| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 31st | Poor |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 401 S Benbow Rd, Greensboro, NC, 27401, US |
| Region / Metro | Greensboro |
| Year of Construction | 2004 |
| Units | 24 |
| Transaction Date | 2019-12-18 |
| Transaction Price | $32,500,000 |
| Buyer | NC A & T REAL ESTATE FOUNDATION LLC |
| Seller | GBORO AG II LLC |
401 S Benbow Rd Greensboro Multifamily Investment
Stabilized renter demand is supported by a high neighborhood renter-occupied share and improving occupancy, according to WDSuite’s CRE market data. Neighborhood metrics indicate a workforce-leaning tenant base, suggesting durable leasing fundamentals with measured rent growth potential.
This Inner Suburb location in Greensboro balances access to everyday needs with room for operational optimization. Neighborhood restaurant density ranks 20 out of 245 metro neighborhoods, signaling a competitive dining cluster, while grocery access sits above the metro median (rank 50 of 245). Fewer immediate parks, pharmacies, cafes, and childcare options (ranks near the bottom of 245) suggest residents may rely on nearby districts for certain amenities, a consideration for marketing and resident services.
The property’s 2004 vintage is newer than the neighborhood’s average construction year (1969). That positioning typically offers competitive appeal versus older stock and can reduce near-term capital intensity; still, two-decade-old systems may warrant targeted modernization to preserve rentability and operating efficiency.
Neighborhood housing dynamics point to a deep renter pool. The share of housing units that are renter-occupied is high at 67.4% (top quartile among 245 metro neighborhoods), supporting multifamily demand. Neighborhood occupancy is 83.1% with notable improvement over five years, indicating capacity for lease-up strategies and potential to capture in-place rent growth as operations tighten.
Within a 3-mile radius, demographics show modest population growth over the last five years and a forecast increase by 2028, alongside a projected rise in total households and a decline in average household size. These trends point to a larger tenant base with more renters entering the market over time, which can support occupancy stability and steady absorption. The 3-mile renter-occupied share is also elevated, reinforcing depth of demand for apartment product.
Home values in the neighborhood are elevated relative to local incomes (value-to-income ratio ranks 11 of 245, i.e., top decile in the metro). In practice, a high-cost ownership market tends to sustain renter reliance on multifamily housing and can support lease retention. At the same time, a neighborhood rent-to-income ratio near 0.29 signals some affordability pressure, calling for thoughtful pricing and renewal management.
Safety indicators are mixed in context. The neighborhood’s crime profile sits around the metro middle (crime rank 84 of 245) and roughly average nationally (about the 50th percentile). Property offenses have improved sharply year over year (top-quartile improvement nationally), which is a constructive trend to monitor for continued momentum.
Violent offense levels benchmark below many neighborhoods nationwide (around the 12th national percentile), so prudent security measures and resident engagement remain relevant. For investors, the key is trend direction: recent reductions in both property and violent offense rates suggest conditions have been moving in a favorable direction compared with prior-year readings, based on WDSuite’s CRE market data.
Proximity to headquarters and major employers supports a broad renter base and commute convenience, notably in apparel, diagnostics, tobacco, and banking — all of which can bolster leasing resilience for workforce and professional tenants.
- VF — apparel HQ (3.9 miles) — HQ
- Laboratory Corp. of America — diagnostics (18.7 miles) — HQ
- Reynolds American — tobacco (26.6 miles) — HQ
- BB&T Corp. — banking (26.6 miles) — HQ
- Hanesbrands — apparel (28.8 miles) — HQ
401 S Benbow Rd offers a 2004-vintage asset positioned newer than much of the surrounding housing stock, providing competitive appeal versus older product while leaving room for selective upgrades to enhance durability and rentability. Neighborhood fundamentals point to a deep renter base — high renter-occupied share and improving occupancy — with restaurant and grocery access that is competitive among Greensboro neighborhoods. Elevated ownership costs relative to incomes help sustain renter demand, while a neighborhood rent-to-income ratio near 0.29 calls for disciplined pricing and renewal strategies. According to CRE market data from WDSuite, recent safety trends have improved, which, if sustained, can support leasing stability.
Within a 3-mile radius, population growth to date and a projected expansion in households alongside smaller household sizes suggest an expanding tenant base over the medium term. This backdrop, combined with access to several regional headquarters, supports steady absorption potential for a professionally managed, mid-scale community.
- Newer 2004 vintage versus local average, with targeted modernization upside
- High neighborhood renter-occupied share and improving occupancy support demand depth
- Elevated ownership costs reinforce renter reliance, aiding retention
- 3-mile growth outlook points to a larger tenant base and steady absorption
- Risks: below-metro-median occupancy, mixed safety benchmarks, and limited nearby parks/cafes