| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 60th | Fair |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 503 Barbour Rd, Morehead City, NC, 28557, US |
| Region / Metro | Morehead City |
| Year of Construction | 1998 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
503 Barbour Rd 20-Unit Multifamily, Morehead City
Neighborhood-level renter concentration and a high-cost ownership market suggest durable tenant demand, according to WDSuite’s CRE market data. Metrics cited reflect the surrounding neighborhood rather than the property itself.
Morehead City’s inner-suburban setting offers strong daily-needs access: the neighborhood ranks competitive among 28 metro neighborhoods for grocery, pharmacy, parks, and restaurants, with grocery and pharmacy options particularly abundant. This convenience typically supports leasing velocity and reduces car‑dependent friction for residents.
The average construction year in the neighborhood is 1981, while the property was built in 1998. Being newer than the neighborhood average can offer a relative competitive edge versus older stock; investors should still consider modernization of interiors and systems to maintain positioning.
Neighborhood occupancy trends sit below national norms and around the metro median, so underwriting should prioritize asset-level leasing strategy and renewal management. At the same time, a renter-occupied share near mid‑40% indicates a meaningful tenant base, which supports demand depth for multifamily in this area.
Within a 3‑mile radius, households have grown even as average household size has trended smaller, pointing to more one- and two-person households entering the market. WDSuite’s commercial real estate analysis also shows neighborhood home values elevated relative to incomes, which in practice sustains reliance on rental housing and can support pricing power with careful lease management.
School quality in the neighborhood sits above national midline, contributing to broader livability, while cafe density is limited—an operational note that amenity packages and on-site community spaces may help retention.
Neighborhood-level crime metrics are not available in the provided dataset. Investors commonly benchmark safety by comparing neighborhood trends to metro and county patterns and by reviewing recent third‑party reports and property‑level incident logs. Consider layering multiple sources and time horizons to contextualize risk rather than relying on a single snapshot.
Built in 1998 with 20 units averaging roughly 820 square feet, the asset is newer than the neighborhood’s average vintage, offering competitive positioning versus older stock while leaving room for targeted updates. Demand drivers include strong access to daily-needs retail and services, a meaningful share of renter-occupied housing units at the neighborhood level, and household growth within a 3‑mile radius—even as household sizes trend smaller, which can expand the renter pool for one- and two-bedroom formats.
According to CRE market data from WDSuite, neighborhood occupancy sits near the metro middle but trails national norms, suggesting emphasis on leasing execution, renewals, and concessions discipline. Elevated ownership costs relative to incomes in the area reinforce reliance on rentals, and WDSuite’s forecasts point to ongoing population and household expansion within 3 miles, supporting long-run tenant demand. The 1998 vintage warrants planning for system updates and light value‑add to sustain competitive standing.
- Newer-than-neighborhood vintage (1998) provides a competitive edge versus older local stock.
- Neighborhood’s renter-occupied share indicates a solid tenant base supporting leasing depth.
- Strong daily-needs access (grocery, pharmacy, restaurants) supports retention and leasing velocity.
- 3-mile outlook shows population and household expansion, reinforcing long-run demand.
- Risks: neighborhood occupancy below national norms and small asset size elevate execution sensitivity.