| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 60th | Best |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 506 Lower Creek Dr NE, Lenoir, NC, 28645, US |
| Region / Metro | Lenoir |
| Year of Construction | 1977 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
506 Lower Creek Dr NE Lenoir NC Multifamily Investment
Neighborhood fundamentals point to steady renter demand and occupancy stability, according to WDSuite’s CRE market data for the area, supporting a straightforward hold or light value-add strategy.
Located in Lenoir within the Hickory–Lenoir–Morganton, NC metro, the property sits in a neighborhood rated A and ranked 14 out of 130 metro neighborhoods—placing it in the top quartile locally based on WDSuite’s CRE market data. Neighborhood occupancy trends are firm, and the share of housing units that are renter-occupied suggests a durable tenant base for small multifamily.
Daily needs are reasonably covered with grocery and pharmacy access competitive among metro peers, and a solid restaurant presence; parks and café density are thinner, consistent with the area’s rural profile. Public schools average around 3 out of 5 and are above the national median, which can support family-oriented renter retention.
Ownership costs are mid-market for North Carolina, while rent-to-income metrics in the neighborhood indicate limited affordability pressure for renters—an investor positive for lease stability and collections. That said, a relatively accessible ownership market can introduce some competition with entry-level homebuying, which is a consideration for pricing power.
Within a 3-mile radius, recent population and household growth, alongside projections for additional increases and slightly smaller household sizes through 2028, point to a larger tenant base and steady absorption potential for workforce-oriented units. These dynamics, measured at the neighborhood and 3-mile levels, support consistent leasing rather than rapid premium positioning.
Comparable metro crime rankings are not available for this neighborhood in the current WDSuite release, so investors should rely on broader trend context and local due diligence. In the absence of ranked or percentile data, a practical approach is to benchmark against city and county reports and to underwrite security, lighting, and site visibility as needed.
Built in 1977, this 20-unit asset offers potential value-add and capital planning opportunities given its older vintage relative to nearby 1980s-era stock. Neighborhood-level occupancy is resilient and the renter concentration supports demand depth; combined with low rent-to-income readings, this favors stable tenancy and manageable turnover. Home values are mid-range for the region, so underwriting should balance steady renter reliance on multifamily with some competition from ownership.
According to CRE market data from WDSuite, the neighborhood ranks in the top quartile among 130 metro neighborhoods, aligning with consistent leasing conditions and basic amenity coverage typical of a rural submarket. Demographic trends within a 3-mile radius indicate population and household growth and a gradually expanding renter pool, reinforcing a hold-or-renovate thesis rather than a premium repositioning play.
- Neighborhood in the top quartile locally, supporting steady leasing and occupancy.
- Older 1977 vintage creates clear value-add and systems upgrade pathways.
- Low rent-to-income indicators suggest manageable affordability pressure and retention upside.
- 3-mile population and household growth support a larger tenant base over time.
- Risks: competition from ownership in a mid-cost market and thinner park/café amenities typical of rural areas.