| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 55th | Good |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 104 Cheyenne Dr, Greensboro, NC, 27410, US |
| Region / Metro | Greensboro |
| Year of Construction | 2003 |
| Units | 26 |
| Transaction Date | 2003-03-03 |
| Transaction Price | $3,700,000 |
| Buyer | CEG FRIENDLY MANOR LLC |
| Seller | CALLICOTT/MOORE INVESTMENTS |
104 Cheyenne Dr, Greensboro NC Multifamily Investment
Renter demand is supported by a renter-occupied housing base and a high-cost ownership market relative to incomes, according to WDSuite’s CRE market data. Stability is aided by neighborhood-level occupancy around the national median, with value-add potential tied to targeted operations and renovations.
Located in Greensboro’s inner suburbs, the neighborhood is competitive among Greensboro-High Point neighborhoods (rank 44 of 245; A- rating) and shows balanced fundamentals for workforce-oriented rentals. Neighborhood occupancy is 90.9% (about the national median by percentile), suggesting steady lease-up potential without relying on outsized concessions.
The property’s 2003 vintage is newer than the neighborhood’s average 1984 stock, giving it a relative competitive edge versus older comparables. Investors should still plan for mid-life system updates and selective modernization to enhance positioning and rent attainment.
Livability inputs are mixed: restaurants are comparatively dense for the area (national 75th percentile) and grocery access is solid (69th percentile), while cafes, parks, and pharmacies are limited within the immediate neighborhood. Childcare availability rates strongly (91st percentile), supporting household stability in the submarket. These amenity patterns can sustain day-to-day convenience but highlight opportunities to market value against pricier, amenity-rich submarkets.
Tenure dynamics indicate depth in the renter pool: the neighborhood’s renter-occupied share is 54.0%, reinforcing multifamily demand and day-one leasing breadth. Within a 3-mile radius, recent population was essentially flat, but WDSuite data indicates a forecasted increase in both population and households by 2028, with smaller average household sizes—trends that typically expand the tenant base and support occupancy stability.
Ownership costs are elevated relative to local incomes (value-to-income ratio in a high national percentile) while rent-to-income sits near more sustainable levels for renters. This mix generally supports retention and pricing power for well-operated assets. Neighborhood NOI per unit trails stronger areas, underscoring the importance of hands-on management and targeted upgrades to capture upside.
Safety indicators are mixed but improving. The neighborhood sits modestly above the national median for overall safety by percentile, and recent year trends show a notable decline in property offenses, ranking among the strongest improvements nationally. Violent offense rates also moved lower over the past year, albeit more moderately.
As with most urban and inner-suburban locations, conditions can vary by block and over time. Investors should incorporate standard diligence—reviewing recent reports, touring at multiple times of day, and aligning security measures with operating strategy—to sustain tenant retention and protect revenue.
Regional employment anchors within commuting range include corporate offices in apparel, tobacco, banking, and life sciences. These employers support renter demand through diversified white-collar and operations roles.
- VF — corporate offices (5.2 miles) — HQ
- Reynolds American — corporate offices (20.3 miles) — HQ
- BB&T Corp. — corporate offices (20.4 miles) — HQ
- Hanesbrands — corporate offices (22.6 miles) — HQ
- Laboratory Corp. of America — corporate offices (24.8 miles) — HQ
This 26-unit, 2003-vintage asset benefits from a renter-occupied housing base and ownership costs that reinforce reliance on multifamily rentals. According to CRE market data from WDSuite, neighborhood occupancy trends hover around the national median, while the property’s newer vintage versus local 1980s stock provides a relative competitive position with scope to drive rent premiums through selective upgrades.
Within a 3-mile radius, forecasts point to population and household growth alongside smaller household sizes—dynamics that typically expand the tenant base and support leasing velocity. Amenity coverage is strongest in restaurants and grocery, and proximity to diversified corporate employers underpins day-to-day demand and lease retention. Execution risk centers on operational efficiency and targeted capex to outperform neighborhood-average NOI.
- Newer 2003 vintage versus local 1980s stock supports competitive positioning
- Renter-occupied share around mid-50s indicates depth of tenant demand
- Forecast growth in 3-mile population and households supports occupancy stability
- Elevated ownership costs with manageable rent-to-income can aid retention and pricing
- Risks: neighborhood NOI per unit trails stronger areas; limited cafes/parks call for focused operations and amenities