| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Poor |
| Demographics | 9th | Poor |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 902 E Center St, Lexington, NC, 27292, US |
| Region / Metro | Lexington |
| Year of Construction | 2013 |
| Units | 30 |
| Transaction Date | 2013-07-18 |
| Transaction Price | $216,000 |
| Buyer | CAROLINA SENIOR LIVING |
| Seller | UNITED CHURCH HOMES AND SERVICES |
902 E Center St, Lexington NC 30-Unit Multifamily
2013 construction stands out versus older nearby stock and taps a high renter-occupied neighborhood, according to WDSuite s CRE market data, supporting steady tenant demand and pragmatic operations.
The property s 2013 vintage is notably newer than the neighborhood s older housing base (average 1959), which can enhance competitive positioning versus legacy assets while keeping an eye on mid-life system upkeep as the asset ages. Neighborhood occupancy is reported at 90.5% with improvement over the last five years; this describes the neighborhood, not the property, and suggests a stable backdrop for leasing and renewals based on CRE market data from WDSuite.
Renter-occupied housing accounts for a high share of units in the neighborhood (72.5%), indicating a deep tenant base for multifamily operators and potential durability in day-to-day leasing. Within a 3-mile radius, demographics show modest population growth recently and an expected increase in households over the next five years, pointing to a gradually expanding renter pool that can support occupancy stability and absorption.
Everyday convenience is a relative strength: grocery, restaurant, and pharmacy density sit above national averages, while parks access is competitive as well. By contrast, cafes and childcare options are thinner locally. Average school ratings in the area trail national norms, which is worth factoring into tenant profile expectations and marketing strategy.
Home values in the neighborhood are lower than many U.S. areas, indicating a more accessible ownership market that can create some competitive pressure on rent growth; however, the high renter concentration and improving neighborhood occupancy help sustain multifamily demand. Rent-to-income levels indicate manageable affordability pressure locally, supporting retention and renewal strategies rather than requiring frequent turnover.
Based on CRE market data from WDSuite, safety indicators benchmark favorably at the national level, with the neighborhood scoring in the higher percentiles nationwide for lower violent and property offense exposure. Recent trend data shows year-over-year declines in estimated violent and property offense rates, a constructive signal for tenant retention and leasing stability.
As with any neighborhood-level view, conditions can vary by block and over time. For underwriting, treat these metrics as directional context rather than property-specific guarantees and pair them with on-the-ground diligence.
Proximity to established corporate employers supports a steady regional workforce and commute convenience for renters, with concentrations in banking, consumer goods, and logistics reflected below.
- BB&T Corp. banking (19.5 miles) HQ
- Reynolds American tobacco products (19.8 miles) HQ
- Hanesbrands apparel manufacturing (26.0 miles) HQ
- VF apparel & footwear (32.9 miles) HQ
- Sysco foodservice distribution (35.3 miles)
902 E Center St offers investors a 2013-built, 30-unit asset in an inner-suburb setting where neighborhood occupancy has improved and renter-occupied housing is prevalent. Newer construction relative to the area s older stock can reduce near-term capital surprises while positioning the property competitively against legacy assets, though prudent reserves for mid-life systems remain advisable.
Within a 3-mile radius, modest population growth and rising household counts point to a larger tenant base over the next several years, supporting leasing and renewal performance. According to CRE market data from WDSuite, local rent levels and rent-to-income dynamics suggest manageable affordability pressure, favoring retention and steady cash flow over aggressive turnover-driven strategies. Lower regional home values can present some competition from ownership, but the area s high renter concentration and improving neighborhood occupancy provide a constructive demand backdrop.
- 2013 construction provides a competitive edge versus older neighborhood stock, with measured mid-life capex planning.
- High renter-occupied share and improving neighborhood occupancy support demand depth and leasing stability.
- 3-mile demographics indicate gradual renter pool expansion, aiding absorption and renewals.
- Amenity access is strong for daily needs (groceries, pharmacies, restaurants), reinforcing location utility.
- Risks: lower local school ratings, thinner cafe/childcare options, and potential competition from relatively accessible homeownership.