| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 30th | Poor |
| Demographics | 31st | Poor |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 415 Stonewall St NW, Lenoir, NC, 28645, US |
| Region / Metro | Lenoir |
| Year of Construction | 1981 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
415 Stonewall St NW Lenoir Newer-Vintage Multifamily Investment
Neighborhood-level occupancy has trended upward and renter concentration is elevated, supporting steady tenant demand, according to WDSuite’s CRE market data. Low rent-to-income levels in the area suggest room for disciplined rent growth while maintaining retention.
Located in Lenoir within the Hickory–Lenoir–Morganton, NC metro, the property sits in a Suburban neighborhood rated C+. Amenity access is competitive among 130 metro neighborhoods (ranked 30th), with relatively better access to cafes and pharmacies than to parks or childcare. Investors should underwrite convenience as adequate for workforce renters while noting the lack of nearby parks and limited formal childcare options.
The neighborhood’s renter-occupied share is high relative to the metro (ranked 11th of 130), which points to a deeper tenant base for multifamily. By contrast, neighborhood occupancy ranks lower versus peers, yet five‑year momentum has improved, indicating potential for stabilization with effective leasing and management. Median household sizes skew smaller locally, which can support demand for compact units and efficient floor plans.
Within a 3‑mile radius, recent trends show modest population growth alongside a faster increase in household counts, expanding the practical renter pool. Forward-looking projections indicate additional growth in households and a rising renter share, which can support occupancy stability and absorption for smaller formats.
Home values are lower than many national benchmarks, which can introduce some competition from ownership. However, this remains a high-cost ownership market relative to local incomes in certain segments, and rent-to-income levels are generally manageable, supporting lease retention and measured pricing power for value-oriented product. School ratings are below national norms, which may limit appeal for family renters but has less impact on single and couple households.
Comparable crime data at the neighborhood level is limited in the current release, so investors should benchmark conditions against city and county sources as part of due diligence. Based on directional signals for similarly rated areas in the metro, safety perceptions can vary block to block; framing risk at the submarket level and tracking trend movement is more reliable than point-in-time snapshots.
Regional employers contribute to a diversified workforce that supports renter demand through commute-accessible jobs. Notable nearby presence includes:
- Duke Energy — utilities (43.7 miles)
Built in 1981, the asset is newer than the neighborhood’s average vintage, offering a relative competitive edge versus older local stock while still presenting potential to modernize interiors and systems for value-add upside. The submarket shows an elevated renter concentration and improving neighborhood occupancy, and, according to CRE market data from WDSuite, rent levels remain manageable relative to incomes—supporting retention and disciplined rent growth strategies.
Household growth within a 3‑mile radius and projections for a larger renter pool point to sustained demand for efficient unit types. At the same time, investors should underwrite conservatively for amenities, school quality, and possible competition from accessible ownership, positioning the asset on value and convenience.
- 1981 vintage is newer than local average, providing a competitive edge with targeted renovations
- Elevated renter concentration supports depth of tenant demand and leasing stability
- Manageable rent-to-income dynamics back modest rent growth with retention focus
- 3‑mile household growth and projected renter pool expansion support occupancy durability
- Risks: below-median amenity/park access, low school ratings, and potential competition from ownership options