| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 73rd | Good |
| Amenities | 38th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 109 W Tateway Rd, Kitty Hawk, NC, 27949, US |
| Region / Metro | Kitty Hawk |
| Year of Construction | 2006 |
| Units | 32 |
| Transaction Date | 2025-11-05 |
| Transaction Price | $500,000 |
| Buyer | MEADS BLAIR A |
| Seller | EARTHSHAKERS LLC |
109 W Tateway Rd, Kitty Hawk NC Multifamily Investment
Neighborhood data points to sustained renter demand supported by elevated ownership costs and rising household counts, according to WDSuite’s CRE market data. Focused underwriting around lease-up pace and seasonality should align operations with local occupancy dynamics.
Kitty Hawk sits within the Kill Devil Hills, NC metro and shows a mixed investment profile for multifamily. Cafes and groceries are relatively accessible, with the neighborhood competitive among metro peers for cafe density (top spots locally) and above national norms for grocery availability, while parks and pharmacies are sparse. Rents have trended upward over the last five years and remain manageable relative to local incomes, which supports lease retention and measured pricing power for operators, based on CRE market data from WDSuite.
The neighborhood’s reported occupancy level is measured for the neighborhood, not this property, and sits well below national norms; prudent investors should underwrite leasing cadence and potential seasonal patterns. At the same time, home values are elevated for the area relative to incomes, creating a high-cost ownership market that can reinforce reliance on rental housing and deepen the tenant base for well-positioned assets.
Within a 3-mile radius, population and households have increased over the past five years, with additional gains forecast. This expansion indicates a larger tenant base and supports occupancy stability for professionally managed communities. Median household incomes in the 3-mile area have grown, which can help keep rent-to-income ratios in a healthy range and reduce turnover risk.
Vintage matters: the property’s 2006 construction is newer than the neighborhood’s average housing vintage. That positioning can reduce near-term capital surprises versus older stock while still offering selective value-add opportunities (e.g., interiors and common-area updates) to defend competitiveness and drive rent premiums where justified.
Safety indicators for the neighborhood are mixed relative to broader benchmarks. Overall crime performance sits around the metro median among 12 neighborhoods in Kill Devil Hills, and compares favorably to many U.S. neighborhoods on national measures. According to WDSuite’s data, property offenses have moved lower year over year, while violent offense rates have shown a recent uptick. Investors should monitor trendlines and emphasize on-site security practices proportionate to operating goals.
Constructed in 2006, this asset offers more recent vintage relative to the neighborhood, supporting competitive positioning versus older coastal stock while leaving room for targeted upgrades. Demand-side signals are constructive: within a 3-mile radius, population and households have grown and are projected to increase further, expanding the renter pool and supporting occupancy stability. Elevated home values relative to incomes create a high-cost ownership market, which can bolster multifamily leasing depth and retention. Operating plans should still account for neighborhood-level occupancy readings and potential seasonality in this coastal submarket.
Rents have advanced over the last five years yet remain manageable against local incomes, aiding lease management and renewal outcomes. According to WDSuite’s multifamily property research, amenity access skews toward food and beverage and groceries, while limited parks and pharmacies warrant asset-level solutions (fitness, wellness partnerships) to enhance resident stickiness.
- 2006 vintage provides competitive positioning with selective value-add potential
- 3-mile population and household growth expands the renter base and supports occupancy
- High-cost ownership environment underpins multifamily demand and lease retention
- Food and grocery access supports livability; limited parks/pharmacies can be offset on-site
- Risks: neighborhood-level occupancy sits below national norms; monitor safety trendlines and underwrite leasing cadence