| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 73rd | Best |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1523 New Garden Rd, Greensboro, NC, 27410, US |
| Region / Metro | Greensboro |
| Year of Construction | 1998 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1523 New Garden Rd, Greensboro Multifamily
Neighborhood fundamentals point to steady renter demand supported by strong nearby amenities and improving safety; according to WDSuite’s CRE market data, local rents have trended upward while incomes have strengthened, helping sustain occupancy at the neighborhood level.
Located in Greensboro’s inner suburbs, the property benefits from a neighborhood rated A+ among 245 metro neighborhoods, with amenity access that is competitive locally and modestly above national norms. Grocery access ranks 6th of 245 metro neighborhoods (top quartile nationally), while cafés and restaurants are also competitive among Greensboro neighborhoods. Parks and pharmacies are less concentrated in this immediate area, so residents may rely more on private recreation and destination retail.
The neighborhood’s typical construction year trends newer (average 2004). With a 1998 vintage, the asset is somewhat older than nearby stock, implying potential value‑add or capital planning opportunities to modernize interiors and common areas to remain competitive with 2000s-era product.
Neighborhood occupancy is below the metro median (ranked 158 of 245), reflecting some leasing friction relative to top-performing Greensboro pockets. Even so, a rent-to-income ratio around 0.18 and median contract rent levels that are above the metro median suggest room for pricing discipline without overextending affordability. Renter-occupied housing accounts for roughly a third of neighborhood units (renter concentration near 37%), indicating a meaningful—though not dominant—tenant base for multifamily.
Within a 3-mile radius, demographics show a slight decline in population over the past five years alongside smaller average household sizes. Forecasts indicate households are expected to increase while average household size continues to edge down, pointing to more, smaller households entering the market. Rising median incomes and projected rent growth in this 3-mile catchment support depth of tenant demand and lease retention potential, particularly for well-managed, updated units.
Home values are elevated relative to local incomes but remain well below coastal gateway markets. In practice, this means ownership is attainable for some households, which can create competition at certain price points, yet multifamily remains a more accessible option for many households—supporting a durable renter pool and stable leasing dynamics for well-positioned assets.
Safety indicators for the neighborhood are generally favorable in national context, with overall crime levels benchmarking above national norms for safety. Year over year, both property and violent offense indicators show improvement; property offenses, in particular, registered one of the strongest declines nationally in the most recent period, according to WDSuite’s CRE market data.
Conditions can vary by offense type and micro-area. Investors should underwrite with typical precautions—review recent comparable incidents, confirm lighting and access controls, and align security measures with resident expectations—while recognizing the positive directional trend in reported metrics.
Proximity to established corporate headquarters supports a stable renter base seeking convenient commutes. Employers in apparel, tobacco, banking, and life sciences within a manageable drive underpin diversified demand in this Greensboro submarket.
- VF — apparel HQ (4.8 miles) — HQ
- Reynolds American — tobacco (20.2 miles) — HQ
- BB&T Corp. — banking (20.3 miles) — HQ
- Hanesbrands — apparel (21.9 miles) — HQ
- Laboratory Corp. of America — life sciences (25.0 miles) — HQ
This 24‑unit, 1998‑vintage asset offers immediate exposure to an A+‑rated Greensboro neighborhood with strong daily‑needs retail and a renter base supported by nearby corporate employers. The property’s vintage is slightly older than the neighborhood average (2004), creating clear value‑add pathways—unit renovations, common‑area refresh, and systems upgrades—to sharpen competitiveness against 2000s product. According to CRE market data from WDSuite, neighborhood occupancy trends below the metro median, so disciplined leasing and targeted capex can be critical to capture demand and drive retention.
Within a 3‑mile radius, household incomes have strengthened and are projected to rise further, while household counts are expected to increase even as average household size declines—an underpinning for a larger tenant base over time. Median contract rents and a moderate rent‑to‑income profile support sustained pricing power for updated units, though ownership alternatives remain accessible enough to monitor as a competitive factor.
- A+ neighborhood with top‑quartile daily‑needs access and diversified nearby employment
- 1998 vintage presents value‑add and modernization upside versus 2000s‑era competitive stock
- Strengthening 3‑mile household incomes and projected household growth support tenant demand
- Moderate rent‑to‑income dynamics enable pricing discipline for renovated units
- Risks: below‑median neighborhood occupancy, limited nearby parks/pharmacies, and potential competition from attainable ownership