| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 31st | Poor |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1604 E Washington St, Greensboro, NC, 27401, US |
| Region / Metro | Greensboro |
| Year of Construction | 2009 |
| Units | 24 |
| Transaction Date | 2013-03-27 |
| Transaction Price | $600,000 |
| Buyer | UNIV LANDING NCAT LLC |
| Seller | GANG OF FIVE GUYS LLC |
1604 E Washington St Greensboro Multifamily Investment
The neighborhood shows an elevated share of renter-occupied units and occupancy trending higher in recent years, according to WDSuite’s CRE market data, supporting depth of tenant demand for a 24-unit asset. While leasing conditions can vary by asset quality and management, recent momentum provides a constructive backdrop for stabilized operations.
Located in Greensboro’s inner-suburb fabric, the neighborhood is competitive among Greensboro-High Point neighborhoods (ranked 93 of 245 for amenities) with strong restaurant density (84th percentile nationally) and better-than-average grocery access (68th percentile), though parks, pharmacies, and cafes are limited. For investors conducting multifamily property research, this mix suggests everyday convenience with fewer discretionary amenity nodes nearby.
Neighborhood housing stock skews older (average vintage 1969 across the area), while the subject property’s 2009 construction is newer than the surrounding stock—supporting relative competitiveness against legacy rentals. Newer systems can temper near-term capital needs, though investors should still plan for mid-life replacements and potential repositioning to meet current renter preferences.
Renter demand fundamentals are supported by tenure patterns: within the neighborhood, the share of housing units that are renter-occupied is high, indicating a deeper tenant base for multifamily. Within a 3-mile radius, households have grown in recent years and are projected to expand further by 2028, with a concurrent decrease in average household size—factors that can expand the renter pool and support occupancy stability.
Rent levels in the neighborhood sit near the middle of national distributions (median contract rent rank near the 47th percentile), while rent-to-income metrics and below-median household incomes suggest pockets of affordability pressure. For owners, this calls for disciplined lease management and amenity-value alignment, but also points to durable demand in a high renter-concentration area. Average school ratings trend above many peers locally (top quartile among 245 metro neighborhoods and 61st percentile nationally), which can aid retention among family renters.
Safety indicators are mixed and should be evaluated in context. Overall crime performance is around the national middle (50th percentile), and comparatively competitive among Greensboro-High Point neighborhoods (ranked 84 out of 245). Recent trend data shows meaningful year-over-year decreases in both property and violent offense estimates, which is a constructive signal for operators, though volatility can persist by micro-location.
Violent-offense levels benchmark below the national median (12th percentile), while property offenses sit lower in the national distribution as well (22nd percentile). The neighborhood’s sharp one-year improvements rank in the upper tiers locally, but investors should underwrite with standard precautions—reviewing recent comps, on-the-ground conditions, and property-level security measures—rather than relying solely on neighborhood averages.
Regional employment anchors within commuting range include apparel, healthcare diagnostics, and consumer products headquarters, supporting renter demand through a mix of office, operations, and professional roles.
- VF — apparel HQ (4.1 miles) — HQ
- Laboratory Corp. of America — healthcare diagnostics (18.5 miles) — HQ
- Reynolds American — consumer products (26.8 miles) — HQ
- BB&T Corp. — financial services (26.9 miles) — HQ
- Hanesbrands — apparel (29.0 miles) — HQ
Built in 2009 with 24 units, the property offers a newer-vintage alternative amid an older neighborhood stock, which can enhance leasing competitiveness and moderate near-term capital exposure. High renter concentration locally and growing household counts within a 3-mile radius point to a broad tenant base, while neighborhood occupancy has moved higher in recent years—conditions that can support stable operations if pricing and amenities align with area incomes.
According to WDSuite’s commercial real estate analysis, neighborhood rents sit near national midpoints while incomes trend lower, suggesting sensitivity to rent increases but persistent reliance on rental housing. Investors can target value-add interior updates and operational efficiencies to capture demand without overextending affordability, while maintaining prudent assumptions given mixed but improving safety trends and uneven amenity depth.
- Newer 2009 vintage versus older local stock supports competitive positioning and manageable near-term capex.
- High renter-occupied share and expanding household counts (3-mile radius) deepen the tenant base and can support occupancy stability.
- Neighborhood rents near national midpoints allow demand capture through targeted upgrades and leasing execution.
- Risks: below-median incomes and mixed safety metrics require disciplined rent growth assumptions and active property management.