| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 31st | Poor |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1600 E Washington St, Greensboro, NC, 27401, US |
| Region / Metro | Greensboro |
| Year of Construction | 2009 |
| Units | 24 |
| Transaction Date | 2022-09-29 |
| Transaction Price | $7,825,000 |
| Buyer | AGGIE APARTMENT LIFE HOLDING CORPORATION LLC |
| Seller | UNIV LANDING NCAT LLC |
1600 E Washington St Greensboro 24-Unit Multifamily
Neighborhood metrics point to a deep renter pool and improving occupancy trends, according to WDSuite’s CRE market data; figures cited refer to the surrounding neighborhood rather than the property itself.
Located in Greensboro’s inner-suburb fabric, the property sits in a neighborhood rated B- and ranked 136 out of 245 within the Greensboro–High Point metro — competitive among Greensboro–High Point neighborhoods. Restaurant density performs well versus national benchmarks (top quartile), and grocery access is above average; however, parks, pharmacies, cafes, and childcare options are sparse locally, which may modestly affect lifestyle convenience for some renters.
The 2009 construction is newer than the neighborhood’s typical vintage (average year built 1969), suggesting relative competitiveness versus older stock and potentially lighter near-term capital planning needs; investors should still underwrite for system updates and selective modernization as the asset approaches mid-life.
Within a 3-mile radius, demographics show recent population growth with further expansion projected, alongside a rising household count — dynamics that generally support a larger tenant base and occupancy stability. Renter-occupied housing is prevalent in the neighborhood (high renter concentration), signaling depth of demand for multifamily product. Median contract rents in the nearby area have risen and are forecast to continue increasing, while the neighborhood’s rent-to-income profile indicates some affordability pressure, a consideration for lease management and renewal strategies.
Home values in the neighborhood sit modestly above national midpoints and, combined with a high value-to-income ratio, indicate a relatively high-cost ownership market locally — conditions that tend to sustain reliance on rental housing and support lease retention. Neighborhood occupancy has trended higher over the past five years, though levels remain below the metro median, warranting asset-specific leasing focus and marketing execution.
Neighborhood safety metrics are mixed. Relative to other Greensboro–High Point neighborhoods (245 total), the area’s crime rank sits below the metro median, while national comparisons land around the midpoint overall. Importantly for trend perspective, both violent and property offense rates have moved lower year over year, placing the neighborhood in stronger improvement percentiles nationally. Investors should frame these as neighborhood-level indicators rather than block-specific conditions and incorporate standard security and design measures appropriate for an inner-suburb asset.
Proximity to regional headquarters underpins a diversified employment base that can support renter demand and retention, particularly among workforce and office-centric households. Nearby anchors include VF, Laboratory Corp. of America, Reynolds American, BB&T Corp., and Hanesbrands.
- VF — apparel HQ (4.1 miles) — HQ
- Laboratory Corp. of America — diagnostics & labs (18.5 miles) — HQ
- Reynolds American — consumer products (26.8 miles) — HQ
- BB&T Corp. — financial services (26.8 miles) — HQ
- Hanesbrands — apparel (29.0 miles) — HQ
This 24-unit, 2009-built asset offers relative competitive positioning versus the neighborhood’s older housing stock, with a tenant base supported by high renter concentration and growing households within a 3-mile radius. Neighborhood occupancy has improved over the past five years, and a high-cost ownership context locally reinforces reliance on rentals. According to CRE market data from WDSuite, restaurants and grocery access compare favorably to national norms, while amenity gaps (parks, pharmacies, cafes, childcare) and below-median neighborhood occupancy call for disciplined leasing and asset management.
Forward-looking household and income projections within 3 miles point to a larger and more diverse renter pool, while rising local rents suggest potential for ongoing pricing power if unit finishes and operations are kept competitive. Standard underwriting should also account for neighborhood safety positioning relative to the metro, even as recent offense-rate declines indicate improving trends.
- 2009 vintage vs. older neighborhood stock supports competitive positioning with manageable modernization needs
- High renter concentration and projected household growth (3-mile radius) bolster depth of demand
- Favorable restaurant and grocery access; proximity to multiple regional HQs supports leasing stability
- High-cost ownership market sustains renter reliance and can aid retention and pricing
- Risks: below-median neighborhood occupancy, amenity gaps (parks/pharmacy), and metro-relative safety positioning