| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 49th | Good |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 226 Wilson St NW, Lenoir, NC, 28645, US |
| Region / Metro | Lenoir |
| Year of Construction | 1973 |
| Units | 70 |
| Transaction Date | 2012-05-16 |
| Transaction Price | $1,575,000 |
| Buyer | DG SUMMIT LLC |
| Seller | SPENCER RIDGE ASSOCIATES |
226 Wilson St NW, Lenoir NC Multifamily Investment
Positioned in a high-amenity inner-suburb pocket of Lenoir, the neighborhood shows competitive occupancy and a meaningful renter-occupied presence, according to WDSuite’s CRE market data. Investors can underwrite steady renter demand supported by everyday conveniences and regional employment access.
This inner-suburb neighborhood scores A+ overall and ranks 2nd out of 130 metro neighborhoods, signaling strong local fundamentals relative to the Hickory-Lenoir-Morganton market. Amenity access is a clear strength: cafes, childcare, pharmacies, groceries, and restaurants all rank at or near the top of the 130-neighborhood metro set, with national amenity measures generally in the upper percentiles. For investors, this density of daily needs supports leasing velocity and retention.
Neighborhood occupancy is competitive among Hickory-Lenoir-Morganton neighborhoods (rank 33 of 130), suggesting a stable baseline for multifamily performance rather than dependence on cyclical spikes. The area’s renter-occupied share is in the top quartile locally (rank 22 of 130), pointing to a durable tenant pool and depth of demand for rental housing. Note these are neighborhood-level indicators, not property-specific metrics.
Home values trend elevated for the region and sit near the middle of national comparisons, while the value-to-income ratio places the neighborhood in a stronger national percentile. That ownership cost environment typically reinforces reliance on multifamily options and can support pricing power where rent-to-income remains manageable. Here, rent-to-income sits in a relatively favorable national percentile, which can help balance revenue growth with retention considerations for operators.
The asset’s 1973 vintage is newer than the neighborhood’s average construction year (1956), offering relative competitiveness versus older local stock. Investors should still plan for targeted modernization and system updates common to properties of this era, creating potential value-add pathways without the level of capital typically required for mid-century buildings.
Within a 3-mile radius, recent trends indicate modest population growth and an increase in households, with projections pointing to further household expansion and smaller average household sizes. For investors, this implies a larger renter base over time and diversified unit demand that can support occupancy stability. Average school ratings track below national norms, which may be a consideration for family-oriented leasing but is often less impactful for workforce and value-oriented renter segments.
Neighborhood-level crime figures are not available in the current WDSuite dataset for this location. Investors should review city and county trend reports and engage local property management and law enforcement sources to assess recent patterns, compare them to regional averages, and understand any block-level variations that could influence leasing strategy and operating protocols.
Regional employment is driven by diversified industries, with commuting access to a major utility corporate office that can contribute to steady renter demand among workforce households.
- Duke Energy — electric utility corporate offices (43.4 miles)
226 Wilson St NW sits in one of the metro’s highest-scoring neighborhoods, where amenity density and a top-quartile renter-occupied share at the neighborhood level support durable demand and leasing stability. According to CRE market data from WDSuite, occupancy in the neighborhood compares well within the metro set, while national measures show favorable rent-to-income dynamics that can aid retention even as operators pursue disciplined rent growth.
Built in 1973, the property is newer than the neighborhood’s mid-century average, positioning it as competitively aged stock with room for targeted value-add through interior updates and efficiency improvements. Local ownership costs trend relatively high versus incomes, which often sustains reliance on rental housing; combined with modest near-term population growth and projected household expansion within a 3-mile radius, the tenant base appears set to deepen over the medium term. Key risks include below-average school ratings and the need for ongoing capital planning typical for assets of this vintage.
- High-scoring neighborhood with dense daily amenities, supporting leasing velocity
- Competitive neighborhood occupancy and top-quartile renter-occupied share underpin demand
- 1973 vintage offers value-add potential via selective modernization and efficiency upgrades
- Favorable rent-to-income positioning supports retention while pursuing disciplined rent growth
- Risks: below-average school ratings and typical vintage-related capex requirements