| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 31st | Poor |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1408 E Washington St, Greensboro, NC, 27401, US |
| Region / Metro | Greensboro |
| Year of Construction | 2007 |
| Units | 24 |
| Transaction Date | 2011-09-14 |
| Transaction Price | $7,500,000 |
| Buyer | GBORO AG II LLC |
| Seller | CENTER 175 LLC |
1408 E Washington St Greensboro 24-Unit Multifamily
Neighborhood renter concentration and household growth signal durable demand and support leasing stability, according to WDSuite’s CRE market data. Recent improvements in local safety trends and a 2007 build year position this asset to compete against older stock in Greensboro.
Located in Greensboro’s inner-suburb fabric, the property sits in a neighborhood with a renter-occupied share of housing units near two-thirds, indicating a deep tenant base for multifamily. Neighborhood occupancy has trended higher over the past five years, which supports steadier cash flow potential at the submarket level; these figures represent neighborhood conditions, not this property’s current occupancy.
The asset’s 2007 construction is newer than the neighborhood’s average vintage (1969), offering a relative edge over older stock while still warranting routine capital planning for building systems over the hold. Average unit sizes of roughly 1,141 square feet provide flexibility for household types and can aid retention when paired with disciplined lease management.
Local amenities are mixed: restaurant density is strong and grocery access is competitive among Greensboro-High Point neighborhoods, while parks, pharmacies, cafés, and childcare options are thinner. Average school ratings in the area are modest but above the national median, which can help broaden the renter pool without commanding top-of-market rents.
Ownership costs in the neighborhood are elevated relative to local incomes (high national value-to-income percentile), which tends to sustain reliance on rental housing and can support pricing power for well-managed communities. At the same time, rent-to-income levels point to some affordability pressure, suggesting operators should focus on renewals and right-sized increases to protect occupancy. Demographic statistics within a 3-mile radius show recent population and household growth, with forecasts calling for further renter pool expansion—tailwinds for stabilized multifamily demand based on CRE market data from WDSuite.
Safety indicators for the neighborhood are around the national middle overall and competitive among Greensboro-High Point neighborhoods (rank comparisons are against 245 metro neighborhoods). Year over year, both property and violent offense estimates have declined locally, with improvements outpacing many areas nationwide. These figures describe neighborhood conditions and should be weighed alongside on-site security practices and asset-specific operations.
Proximity to established corporate headquarters underpins a steady employment base and supports renter demand through commute convenience. The nearby employer mix includes VF, Laboratory Corp. of America, Reynolds American, BB&T Corp., and Hanesbrands.
- VF — apparel HQ (4.1 miles) — HQ
- Laboratory Corp. of America — diagnostics HQ (18.6 miles) — HQ
- Reynolds American — consumer products HQ (26.7 miles) — HQ
- BB&T Corp. — financial services HQ (26.7 miles) — HQ
- Hanesbrands — apparel HQ (28.9 miles) — HQ
This 24-unit community at 1408 E Washington St combines a 2007 vintage with larger average floor plans, positioning it competitively against older neighborhood stock. A high neighborhood renter concentration, improving safety trends, and growing households within a 3-mile radius point to a broad and resilient tenant base. According to commercial real estate analysis from WDSuite, neighborhood occupancy has risen over the past five years, while elevated ownership costs relative to incomes reinforce reliance on rental housing—favorable for retention and lease-up when operations are disciplined.
Key considerations include neighborhood-level affordability pressure, which argues for thoughtful renewal strategies, and the need for ongoing capital planning as the asset ages into its second decade. Still, demand drivers from nearby employers and population growth support a constructive long-term outlook for stabilized multifamily operations.
- 2007 build competes well versus older neighborhood stock; plan for routine system updates over hold.
- High neighborhood renter concentration and rising occupancy support tenant depth and leasing stability.
- 3-mile population and household growth expand the renter pool, aiding absorption and retention.
- Elevated ownership costs relative to incomes reinforce rental demand and pricing power for well-managed units.
- Risk: Affordability pressure in the neighborhood requires careful rent-setting and renewal management to protect occupancy.