| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Fair |
| Demographics | 45th | Good |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2029 Main St, Fair Bluff, NC, 28439, US |
| Region / Metro | Fair Bluff |
| Year of Construction | 1983 |
| Units | 24 |
| Transaction Date | 2024-03-28 |
| Transaction Price | $847,000 |
| Buyer | RIVER BLUFF APARTMENTS NC LLC |
| Seller | RIVER BLUFF APARTMENTS LIMITED PARTNERSH |
2029 Main St Fair Bluff Multifamily Investment
Neighborhood fundamentals point to a value-focused play where elevated ownership costs relative to local incomes sustain renter reliance, according to WDSuite’s CRE market data. Investors should underwrite for rural demand patterns and operational efficiency.
This rural pocket of Columbus County offers a quiet setting with limited retail and service density nearby; counts of groceries, restaurants, cafes, parks, and pharmacies are minimal, so residents typically rely on regional corridors for daily needs. For investors, that implies resident convenience may hinge on car access and careful amenity positioning at the property level to support retention.
The neighborhood ranks 25 out of 42 across the metro, placing it below the metro median overall. Median contract rents in the area sit on the lower end of the metro distribution, supporting affordability-sensitive positioning and potential lease-up resilience at appropriately priced units. The neighborhood occupancy level ranks 41 of 42, signaling softer housing utilization and calling for conservative absorption and renewal assumptions.
The average neighborhood construction year skews older (1959), while this asset’s 1983 vintage is newer than much of the local stock. That relative youth can aid competitiveness against legacy properties, though investors should still plan for aging systems and targeted renovations to capture value-add upside and reduce long-term capex variability.
Home values remain modest in absolute terms, but the value-to-income ratio is comparatively high within the metro, indicating a high-cost ownership market relative to local incomes. For multifamily owners, that dynamic can reinforce reliance on rentals and help support tenant retention when rents are managed within local wage realities.
Comparable crime figures for this neighborhood are not available in WDSuite’s dataset, and block-level conclusions would be speculative. Investors often benchmark against county or metro trends and incorporate on-the-ground diligence (e.g., management feedback, law enforcement liaison, and time-of-day site visits) to round out underwriting assumptions.
The asset’s 1983 vintage positions it newer than much of the local housing stock, offering a foothold for selective renovations to enhance competitiveness while maintaining a workforce-oriented rent profile. Based on CRE market data from WDSuite, neighborhood occupancy trails metro norms and amenities are sparse, so performance will hinge on disciplined operations, pragmatic pricing, and durable demand from households that favor rentals over ownership due to income-to-value dynamics.
While the rural context suggests slower absorption and thinner tenant pools than urban submarkets, low prevailing rents and elevated ownership costs relative to incomes can support steady renter demand when units are maintained and marketed effectively. Underwriting should emphasize retention, unit turns, and capex planning to manage an older but not obsolete 1980s physical plant.
- 1983 vintage offers a relative edge over older neighborhood stock with targeted value-add potential
- Workforce-oriented pricing aligns with local rent levels, supporting leasing at prudent underwriting
- Ownership costs relative to incomes reinforce renter reliance, aiding retention when rents are managed
- Rural location and low neighborhood occupancy require conservative lease-up assumptions and active management