| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 49th | Good |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 431 Vance St NW, Lenoir, NC, 28645, US |
| Region / Metro | Lenoir |
| Year of Construction | 1976 |
| Units | 37 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
431 Vance St NW, Lenoir NC Multifamily Opportunity
Service-rich Inner Suburb location with above-median neighborhood occupancy supports stable renter demand, according to WDSuite s CRE market data.
The property sits in an Inner Suburb pocket of Lenoir rated A+ and ranked 2 out of 130 metro neighborhoods, indicating competitive fundamentals within the Hickory-Lenoir-Morganton region. Neighborhood occupancy is above the national median, which supports cash flow stability relative to lower-occupancy submarkets.
Amenity access is a clear strength: cafes, restaurants, childcare, groceries, and pharmacies rank among the strongest in the metro (several ranked 1 out of 130), with national positioning often in the top quartile. This level of daily-needs convenience tends to reinforce tenant retention and reduces reliance on long commutes for essentials.
Vintage and positioning: built in 1976, the asset is newer than the neighborhood s average construction year of 1956 (rank 106 of 130 for average vintage), offering relative competitiveness versus older stock. Investors should still plan for system updates or targeted renovations to maintain leasing velocity against refreshed comparables.
Tenure and demand depth: renter-occupied housing accounts for 32.5% of units in the neighborhood, indicating a defined but not saturated renter base. Coupled with neighborhood occupancy above the national median, this mix suggests a stable pool of prospective tenants without extreme turnover risk.
Value and affordability context: local home values and the value-to-income ratio trend higher relative to incomes (national percentile near the upper range), which can sustain reliance on rental options and support pricing power for well-maintained multifamily. At the same time, neighborhood rent-to-income metrics indicate comparatively low affordability pressure, a positive for lease retention and collections management.
Demographics within a 3-mile radius show recent population and household growth with smaller household sizes over time, pointing to incremental renter pool expansion. Forecasts through 2028 indicate continued population growth and a sizable increase in households, which supports occupancy stability and leasing depth if supply additions remain measured.
Trade-offs to note: average school ratings skew lower versus national comparables, and park access is limited locally. These factors may matter for family-oriented renters and should be weighed against the area s strong access to daily services.
Comparable crime metrics for this specific neighborhood are not available in WDSuite at this time. Investors commonly supplement with local police reports, city open-data portals, and peer submarket comps to benchmark safety trends and align underwriting assumptions.
As with any submarket, prudent strategies include confirming recent trends, understanding property-level security features, and comparing against nearby Inner Suburb locations in the Hickory-Lenoir-Morganton metro for context.
Regional employment is anchored by utilities and industrial-adjacent roles; proximity supports workforce housing dynamics and commute convenience for renters employed by these firms.
- Duke Energy utilities (44.0 miles)
431 Vance St NW offers a 1976-vintage asset positioned in a high-scoring Inner Suburb neighborhood with above-median occupancy and strong daily-needs access. The area s higher value-to-income backdrop supports sustained renter reliance on multifamily, while neighborhood rent-to-income figures suggest manageable affordability pressure that can aid retention. According to CRE market data from WDSuite, the neighborhood s amenity density and occupancy performance are competitive within the metro, which can underpin steady leasing.
Within a 3-mile radius, recent growth and forecasts point to an expanding renter pool and more households, supporting demand if future supply additions remain measured. Being newer than much of the surrounding housing stock, the property can compete well with older assets, though investors should plan for targeted capital to modernize systems and interiors where needed.
- High-performing neighborhood (ranked 2 of 130) with above-median occupancy supporting income stability
- Service-rich location (cafes, groceries, childcare, pharmacies) aiding retention and leasing
- 1976 vintage is newer than area average, offering competitive positioning vs. older stock
- 3-mile demographics indicate population growth and more households, expanding the renter base
- Risks: lower school ratings, limited park access, and the need for ongoing capital to maintain competitiveness