| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Best |
| Demographics | 81st | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5318 Fox Cove Ln, Greensboro, NC, 27407, US |
| Region / Metro | Greensboro |
| Year of Construction | 1996 |
| Units | 22 |
| Transaction Date | 2006-05-19 |
| Transaction Price | $28,871,500 |
| Buyer | MDO ADAMS FARM INVESTORS LLC |
| Seller | CORE REALTY HOLDINGS VP LLC |
5318 Fox Cove Ln Greensboro 22-Unit Multifamily
Neighborhood occupancy has remained resilient, supporting income stability at the submarket level, according to WDSuite’s CRE market data. The location’s renter base and steady demand drivers offer a practical entry point without relying on outsized assumptions.
Located in an inner suburb of Greensboro, the property benefits from a neighborhood rating of A- and an occupancy environment that is competitive among Greensboro-High Point neighborhoods (ranked 76 out of 245) and above the national median (66th percentile). While these occupancy figures are measured for the neighborhood rather than the property, they point to supportive fundamentals for rent roll durability.
Renter-occupied housing accounts for a meaningful share of units locally (43.5%; 83rd percentile nationally), indicating a deep tenant base that can support leasing and renewals. Median home values sit in a higher-cost ownership context for the metro, which can reinforce multifamily demand by keeping more households engaged with rental options and aiding pricing power.
Within a 3-mile radius, demographics show population growth over the last five years and a larger increase in households, with projections pointing to continued household expansion over the next five years. This pattern implies a growing tenant base and supports occupancy stability for well-positioned assets.
Amenity density inside the neighborhood is limited (food, grocery, parks, and daily services score at the bottom of metro rankings among 245 neighborhoods), so the area skews more auto-oriented. Investors should underwrite resident convenience via proximity to major corridors and employment nodes rather than walkable retail clusters.
The property’s 1996 vintage is older than the neighborhood’s average construction year (2001), which suggests investors should plan for capital improvements or value-add upgrades to keep the asset competitive versus newer stock, even if core systems remain functional.
Safety trends are mixed and should be underwritten with local management insight. Within the Greensboro-High Point metro, the neighborhood’s crime ranking sits at 23 out of 245 neighborhoods, indicating higher crime relative to many local peers. Nationally, however, the area trends above the median for safety (around the 65th percentile), reflecting comparatively better outcomes versus many U.S. neighborhoods.
Recent movement is constructive: estimated property offenses declined sharply year over year and violent offenses also moved lower, according to WDSuite’s CRE market data. While these are neighborhood-level indicators rather than block-specific readings, the directional improvement can support leasing and retention when paired with standard security and operations practices.
Commutable access to multiple corporate headquarters underpins renter demand and lease retention, with proximity to apparel, tobacco, banking, and life sciences employers referenced below.
- VF — apparel corporate offices (9.2 miles) — HQ
- Reynolds American — tobacco corporate offices (19.6 miles) — HQ
- BB&T Corp. — banking corporate offices (19.6 miles) — HQ
- Hanesbrands — apparel corporate offices (23.1 miles) — HQ
- Laboratory Corp. of America — life sciences corporate offices (26.8 miles) — HQ
This 22-unit, 1996-vintage asset in Greensboro leverages a neighborhood with above-median occupancy and a strong renter concentration, supporting demand depth and steady leasing. Within a 3-mile radius, recent population growth and a faster rise in households point to a larger tenant base ahead, which can bolster occupancy and renewals for well-managed properties. According to CRE market data from WDSuite, rent levels relative to incomes indicate manageable affordability pressure at the neighborhood level, which can aid retention.
The vintage is modestly older than the local average, creating potential for targeted value-add through common-area refreshes, in-unit updates, and selective system upgrades to sharpen competitive positioning against newer stock. Amenity density is limited within the immediate neighborhood, so underwriting should emphasize access to employment corridors and ensure on-site features and parking support an auto-oriented resident profile.
- Neighborhood occupancy above national median supports income stability
- Deep renter-occupied share enhances leasing depth and renewal prospects
- 3-mile radius shows population and household growth, expanding the renter pool
- 1996 vintage offers value-add potential via targeted renovations and system upgrades
- Risks: lower amenity density and higher relative crime within metro require prudent operations