| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 60th | Fair |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3115 Bridges St, Morehead City, NC, 28557, US |
| Region / Metro | Morehead City |
| Year of Construction | 1983 |
| Units | 32 |
| Transaction Date | 2017-04-26 |
| Transaction Price | $1,650,000 |
| Buyer | CRD3 PROPERTIES LLC |
| Seller | ORLANDAH ENTERPRISES LTD |
3115 Bridges St Morehead City Multifamily Investment
Inner-suburban location with strong daily-needs access supports a durable renter base, according to WDSuite’s CRE market data.
Located in an inner-suburban pocket of Morehead City, the property benefits from daily-needs convenience. The neighborhood ranks 1st of 28 metro neighborhoods for both grocery and pharmacy access and sits in the top quartile nationally for each, while restaurant density is also strong (2nd of 28). Average school ratings trend above national median levels, which can aid family retention.
Renter-occupied housing accounts for a meaningful share of units locally (44.6%), indicating a deep tenant base for multifamily leasing. Neighborhood occupancy currently trails broader benchmarks and has softened over the past five years, suggesting attention to leasing velocity and renewal strategy will be important for asset performance.
Demographic statistics aggregated within a 3-mile radius indicate that, despite a modest population dip in recent years, household counts have increased and are projected to expand further. Smaller average household sizes and rising incomes point to a stable or growing renter pool, which can support occupancy and absorption for well-positioned properties.
Elevated home values relative to incomes (high national percentile for value-to-income) signal a high-cost ownership market in this area, which can reinforce reliance on rental housing. At the same time, rent-to-income levels suggest manageable affordability pressure today, though owners should monitor pricing and renewal outcomes as rents continue to normalize.
Comparable crime rankings were not available for this neighborhood in WDSuite’s dataset. Investors should benchmark safety using city and county trend sources and evaluate property-level measures and lighting/visibility. Contextualizing conditions versus Morehead City and the broader metro can help calibrate leasing assumptions without over-relying on block-level anecdotes.
This 32-unit asset is positioned in an amenity-rich inner-suburban location where grocery, pharmacy, and restaurant access lead the metro, supporting day-to-day convenience and renter retention. The local renter-occupied share indicates depth in the tenant base, and 3-mile household growth projections point to a larger pool of potential renters. According to CRE market data from WDSuite, neighborhood occupancy trends warrant an active leasing and renewal approach, but strong daily-needs access and rising incomes help underpin demand.
Ownership remains comparatively high-cost relative to local incomes, which can sustain demand for professionally managed rentals. Near-term focus should be on marketing and turn efficiency to capture demand, while pricing strategy balances rent-to-income considerations to protect retention.
- Amenity leadership (grocery/pharmacy/restaurant access) supports leasing and retention.
- Renter-occupied share signals a deep local tenant base for multifamily.
- 3-mile household expansion and rising incomes support steady demand.
- High-cost ownership context reinforces reliance on rental housing.
- Risk: Neighborhood occupancy trails broader benchmarks; requires focused leasing and renewal execution.