| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 66th | Best |
| Amenities | 34th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 450 Cherry Cove Dr, Kernersville, NC, 27284, US |
| Region / Metro | Kernersville |
| Year of Construction | 1989 |
| Units | 32 |
| Transaction Date | 2005-11-10 |
| Transaction Price | $1,450,000 |
| Buyer | PIMENTEL LIVING TRUST |
| Seller | CHERRYCOVE APARTMENTS INC |
450 Cherry Cove Dr, Kernersville NC Multifamily Investment
Neighborhood occupancy has been exceptionally tight, supporting lease stability, according to WDSuite s CRE market data. Position within suburban Winston-Salem offers steady renter demand drivers without core-urban volatility.
Kernersville s suburban setting provides daily-life convenience and stable housing dynamics. Restaurants are competitive among Winston-Salem neighborhoods (ranked 24 of 216, a top quartile position), while grocery access is competitive as well (58 of 216). By contrast, cafes and parks score at the bottom of the metro distribution, underscoring a car-oriented lifestyle with fewer third-place amenities. For investors, this mix suggests dependable everyday services but limited experiential retail in the immediate area.
Neighborhood ratings are strong overall (A, rank 22 of 216), placing the area competitive among Winston-Salem neighborhoods. Median household income in the neighborhood sits in the top quintile nationally, reinforcing spending power that can support rent collections and renewals. Rent-to-income metrics rank in the higher national percentiles, which generally indicates lower affordability pressure and can aid retention and occupancy management over a cycle.
Within a 3-mile radius, population and household counts have risen in recent years and are projected to continue growing over the next five years, expanding the tenant base and supporting absorption for multifamily. Forecasts also point to smaller average household sizes, which can lift demand for rental units and support occupancy stability. While home values in the neighborhood are moderate by national standards, ownership remains accessible relative to high-cost markets a factor that can introduce competition with homeownership and moderate pricing power.
School ratings trend below national averages, which may temper appeal for some family renters, yet childcare coverage ranks above the metro median (13 of 216), indicating available support services. Average construction vintage in the neighborhood is similar to late-1980s stock, so assets emphasizing thoughtful renovations and operational improvements can compete effectively versus older unrenovated properties.
Safety indicators are mixed. Violent offense rates benchmark in the top quintile nationally for safety, and recent year-over-year trends show modest improvement. Property offense levels benchmark stronger than the national median but have exhibited a notable year-over-year increase, which warrants ongoing monitoring and routine security and lighting best practices.
Compared with other Winston-Salem neighborhoods (216 total), the area s safety profile is competitive on violent incidents but more variable on property offenses. Investors should underwrite with sensible assumptions for insurance, minor loss reserves, and proactive site management rather than relying on continued improvement.
Proximity to established corporate employers underpins a diversified white-collar and operations workforce, supporting leasing velocity and retention for nearby multifamily. Key demand drivers include tobacco and consumer brands, banking, and apparel headquarters.
- Reynolds American tobacco & consumer brands (9.1 miles) HQ
- BB&T Corp. banking (9.3 miles) HQ
- Hanesbrands apparel (11.4 miles) HQ
- VF apparel & footwear (15.8 miles) HQ
- Laboratory Corp. of America diagnostics & labs (36.1 miles) HQ
This 32-unit, suburban Kernersville asset benefits from tight neighborhood occupancy and a growing 3-mile renter pool. According to CRE market data from WDSuite, neighborhood occupancy has trended extremely tight relative to the metro, which supports leasing stability and reduces downtime risk. Steady household growth and rising incomes within 3 miles expand the tenant base and underpin collections, while rent-to-income positioning suggests manageable affordability pressure that can aid renewals.
Balanced against these strengths are a few underwriting considerations: neighborhood schools rate below national averages, experiential amenities are thinner (limited cafes/parks), and property crime has shown volatility despite comparatively favorable violent crime benchmarks. Homeownership remains accessible versus high-cost markets, which can introduce competition for certain renter cohorts and moderate pricing power; prudent asset management and targeted unit upgrades can help sustain competitiveness.
- Tight neighborhood occupancy supports leasing stability and limits downtime risk.
- 3-mile population and household growth expand the tenant base and support absorption.
- Healthy rent-to-income positioning indicates lower affordability pressure and aids renewals.
- Risk: property crime volatility and below-average school ratings warrant conservative underwriting.
- Risk: accessible homeownership may temper pricing power; targeted upgrades can reinforce competitiveness.