| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 13th | Poor |
| Amenities | 13th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3015 Broadbay Dr, Winston Salem, NC, 27107, US |
| Region / Metro | Winston Salem |
| Year of Construction | 1986 |
| Units | 24 |
| Transaction Date | 2021-08-31 |
| Transaction Price | $2,000,000 |
| Buyer | OGRURN INVESTMENTS INC |
| Seller | BAILEY C A C |
3015 Broadbay Dr Winston-Salem NC Multifamily Opportunity
Neighborhood occupancy has held in the mid-90s, pointing to steady renter demand according to WDSuite’s CRE market data. This suggests durable leasing performance for well-positioned units in Winston-Salem’s inner-suburban context.
The property sits in an Inner Suburb of Winston-Salem where neighborhood occupancy is competitive among 216 metro neighborhoods and above national averages, supporting leasing stability for workforce-oriented multifamily. Median asking rents in the immediate neighborhood trend on the lower end nationally, which can aid retention but may moderate near-term pricing power.
Renter concentration is high, with a majority of housing units renter-occupied in the neighborhood (ranked 14th of 216), indicating a deep tenant base for multifamily. The property’s 1986 vintage is newer than the neighborhood’s average construction year (1977), offering relative competitiveness versus older stock while still warranting capital planning for aging systems and selective modernization to meet current renter expectations.
Within a 3‑mile radius, the population has grown modestly in recent years and households have increased, with projections calling for further household growth by 2028. Smaller average household sizes are expected over the forecast horizon, which can expand the renter pool and support occupancy stability for appropriately configured units.
Local amenity density inside the neighborhood is limited (food, grocery, and pharmacies are sparse by metro standards), though park access scores in a higher national percentile, providing some recreational appeal. Compared with national trends, elevated ownership costs relative to incomes in the neighborhood context can sustain renter reliance on multifamily housing, reinforcing demand depth even as affordability remains a consideration for lease management.
Safety indicators for the neighborhood track below national averages, and the area ranks on the higher-crime side compared with Winston-Salem peers (ranked 55 out of 216 neighborhoods). That said, recent data show year‑over‑year declines in both violent and property offense rates, suggesting improving trends that investors should monitor over multiple periods rather than a single snapshot.
For underwriting, it may be prudent to assume elevated security and community‑engagement line items relative to lower‑crime submarkets, while recognizing the directional improvement observed in recent reporting.
Nearby corporate anchors provide a diversified employment base and convenient commutes that can support renter retention, led by financial services, consumer goods, and apparel headquarters noted below.
- BB&T Corp. — financial services (3.9 miles) — HQ
- Reynolds American — consumer goods/tobacco (4.0 miles) — HQ
- Hanesbrands — apparel (9.2 miles) — HQ
- VF — apparel & footwear (21.5 miles) — HQ
This 24‑unit, 1986‑built asset offers exposure to a renter‑heavy inner‑suburban neighborhood where occupancy has been solid and local rents remain relatively accessible, supporting lease retention. According to CRE market data from WDSuite, the neighborhood’s occupancy ranks competitively within the Winston‑Salem metro, while the property’s newer‑than‑area vintage can position it favorably against older stock with targeted updates.
Within a 3‑mile radius, recent population growth and an increase in households point to a gradually expanding tenant base, with forecasts indicating further household expansion and smaller household sizes by 2028. Limited nearby retail amenities and below‑average safety metrics are underwriting considerations, but the combination of high neighborhood renter concentration and a high‑cost ownership context supports durable multifamily demand over the cycle.
- Competitive neighborhood occupancy supports leasing stability
- 1986 vintage is newer than area average, with value‑add potential via targeted updates
- Renter‑occupied share is high locally, indicating depth of tenant demand
- 3‑mile radius shows population and household growth, expanding the renter pool
- Risks: limited nearby amenities and below‑average safety warrant conservative underwriting and asset‑level mitigation