| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 58th | Fair |
| Amenities | 42nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 134 Morrison Grove Rd, Manteo, NC, 27954, US |
| Region / Metro | Manteo |
| Year of Construction | 1973 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
134 Morrison Grove Rd, Manteo NC Multifamily Investment
Neighborhood occupancy remains strong and stable, and elevated home values in the area support steady renter reliance on multifamily housing, according to WDSuite’s CRE market data. This combination points to durable demand with measured pricing power rather than outsized volatility.
The property sits within the Kill Devil Hills, NC metro in a suburban neighborhood rated B and positioned mid-pack (ranked 6 among 12 neighborhoods). Livability is balanced: groceries, parks, and pharmacies benchmark around or above national midpoints, while cafe and childcare density is limited. Schools average roughly 3.0 out of 5 (above the national midpoint), supporting family-oriented tenancy.
For investors, the headline is stability: neighborhood occupancy is high and in the top quartile nationally, indicating steady leasing conditions at the neighborhood level—not the property. Median contract rents track near the national midpoint, and the rent-to-income ratio is moderate, aiding retention and providing room for disciplined rent management. Elevated home values relative to incomes (high national value-to-income percentile) signal a high-cost ownership market, reinforcing reliance on multifamily housing and supporting pricing power.
Within a 3-mile radius, recent history shows modest population and household declines, but WDSuite data point to projected growth in both measures and a smaller average household size ahead. For multifamily, that implies a larger renter base over time and supports occupancy stability as more one- to two-person households seek rental options.
Built in 1973, the asset is older than the neighborhood’s average construction year. Investors should plan for building systems modernization and targeted value-add. With strong neighborhood occupancy and a high-cost ownership backdrop, well-executed upgrades can enhance competitive positioning versus newer stock without assuming outsized rent lifts.
Safety metrics compare favorably at the national level. Violent offense indicators sit in a high national percentile (safer than most neighborhoods nationwide), and property offenses also benchmark well above the national median. Trends are mixed: violent offenses have eased year over year, while property offenses rose in the latest period. Overall, the neighborhood scores above the national midpoint for safety, which supports renter retention, while standard security, lighting, and access controls remain prudent for an older asset.
Employment is anchored by public administration, K–12 and higher education, healthcare, and federal parks administration—sectors that underpin steady year-round housing needs and help stabilize renter demand.
- Dare County Government — public administration
- Dare County Schools — K–12 education
- College of The Albemarle — higher education
- The Outer Banks Hospital — healthcare services
- National Park Service — federal parks administration
This 22-unit asset provides exposure to a high-occupancy neighborhood where moderate rent-to-income levels and elevated ownership costs support durable renter demand and lease retention. Based on CRE market data from WDSuite, neighborhood occupancy benchmarks are strong nationally while home values sit well above national medians, reinforcing multifamily’s role for households not purchasing.
The 1973 vintage signals value-add potential and the need for capital planning to modernize systems and finishes. Within a 3-mile radius, forecasts show growth in population and households alongside smaller household sizes—factors that can expand the renter pool and support occupancy stability. Execution should remain disciplined given mixed recent demographic history and a recent uptick in property offenses.
- Strong neighborhood occupancy supports leasing stability and retention
- Elevated ownership costs reinforce reliance on rentals and pricing power
- 1973 vintage offers value-add potential with targeted upgrades
- 3-mile forecast points to a larger renter pool as households expand and size contracts
- Risks: mixed recent demographic trend and near-term property offense volatility