| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 38th | Fair |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4948 Eltha Dr, Winston Salem, NC, 27105, US |
| Region / Metro | Winston Salem |
| Year of Construction | 1985 |
| Units | 120 |
| Transaction Date | 2020-01-15 |
| Transaction Price | $5,760,000 |
| Buyer | GINKGO SHATTALON LLC |
| Seller | SHATTALON TRACE LIMITED PARTNERSHIP |
4948 Eltha Dr Winston-Salem Multifamily Investment
Neighborhood occupancy has trended steady and renter demand is deep, supporting income durability according to WDSuite’s CRE market data. Investor focus here centers on a predominantly renter-occupied area that has maintained leasing momentum relative to the broader metro.
Located in an Inner Suburb of Winston-Salem, 4948 Eltha Dr sits in a rental-centric neighborhood where the share of housing units that are renter-occupied is extremely high (ranked 1 out of 216 metro neighborhoods), indicating a broad tenant base for multifamily assets. Neighborhood occupancy trends are competitive among Winston-Salem neighborhoods (rank 66 of 216), suggesting stable lease-up and retention relative to the metro backdrop.
Vintage matters for underwriting: built in 1985, the property is slightly older than the neighborhood average vintage of 1988. Investors should plan for ongoing capital expenditures and consider value-add upgrades to keep the asset competitive against newer stock while capturing rent premiums where renovations elevate finishes and building systems.
Local living dynamics are mixed. Cafes and pharmacies are relatively dense for the area (both among the strongest ranks in the metro and high national percentiles), while immediate access to parks, grocery, and childcare options is limited within the neighborhood footprint. For schools, no average rating is available in the dataset; investors may want to diligence nearby district options as part of leasing positioning for family renters.
Within a 3-mile radius, demographics indicate a renter pool poised to expand: households have inched higher in recent years and are projected to increase meaningfully by 2028, pointing to a larger tenant base and support for occupancy stability. Forecasts also show rising median household income and contract rents in the radius, which can aid revenue growth management while still requiring attention to affordability and lease retention strategies.
Ownership costs relative to incomes are elevated in the neighborhood (near the top of the metro by value-to-income ratio rank), which typically sustains reliance on rental housing and can support pricing power for well-positioned properties. At the same time, rent-to-income levels are high locally compared with national benchmarks, which calls for disciplined lease management and amenity/value balancing to mitigate turnover risk.
Safety indicators for the neighborhood are below metro averages and weaker than many neighborhoods nationwide. The neighborhood’s crime rank is 124 out of 216 within the Winston-Salem metro, and national percentiles place it in a lower safety tier (around the 25th percentile). Recent year-over-year estimates show property offenses rising faster than violent offenses, which emphasizes the importance of routine security measures and active property management to support resident satisfaction.
Investors should evaluate recent trendlines and property-level controls rather than relying on single-year snapshots. Comparative analysis versus nearby Winston-Salem submarkets and peer neighborhoods can clarify underwriting assumptions for insurance, security, and resident services.
The area draws from a diversified corporate base that supports workforce housing demand and commute convenience, anchored by Hanesbrands, Reynolds American, BB&T Corp., and VF. These employers provide nearby jobs that can aid leasing velocity and retention.
- Hanesbrands — apparel HQ (1.7 miles) — HQ
- Reynolds American — tobacco products HQ (5.2 miles) — HQ
- BB&T Corp. — banking services HQ (5.4 miles) — HQ
- VF — apparel & footwear HQ (27.1 miles) — HQ
This 120-unit asset at 4948 Eltha Dr benefits from a renter-heavy neighborhood and occupancy that is competitive among Winston-Salem peers, supporting steady cash flow potential. The 1985 construction is slightly older than the local average, presenting a practical path for value-add upgrades to improve positioning versus newer stock. According to CRE market data from WDSuite, elevated ownership costs relative to incomes in the neighborhood help sustain reliance on multifamily, while high rent-to-income levels warrant careful lease management to protect retention.
Within a 3-mile radius, projections call for meaningful increases in households and incomes by 2028, pointing to a larger tenant base and room for measured rent growth. Amenity access is mixed—strong for cafes and pharmacies but thinner for parks, groceries, and childcare—so targeted on-site enhancements and service offerings can bolster appeal and help maintain occupancy.
- Renter-heavy location with competitive neighborhood occupancy supporting leasing stability
- 1985 vintage with clear value-add and capital planning opportunities
- 3-mile outlook shows household and income growth, expanding the tenant base
- Elevated ownership costs reinforce rental demand and potential pricing power
- Risks: below-metro safety indicators and high rent-to-income ratios call for active management