| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 60th | Best |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3421 Old Vineyard Rd, Winston Salem, NC, 27103, US |
| Region / Metro | Winston Salem |
| Year of Construction | 1983 |
| Units | 103 |
| Transaction Date | 2022-02-28 |
| Transaction Price | $26,754,000 |
| Buyer | ARLINGTON APTS II LLC |
| Seller | OLD VINEYARD PROPERTY OWNER LLC |
3421 Old Vineyard Rd Winston-Salem Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and amenity access, while overall occupancy has edged up in recent years, according to WDSuite’s CRE market data. The location offers durable workforce appeal with pricing that remains manageable relative to local incomes.
This Inner Suburb location scores an A neighborhood rating and is competitive among Winston-Salem neighborhoods (ranked 11 out of 216), reflecting balanced fundamentals and daily convenience for renters. Restaurant, grocery, and pharmacy densities rank near the top of the metro (e.g., restaurants rank 4 of 216; groceries 6 of 216; pharmacies 3 of 216), placing the area in the top quartile nationally for food and daily-needs access. While park acreage is limited, the immediate trade area’s retail and service mix supports leasing and retention.
For tenancy composition, the neighborhood’s renter-occupied share is approximately 56% (ranked 17 of 216; top decile nationally), indicating a deep multifamily tenant base and potential leasing stability. Neighborhood occupancy has trended modestly higher over the last five years, a constructive backdrop for maintaining cash flow through cycles.
Vintage matters: built in 1983 versus a neighborhood average construction year near 1990, the asset is somewhat older than nearby stock. Investors should plan for ongoing capital expenditures and consider value-add or modernization to remain competitive against newer properties, especially around common areas, exteriors, and building systems.
Within a 3-mile radius, population and households have grown and are projected to expand further over the next five years, with household sizes gradually easing. This pattern typically enlarges the renter pool and supports occupancy stability. Median home values in the neighborhood sit below many coastal markets, and a moderate value-to-income profile suggests ownership is accessible for some households; for multifamily owners, this points to balanced conditions where rental housing competes on convenience, amenities, and professional management rather than price alone. These dynamics align with practical commercial real estate analysis and are corroborated by WDSuite’s market dataset.
Safety trends should be evaluated in a comparative, neighborhood-level context rather than at the block. The area ranks 122 out of 216 Winston-Salem neighborhoods for overall crime, placing it below the metro median and weaker than national medians for safety. Property crime levels are a particular consideration, though recent data indicate year-over-year improvement in violent incidents. Investors can mitigate risk through standard measures such as lighting, access controls, and active property management, and should benchmark security costs and retention outcomes against similar Inner Suburb assets in the metro.
Proximity to established headquarters anchors a diversified employment base that supports renter demand and commute convenience, notably in financial services, consumer products, and apparel. The employers below are within practical driving distance and contribute to leasing depth in this submarket.
- BB&T Corp. — financial services (4.1 miles) — HQ
- Reynolds American — consumer products (4.2 miles) — HQ
- Hanesbrands — apparel (8.2 miles) — HQ
- VF — apparel (29.0 miles) — HQ
The 103-unit asset at 3421 Old Vineyard Rd is positioned for durable renter demand given the neighborhood’s high renter-occupied share, competitive amenity access, and steady occupancy trends. Built in 1983, it is older than nearby stock, which creates a clear path for value-add upgrades and capital planning to strengthen competitive positioning and drive rent premiums without overreliance on market growth. According to CRE market data from WDSuite, the area sits competitively within the metro on daily-needs access, while demographic projections within a 3-mile radius point to further household growth and a larger tenant base over the next five years.
From an investment perspective, moderate rent-to-income levels and a high share of renters support lease retention, while proximity to multiple headquarters anchors employment depth and commute convenience. Key watch items include safety costs, limited park access, and the need to manage affordability pressure as rents grow. Underwriting that budgets for renovations and targeted security improvements can help sustain occupancy and pricing power relative to comparable Inner Suburb assets.
- High renter-occupied share and steady neighborhood occupancy support demand and retention.
- Amenity-rich trade area (food, grocery, pharmacy) competitive within the metro, aiding leasing.
- 1983 vintage offers value-add potential; plan CapEx to compete with newer stock.
- Household growth within 3 miles expands the tenant base and supports occupancy stability.
- Risks: below-median safety metrics, limited parks, and affordability pressure as rents rise.