| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 60th | Fair |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3810 Symi Cir, Morehead City, NC, 28557, US |
| Region / Metro | Morehead City |
| Year of Construction | 1978 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3810 Symi Cir, Morehead City NC Multifamily Investment
Neighborhood metrics point to a solid renter base and everyday convenience rather than luxury demand, according to WDSuite’s CRE market data. These figures are measured for the neighborhood—not the property—and suggest stable renter demand supported by strong grocery/pharmacy access and a meaningful share of renter-occupied units.
This inner-suburb location in Morehead City balances livability and daily convenience that supports multifamily leasing. Neighborhood amenity access trends above the national average (65th percentile), with grocery and pharmacy density ranking at the top among 28 metro neighborhoods—an operational positive for resident retention and day‑to‑day appeal. Restaurants are also competitive at the metro level, while café density is thinner, indicating a service mix tilted toward essentials rather than lifestyle niches.
Schools in the area trend above the metro median (rank 7 of 28), which can bolster leasing for family renters. Median home values in the neighborhood sit well above local incomes (value‑to‑income ratio in the 92nd national percentile), creating a high‑cost ownership market that tends to reinforce reliance on multifamily rentals and can support pricing power with careful lease management. Rent-to-income is measured for the neighborhood at approximately the low‑20% range, suggesting limited but notable affordability pressure to monitor during renewals.
Construction vintage for the subject property is 1978 versus a neighborhood average around 1981. The slightly older profile typically points to planned capital needs and potential value‑add through unit and system modernization, which can enhance competitiveness against newer stock while aligning finishes with tenant expectations.
Within a 3‑mile radius, the current population has trended down modestly over the past five years while household counts edged up, reflecting smaller household sizes and a shift toward more, smaller households entering the renter pool. Forward‑looking estimates indicate modest population growth and a larger increase in households, which would expand the tenant base and support occupancy stability if realized. The neighborhood’s renter concentration—measured as the share of housing units that are renter‑occupied—sits in a high national percentile, signaling depth of demand for multifamily product.
One caution: the neighborhood occupancy metric is below national norms, placing it below many peer areas. For underwriting, that suggests tighter lease-up assumptions and emphasis on differentiation via renovations, amenities, and professional management to drive absorption and retention.
Comparable safety context is important for underwriting; however, neighborhood crime data for this area is not available in the current WDSuite dataset. Investors often benchmark neighborhood trends against metro averages and recent trajectories rather than block‑level claims. Given the data gap, a prudent approach is to review municipal crime reports and insurer or lender guidance to align risk assumptions with current local conditions.
This 21‑unit, 1978‑vintage asset sits in a neighborhood with essential‑oriented amenities and a renter base supported by a high‑cost ownership landscape. According to CRE market data from WDSuite, the area shows top‑tier grocery and pharmacy access among metro neighborhoods and an above‑median school profile, both of which can aid retention. The ownership cost backdrop (high value‑to‑income ratio) tends to sustain multifamily demand, while a moderate rent‑to‑income metric suggests room for disciplined revenue management.
Key underwriting considerations include planned capital and value‑add potential tied to the property’s vintage, leveraging renovations to differentiate in a market where neighborhood‑level occupancy trends below national norms. Demographic patterns within a 3‑mile radius—smaller household sizes today and forecast growth in households—point to a gradually expanding tenant base, supporting long‑run leasing fundamentals with professional management and targeted improvements.
- Essentials‑rich location: top‑rank grocery/pharmacy access in the metro supports daily convenience and retention.
- High‑cost ownership market reinforces reliance on rentals, aiding demand and pricing discipline.
- 1978 vintage offers value‑add through interior/system updates to enhance competitiveness.
- 3‑mile household growth outlook expands the tenant base, supporting occupancy over time.
- Risk: neighborhood occupancy trends below national norms—plan for conservative lease‑up and focused asset management.