| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Best |
| Demographics | 51st | Good |
| Amenities | 24th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3620 Belmont St, Greensboro, NC, 27406, US |
| Region / Metro | Greensboro |
| Year of Construction | 2007 |
| Units | 24 |
| Transaction Date | 2016-09-27 |
| Transaction Price | $18,400,000 |
| Buyer | SOUTHWOOD ABERNATHY PARK LLC |
| Seller | ABERNATHY PROPERTY HOLDINGS LLC |
3620 Belmont St Greensboro Multifamily Investment
Positioned in an inner-suburb pocket of Greensboro with a high renter concentration, this 24-unit asset benefits from neighborhood occupancy that is competitive among metro peers, according to WDSuite’s CRE market data. The location supports stable leasing fundamentals for workforce-oriented apartments without relying on premium amenity drivers.
The property sits in a Greensboro inner-suburb neighborhood rated B+ (ranked 75 out of 245 metro neighborhoods), indicating balanced livability and investment appeal relative to the region. Neighborhood occupancy is competitive among Greensboro-High Point neighborhoods (ranked 92 of 245; above the national median), supporting day-one leasing stability for multifamily investors. The share of housing units that are renter-occupied is high (ranked 5 of 245; top tier nationally), signaling a deep tenant base and durable demand for rentals.
At the neighborhood level, daily-needs access is adequate: grocery options score above the national median (67th percentile), and childcare density is strong (79th percentile). Dining and cafes are limited locally, and park access is thin, so residents may travel a bit farther for those amenities. For investors, this mix skews toward practical convenience rather than lifestyle-driven premiums, which can sustain steady occupancy even without Class A retail adjacency.
Construction patterns favor newer stock versus the metro average (neighborhood’s average vintage is 1984). This specific asset was built in 2007, which generally competes well against older properties while still warranting periodic system updates and light modernization to support rentability and retention.
Demographic statistics within a 3-mile radius show households have grown in recent years even as population was roughly flat, pointing to smaller household sizes and a broader renter pool. Looking ahead, projections indicate growth in both households and incomes through 2028, which can expand the tenant base and reinforce occupancy stability for well-managed multifamily buildings, based on CRE market data from WDSuite.
Safety indicators are mixed when viewed across different benchmarks. The neighborhood’s overall crime rank sits 67 out of 245 metro neighborhoods; since lower ranks indicate more crime, this places the area below the metro median on this measure. Nationally, the neighborhood trends near the middle of the pack (around the 53rd percentile), suggesting conditions that are neither outlier-high nor low compared with neighborhoods across the country.
Recent momentum is constructive: both property and violent offense estimates show meaningful year-over-year declines (improvement ranks in the upper tiers metro-wide and higher percentiles nationally). For investors, the directional trend is favorable, while prudent on-site security practices and resident screening remain important for leasing performance and retention.
The area draws on a diversified employer base across apparel, diagnostics, banking, and consumer products, supporting commuter convenience and a broad renter pool from corporate offices including VF, Laboratory Corp. of America, Reynolds American, BB&T Corp., and Hanesbrands.
- VF — apparel (6.9 miles) — HQ
- Laboratory Corp. of America — diagnostics (22.1 miles) — HQ
- Reynolds American — tobacco (24.2 miles) — HQ
- BB&T Corp. — banking (24.2 miles) — HQ
- Hanesbrands — apparel (27.2 miles) — HQ
Built in 2007 with an average unit size over 1,000 square feet, this 24-unit property is positioned to compete against older neighborhood stock while benefiting from a renter-heavy housing mix and occupancy levels that are competitive among Greensboro-High Point submarkets. According to CRE market data from WDSuite, neighborhood demand skews toward practical, workforce-oriented rentals, with grocery and childcare access supporting day-to-day livability.
Investor considerations include careful lease management given rent-to-income pressures at the neighborhood level and attention to continued safety improvements. The vintage supports a light-to-moderate value-add plan focused on systems upkeep and cosmetic refreshes to preserve rentability and tenant retention.
- Competitive neighborhood occupancy and a high share of renter-occupied housing units support leasing stability.
- 2007 construction offers relative competitiveness versus older stock, with scope for targeted upgrades.
- Practical amenity access (grocery, childcare) underpins workforce demand despite limited dining/parks nearby.
- Directional safety improvements provide a constructive backdrop for occupancy and retention.
- Risks: household rent-to-income pressure and limited lifestyle amenities require disciplined pricing and asset management.