| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 59th | Good |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 502 Michael St, Kernersville, NC, 27284, US |
| Region / Metro | Kernersville |
| Year of Construction | 1994 |
| Units | 122 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
502 Michael St Kernersville NC Multifamily Investment
Neighborhood fundamentals point to stable renter demand, with occupancy around the low-90s and a renter-occupied share near half of units in the area, according to WDSuite’s CRE market data. This positions the asset to compete on livability and value in an inner-suburban Winston-Salem location.
The property sits in Kernersville (Winston-Salem metro), an inner-suburban neighborhood rated A and ranked 15 out of 216 metro neighborhoods — competitive among Winston-Salem neighborhoods. Amenity access is balanced for daily needs, with grocery, restaurants, parks, and pharmacies all scoring around or above the national midrange; cafes trend stronger (top quartile nationally). Childcare density is limited locally, which may affect family-oriented leasing strategies.
For investors, rents and occupancy at the neighborhood level indicate durable fundamentals. Median contract rents remain comparatively accessible versus national levels while having posted multi-year gains, and neighborhood occupancy is 93.3% (above the national midrange), which supports leasing stability. With a renter-occupied share of 48.0% at the neighborhood level, the tenant base is sufficiently deep to sustain absorption while allowing operators to differentiate on product quality and management.
Within a 3-mile radius, population and households have grown over the past five years, and WDSuite points to further household expansion through 2028. The projected increase in households alongside slightly smaller average household size suggests a larger tenant base and steady demand for rental units, which can aid occupancy and retention management.
Ownership costs in the area are elevated enough to sustain reliance on rentals (nationally high value-to-income ratio) while rent-to-income levels are moderate, which can support pricing power without overextending residents — a positive backdrop for lease renewal and collections. Built in 1994 versus a neighborhood average vintage of 1992, the asset is slightly newer than surrounding stock, providing competitive positioning; targeted modernization can still unlock value-add upside where finishes or building systems are dated.
Safety signals are mixed and should be monitored with current, property-level diligence. Compared with neighborhoods nationwide, overall crime sits below the national midpoint, while both property and violent offense estimates place the area roughly in the upper half nationally — comparatively better on these specific measures. One-year changes indicate some volatility in estimated incident rates; prudent operators typically incorporate ongoing monitoring and resident engagement into risk management. Within the Winston-Salem metro, the neighborhood tracks around the middle of the pack, indicating neither a clear advantage nor a severe outlier.
Proximity to established employers underpins workforce housing demand and commute convenience for residents, including Reynolds American, BB&T Corp., Hanesbrands, VF, and Laboratory Corp. of America — a mix of banking, consumer goods, apparel, and diagnostics roles that can support leasing and retention.
- Reynolds American — tobacco/consumer goods (9.7 miles) — HQ
- BB&T Corp. — banking (9.8 miles) — HQ
- Hanesbrands — apparel (12.1 miles) — HQ
- VF — apparel (15.2 miles) — HQ
- Laboratory Corp. of America — diagnostics (35.5 miles) — HQ
502 Michael St offers a 1994-vintage, 122-unit footprint in an A-rated inner-suburban location where neighborhood occupancy is solid and renter concentration supports a reliable tenant base. According to CRE market data from WDSuite, neighborhood rents remain comparatively accessible versus national levels and occupancy trends near the low-90s, while 3-mile household growth and projections point to a larger renter pool over the next five years. The vintage is slightly newer than nearby stock, suggesting competitive positioning with room for targeted value-add to modernize finishes and systems.
Home values sit in a higher national band relative to incomes, reinforcing sustained reliance on multifamily housing, while moderate rent-to-income levels support retention and collections. Amenity access is serviceable across daily needs, and proximity to anchor employers broadens the commuter catchment — a combination that can underpin occupancy stability and measured rent growth under capable management.
- Solid neighborhood occupancy and sizable renter-occupied share support leasing stability.
- 3-mile population and household growth expand the tenant base and aid absorption.
- 1994 vintage is slightly newer than nearby stock, with value-add potential via selective upgrades.
- Elevated ownership costs and moderate rent-to-income levels reinforce rental demand and retention.
- Risks: mixed safety trends and limited childcare amenities warrant monitoring and responsive operations.