| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 53rd | Good |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1229 Churton St, Winston Salem, NC, 27103, US |
| Region / Metro | Winston Salem |
| Year of Construction | 1989 |
| Units | 25 |
| Transaction Date | 2022-08-30 |
| Transaction Price | $5,100,000 |
| Buyer | TERRA ON CHURTON APARTMENTS LLC |
| Seller | CHURTON PLACE APARTMENTS 2 LLC |
1229 Churton St, Winston-Salem NC Multifamily Investment
Neighborhood indicators point to durable renter demand supported by strong amenity access and a high share of renter-occupied housing units, according to WDSuite s CRE market data. Note: occupancy and tenure figures reference the surrounding neighborhood, not the property.
Located in Winston-Salem s inner-suburb fabric, the area surrounding 1229 Churton St benefits from concentrated daily conveniences and food options that support leasing appeal. Restaurant density ranks 6th among 216 metro neighborhoods and sits in the 85th percentile nationally, while cafes and grocery access are similarly competitive within the metro. Parks register in the top decile locally, offering lifestyle amenities that help with retention; pharmacy access is comparatively limited, which is a consideration for resident services.
The neighborhood s renter-occupied share is high (ranked 16th of 216; 92nd percentile nationally), signaling a deep tenant base for small and mid-sized multifamily assets. Median contract rents in the neighborhood remain relatively accessible versus the metro (30th national percentile) and have risen over the past five years, which can aid renewal capture while keeping units competitive.
Occupancy at the neighborhood level is below national norms but has trended higher over five years, indicating improving stability from a softer starting point. The building s 1989 vintage is newer than the area s average construction year (1964), which can enhance competitive positioning versus older stock; however, investors should still underwrite selective modernization and systems updates typical of late-1980s assets.
Within a 3-mile radius, population and households have grown in recent years, expanding the renter pool; forward views suggest essentially flat population alongside continued household growth and smaller household sizes. For investors, more but smaller households typically support steady demand for well-located 1–2 bedroom units and can reinforce occupancy stability.
Home values in the neighborhood sit near the metro middle but remain elevated relative to local incomes (value-to-income ratio ranks 7th of 216; 92nd percentile nationally). A high-cost ownership landscape tends to sustain reliance on rental options, supporting tenant retention and pricing power for appropriately positioned multifamily properties.
Safety indicators are mixed and should be weighed in underwriting. The neighborhood s crime rank is 126th among 216 Winston-Salem neighborhoods, placing it below the metro median for safety. Nationally, the area sits around the 22nd percentile, which indicates higher crime exposure than many U.S. neighborhoods.
Investors often address this by emphasizing on-site lighting, access control, and resident engagement, and by positioning rents and amenities appropriately for the submarket. Monitoring recent trend movements and comparing to nearby submarkets can help calibrate leasing strategy without relying on block-level conclusions.
Proximity to major corporate anchors supports weekday traffic and a stable renter base, particularly among office and headquarters employees. The immediate area is influenced by BB&T Corp., Reynolds American, and Hanesbrands, with VF also within a commutable radius.
- BB&T Corp. financial services (1.5 miles) HQ
- Reynolds American tobacco & consumer products (1.8 miles) HQ
- Hanesbrands apparel (7.9 miles) HQ
- VF apparel & lifestyle brands (25.8 miles) HQ
This 25-unit, 1989-vintage asset offers relative competitiveness versus the neighborhood s older housing stock, with modernization potential to capture value-add upside. A high neighborhood renter concentration and strong amenity access underpin demand, while an ownership market that is expensive relative to incomes tends to reinforce reliance on rentals. According to CRE market data from WDSuite, neighborhood occupancy has improved over the last five years despite remaining below national averages, suggesting potential for further stabilization with focused operations.
Within a 3-mile radius, recent gains in population and households have expanded the tenant base; forward projections point to steady household growth and smaller household sizes even if population is flat to slightly lower, a pattern that typically supports leasing velocity for well-located multifamily. Key underwriting considerations include neighborhood safety positioning and the limited pharmacy presence, which can be mitigated by resident services and security investments.
- 1989 vintage newer than area average, with selective upgrades offering value-add potential
- High renter-occupied share signals deep tenant base and consistent demand
- Strong amenity access (food, parks, groceries) supports retention and leasing
- Ownership costs high relative to income, reinforcing rental reliance and pricing power
- Risks: below-median metro safety and limited pharmacy access; plan for security and resident convenience solutions