| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 47th | Good |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1350 Norwalk St, Greensboro, NC, 27407, US |
| Region / Metro | Greensboro |
| Year of Construction | 2007 |
| Units | 24 |
| Transaction Date | 2022-10-28 |
| Transaction Price | $17,026,500 |
| Buyer | ANDOVER CGC LLC |
| Seller | SOUTHWOOD ANDOVER PARK LLC |
1350 Norwalk St Greensboro 24-Unit Multifamily
Neighborhood occupancy around 90% and a high renter concentration indicate steady tenant demand, according to WDSuite’s CRE market data. This asset’s 2007 vintage positions it competitively versus older nearby stock while supporting stable operations.
Situated in Greensboro’s inner suburb fabric, the property benefits from practical everyday amenities: grocery access ranks competitive among 245 Greensboro–High Point neighborhoods, and cafes index in the upper tier locally, while parks and pharmacies are relatively sparse. For investors, this mix supports convenience for residents yet suggests limited differentiation from green-space amenities.
Neighborhood-level occupancy sits near the metro median, and renter-occupied housing share is notably high, signaling a deep tenant base and potential leasing resilience. Rents within the neighborhood track toward the lower half of national benchmarks, supporting retention while leaving room for measured revenue management.
Within a 3-mile radius, recent population growth and rising household counts point to a gradually expanding renter pool; projections also show continued increases in households alongside slightly smaller average household sizes, which can reinforce multifamily demand and support occupancy stability. Median household incomes in the 3-mile area have advanced, and contract rents have risen but remain manageable relative to incomes, a backdrop that can support lease renewal rates with disciplined pricing.
The average neighborhood construction year trends older than this 2007 asset, which may provide a competitive edge on interiors and systems; investors can still plan for selective modernization to sustain appeal against newer deliveries.
Safety metrics for the neighborhood benchmark below national medians overall, but recent year-over-year trends show improvement in both violent and property offense rates. Nationally, the area compares weaker on current levels, yet directionally improving conditions reduce downside risk if those trends persist. Compare any underwriting assumptions to other Greensboro–High Point submarkets and confirm on-the-ground patterns.
Proximity to several headquarters-scale employers supports a broad commuter tenant base and leasing durability. Nearby corporate anchors span apparel, tobacco, banking, diagnostics, and consumer goods.
- VF — apparel (6.1 miles) — HQ
- Reynolds American — tobacco (21.5 miles) — HQ
- BB&T Corp. — banking (21.5 miles) — HQ
- Laboratory Corp. of America — diagnostics (24.1 miles) — HQ
- Hanesbrands — consumer goods (24.3 miles) — HQ
Built in 2007 with 24 units, the property stands newer than much of the surrounding housing stock, offering a competitive position versus older assets while leaving room for targeted upgrades to enhance rents and retention. Neighborhood occupancy trends near the metro median, and a high share of renter-occupied units indicates depth of demand. Within a 3-mile radius, population and households are expanding, and incomes have risen alongside rent levels, a combination that can support steady absorption and lease renewals when paired with disciplined management and thoughtful capital planning.
According to CRE market data from WDSuite, neighborhood rents sit below national midpoints while amenity access is functional (grocery and cafes competitive locally). This balance, together with headquarters-scale employment within commuting range, supports a durable renter pool; key watchpoints include safety benchmarking below national medians and limited nearby parks/pharmacies that may modestly affect lifestyle-oriented appeal.
- 2007 vintage and larger floor plans offer competitive positioning versus older neighborhood stock with selective value-add potential
- High renter concentration and neighborhood occupancy near metro levels support demand depth and leasing stability
- 3-mile growth in population and households, alongside income gains, underpins a steadily expanding renter pool
- Diverse nearby employers, including multiple HQs, provide commute-driven demand and retention tailwinds
- Risk: Safety metrics benchmark below national medians and limited parks/pharmacies may temper lifestyle appeal; underwrite rent growth and retention accordingly