridors. Parks, cafes, childcare, and pharmacies are sparse, so onsite amenities and management responsiveness matter for retention. Average school ratings in the area are modest (below national norms), which may make family-oriented leasing more price sensitive.
Vintage context: the neighborhood’s average construction year is 1973, while the subject was built in 1988. Being newer than the local average can help competitive positioning, though investors should still plan for systems modernization and selective renovations typical of late-1980s assets.
Tenure and demand: neighborhood data indicate roughly one-third of housing units are renter-occupied, providing a meaningful—if not dominant—tenant base. Within a 3-mile radius, demographics show household counts have edged higher even as population has been roughly flat, pointing to smaller household sizes and steady need for rental options. Projections for the 3-mile area suggest more households and a lower average household size over the next five years, supporting renter pool expansion and occupancy stability. Based on multifamily property research from WDSuite, the area’s rent-to-income levels are manageable, aiding lease retention though limiting near-term pricing power.
Affordability context: home values are lower relative to national levels, which can create some competition from ownership alternatives. Rents trend on the accessible side, reinforcing retention but requiring disciplined expense control to protect NOI. Neighborhood occupancy runs softer than the metro’s stronger submarkets and has edged down over five years, so underwriting should emphasize conservative lease-up pacing and resident retention strategies.
Specific crime metrics for this neighborhood were not available in WDSuite’s current release. Investors commonly benchmark conditions against broader city and county trends and incorporate property-level measures (lighting, access control, visibility) to support resident comfort and leasing stability.
Given limited neighborhood-level reporting, a prudent approach is to compare recent trends for Lenoir and Caldwell County, evaluate daytime activity patterns, and align security enhancements with the asset’s value positioning.
Regional employers provide a commutable workforce base that can support steady renter demand, with access to utilities and retail headquarters within driving distance. This employment mix can aid retention for residents whose jobs span energy and home-improvement retail.
- Duke Energy — utilities (41.6 miles)
- Lowe's — home-improvement retail (44.4 miles) — HQ
This 36-unit asset, built in 1988, is newer than the neighborhood’s average stock and offers potential to outperform peers with targeted renovations and systems updates. Neighborhood occupancy has trended softer over five years, so returns hinge on hands-on management, value-forward unit finishes, and expense discipline rather than aggressive rent growth.
Within a 3-mile radius, household counts are increasing while average household size is declining, pointing to a gradually expanding renter pool. Rents are generally manageable relative to incomes, supporting retention and steady leasing; according to CRE market data from WDSuite, this dynamic can anchor cash flow even when amenity density and school ratings are below national norms. Ownership costs in the area remain comparatively accessible, so underwriting should account for some competition from entry-level ownership.
- Late-1980s vintage with renovation and systems-upgrade potential to lift rents and retention.
- Expanding household counts within 3 miles support a larger renter pool and occupancy stability.
- Manageable rent-to-income dynamics favor steady leasing and lease renewals.
- Risks: softer neighborhood occupancy and sparse amenities require conservative underwriting and strong property management; accessible ownership options may compete with renter demand.