| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 51st | Good |
| Amenities | 31st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1208 Colony Dr, New Bern, NC, 28562, US |
| Region / Metro | New Bern |
| Year of Construction | 1988 |
| Units | 47 |
| Transaction Date | 2013-05-01 |
| Transaction Price | $1,779,000 |
| Buyer | BRUNSWICK HOUSE I APARTMENTS LP |
| Seller | LLC ASSOCIATES NEW BERN LP |
1208 Colony Dr, New Bern NC Multifamily Investment
Neighborhood occupancy remains durable and renter demand is deep, according to WDSuite’s CRE market data, supporting steady operations for a 47-unit asset in this New Bern submarket.
The property sits in a suburban New Bern neighborhood rated A and ranked 8 out of 58 metro neighborhoods, placing it in the top quartile locally for overall fundamentals. Neighborhood occupancy is 95.7% (ranked 4 of 58), which is above the metro median and in the 75th percentile nationally, a constructive sign for income stability. Renter-occupied housing accounts for an estimated 57.5% of units (ranked 3 of 58; 93rd percentile nationally), indicating a sizable tenant base that supports leasing depth for multifamily investors. These figures reflect neighborhood conditions, not property-specific performance.
Construction patterns skew to the early 1990s on average, while this asset was built in 1988. The slightly older vintage suggests planning for near- to medium-term capital expenditures and presents potential value-add or modernization opportunities to sharpen competitive positioning against newer stock.
Livability signals are mixed. Cafes and grocery options are reasonably accessible for the area, but parks, restaurants, and childcare density score lower in the immediate neighborhood, which may modestly affect lifestyle appeal for some renter segments. The average school rating trends below national norms (about 2.0 out of 5; 37th percentile nationally), an additional consideration for family-oriented demand and leasing strategies.
Within a 3-mile radius, population has expanded in recent years and households increased by roughly 9%, with forecasts pointing to continued population growth and a larger household base by 2028. A gradual reduction in average household size suggests more households per capita, which can translate into a broader renter pool and support occupancy resilience. Median home values are comparatively accessible in the regional context, yet the neighborhood’s value-to-income ratio ranks 4 of 58 (86th percentile nationally), signaling a high-cost ownership market relative to local incomes—conditions that typically reinforce reliance on rental housing and can sustain multifamily demand.
Comparable crime metrics for this neighborhood are not available in WDSuite at this time. Investors commonly benchmark property-level security features and recent citywide trends to contextualize safety, and may supplement with local public data during due diligence. Any references here reflect neighborhood-level conditions rather than block-by-block specifics.
This 47-unit, 1988-vintage asset benefits from a neighborhood profile that is competitive among New Bern submarkets, with stable occupancy and a high concentration of renter-occupied housing that supports leasing depth. The vintage is slightly older than the neighborhood average, creating a clear path for value-add improvements and targeted capital planning to enhance NOI and defend positioning against newer comparables. According to CRE market data from WDSuite, the surrounding neighborhood’s occupancy trends sit above metro medians and in a strong national percentile, aligning with steady day-to-day operations rather than outsized volatility.
Demographic trends within a 3-mile radius show recent population growth and a sizable increase in households, with further gains forecast through 2028—factors that typically expand the renter pool and support occupancy stability. While home values are not elevated by coastal-market standards, ownership remains relatively costly versus local incomes, which often sustains demand for rental housing. Key watch items include household rent-to-income pressure and modest nearby amenity and school ratings, which call for attentive leasing strategy and retention management.
- Occupancy and renter concentration at the neighborhood level underpin leasing stability.
- 1988 vintage offers value-add and modernization potential to drive competitive positioning.
- 3-mile radius population and household growth expand the tenant base and support absorption.
- Ownership remains relatively costly versus local incomes, reinforcing multifamily demand.
- Risks: rent-to-income pressure and lower nearby school/amenity ratings may affect retention and pricing power.