| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 50th | Good |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1127 2nd St NE, Conover, NC, 28613, US |
| Region / Metro | Conover |
| Year of Construction | 2006 |
| Units | 40 |
| Transaction Date | 2005-05-17 |
| Transaction Price | $216,000 |
| Buyer | LEGACY PLACE OF CATAWBA VALLEY INC |
| Seller | YOUNG MENS CHRISTIAN ASSN OF CATAWBA VAL |
1127 2nd St NE Conover 40-Unit Multifamily
Neighborhood occupancy trends sit in the high 90s, pointing to steady leasing and limited downtime for well-managed assets, according to WDSuite’s CRE market data. Newer 2006 vintage relative to local stock supports competitive positioning without ruling out targeted value-add.
Set in Conover, North Carolina, the property benefits from a neighborhood rated A and ranked 11 out of 130 metro neighborhoods—placing it in the top quartile locally. Occupancy for the surrounding neighborhood is also top quartile among 130 metro neighborhoods, signaling durable renter demand and supportive fundamentals for stabilized operations.
The 2006 construction is newer than the area’s average 1988 vintage, which can help the asset compete against older stock. Investors should still plan for mid-life system updates and selective renovations that can sharpen positioning and support rent trade‑outs.
Within a 3‑mile radius, demographics show modest population softening alongside relatively stable household counts historically, with forecasts indicating a larger household base and smaller average household size. For multifamily owners, that shift typically expands the tenant base and can support occupancy stability even when headcount growth is muted.
Local livability indicators are balanced: parks, childcare, groceries, and pharmacies score above the metro median, and average school ratings land in the competitive tier (top quartile among 130 metro neighborhoods). Median home values and a higher value‑to‑income mix point to a higher‑cost ownership market relative to incomes, which tends to reinforce renter reliance and lease retention for well‑priced units. Rent levels remain manageable relative to incomes, reducing affordability pressure and aiding renewals.
Safety indicators compare favorably overall. The neighborhood’s safety profile ranks above many Hickory‑Lenoir‑Morganton, NC peers (crime rank 9 out of 130 indicates lower relative crime), and national comparisons place the area in a stronger percentile band for safety. Property crime estimates have improved notably year over year, supporting resident retention and asset operations.
That said, violent‑crime trend volatility has risen recently even as broader benchmarks remain comparatively solid. Investors should underwrite to continued community policing and resident‑experience practices, monitor trend direction, and align insurance and security line items accordingly.
Proximity to regional employers supports workforce housing demand and commute convenience, with access to utilities, retail headquarters, pharmaceuticals, food distribution, and healthcare services reflected below.
- Duke Energy — utilities offices (21.0 miles)
- Lowe's — home improvement retail (22.6 miles) — HQ
- Merck — pharmaceuticals (35.5 miles)
- Sysco — food distribution (36.6 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (38.2 miles)
This 40‑unit, 2006‑built property sits in a top‑quartile Conover neighborhood with historically strong occupancy and balanced amenity access. Newer vintage relative to local stock supports competitive positioning versus older assets, while resident incomes and a higher value‑to‑income landscape suggest ownership remains comparatively costly—conditions that reinforce renter reliance and help sustain lease retention. Based on commercial real estate analysis from WDSuite, neighborhood occupancy has remained elevated versus many metro peers, an advantage for stable cash flows when paired with disciplined expense control.
Within a 3‑mile radius, forecasts indicate a larger household base and smaller average household size, which generally expands the renter pool and supports absorption. Rent levels track reasonably against incomes, reducing affordability pressure and supporting renewals, while targeted capital upgrades can capture value‑add upside without overextending scope.
- Top‑quartile neighborhood and occupancy versus metro peers support durable leasing
- 2006 vintage offers competitive positioning with selective value‑add potential
- Household growth and smaller sizes within 3 miles expand the renter base
- Rent levels relative to incomes aid retention and pricing discipline
- Risks: monitor violent‑crime trend volatility, population softness, and homeownership competition