| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 73rd | Best |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1509 New Garden Rd, Greensboro, NC, 27410, US |
| Region / Metro | Greensboro |
| Year of Construction | 1998 |
| Units | 24 |
| Transaction Date | 2025-07-23 |
| Transaction Price | $60,200,000 |
| Buyer | LLJ STRATFORD ROWLAND HEIGHTS LLC |
| Seller | CROWNE GARDEN ASSOCIATES LIMITED PARTNER |
1509 New Garden Rd Greensboro Multifamily Investment
A+ inner-suburb location with strong daily-needs access and a balanced renter base points to durable tenant demand, according to WDSuite’s CRE market data. Neighborhood occupancy has softened versus recent peaks, but amenity strength and incomes support leasing resilience.
This inner-suburb pocket of Greensboro ranks 8 out of 245 metro neighborhoods (A+), indicating competitive fundamentals relative to the region. Grocery access is a standout—ranked 6 of 245 and in the top quartile nationally—while cafes and restaurants also trend above national norms. The tradeoff is limited park and pharmacy presence locally, so outdoor and healthcare convenience may rely on short drives rather than walkable options.
Construction skews newer in the neighborhood (average 2004) versus the property’s 1998 vintage, suggesting potential value-add via selective interior updates and systems planning to stay competitive against younger stock. Median home values are elevated for the metro context, which can sustain renter reliance on multifamily housing; at the same time, ownership remains attainable enough that well-managed rent positioning and resident experience will matter for retention.
Unit tenure shows a meaningful renter-occupied share (roughly two-fifths of housing units at the neighborhood level), indicating a stable tenant base without overwhelming supply exposure. Neighborhood occupancy has eased in recent years, which argues for disciplined leasing and asset-specific differentiation, but incomes and amenity access help underpin demand.
Within a 3-mile radius, demographics show a modest population dip historically with a pronounced shift toward smaller household sizes over the forecast period, which can expand the renter pool even if total population is flat. Forecasts point to rising household incomes and higher asking rents, supporting revenue management while warranting attention to affordability and lease retention.
Safety indicators are mixed in a way investors should contextualize carefully. Within the Greensboro-High Point metro, this neighborhood’s crime rank is 6 out of 245, indicating higher reported crime relative to many local peers. Nationally, however, the neighborhood trends in a stronger position (around the 72nd percentile for safety), suggesting it compares favorably to many U.S. neighborhoods.
Recent year estimates indicate notable improvement in property-related offenses (among the strongest declines in the metro) and a meaningful drop in violent offenses, which helps the directional trend. Even so, underwriting should reflect local security expectations and the property’s micro-location, rather than assuming metro-wide averages.
Proximity to established corporate headquarters supports a diversified employment base and commute convenience for renters, with concentration in apparel, banking, tobacco, and life sciences. The employers below represent nearby anchors that can bolster leasing stability.
- VF — apparel & lifestyle brands (4.7 miles) — HQ
- Reynolds American — tobacco products (20.2 miles) — HQ
- BB&T Corp. — banking & financial services (20.3 miles) — HQ
- Hanesbrands — apparel (22.0 miles) — HQ
- Laboratory Corp. of America — diagnostics & life sciences (24.9 miles) — HQ
1509 New Garden Rd offers 24 units in an A+ rated Greensboro inner suburb with strong day-to-day amenity access and a renter base that supports depth of demand. Neighborhood occupancy has moderated versus prior years, but rent positioning benefits from higher area incomes and steady daily-needs access. Built in 1998, the asset trails the neighborhood’s average construction year (2004), presenting practical value-add potential through targeted renovations and systems modernization to compete with newer stock.
Based on CRE market data from WDSuite, the submarket shows healthy comparative amenity strength (notably grocery, cafes, and restaurants) and directionally improving safety metrics, while homeownership costs help sustain reliance on rental options. Key underwriting considerations include measured lease-up expectations given softer neighborhood occupancy and tactical differentiation to defend pricing power and retention.
- A+ neighborhood rank (8 of 245) with strong daily-needs access supporting tenant retention
- 1998 vintage vs. 2004 neighborhood average points to clear value-add and systems upgrade upside
- Renter-occupied share provides depth of demand; higher incomes support rent positioning
- Directional crime improvement and proximity to multiple HQs aid leasing stability
- Risk: Neighborhood occupancy is below stronger cycles; plan for disciplined leasing and differentiation