| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Best |
| Demographics | 52nd | Good |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 601 Friendway Rd, Greensboro, NC, 27410, US |
| Region / Metro | Greensboro |
| Year of Construction | 2000 |
| Units | 24 |
| Transaction Date | 2021-09-22 |
| Transaction Price | $15,900,000 |
| Buyer | GRAND SUMMIT APARTMENTS LLC |
| Seller | TRIANGLE GRAND SUMMIT LLC |
601 Friendway Rd Greensboro 24-Unit Multifamily Investment
Neighborhood-level occupancy is holding above the metro median and renter concentration is deep, according to WDSuite’s CRE market data. This points to durable tenant demand near term, with pricing power tempered by local income levels measured at the neighborhood rather than the property.
Situated in an Inner Suburb of Greensboro-High Point, the neighborhood posts an A rating and is competitive among Greensboro neighborhoods (ranked 30 of 245). Amenity access is a relative strength: cafes, groceries, restaurants, and pharmacies rank inside the top tier locally, while parks and childcare are limited. For investors, this mix supports daily convenience and leasing appeal but suggests fewer outdoor and family-oriented amenities nearby.
Multifamily fundamentals are stable. Neighborhood occupancy is about the mid-50s nationally and above the metro median (rank 110 of 245), indicating steady absorption. The share of housing units that are renter-occupied is high (rank 8 of 245; top percentile nationally), signaling a deep tenant base and consistent leasing velocity. Median contract rents sit near the national middle, and a relatively low rent-to-income ratio implies manageable affordability pressure that can aid retention and reduce turnover risk.
Within a 3-mile radius, recent years show modest population and household softness, but forecasts point to a return to growth by 2028 with more households and a smaller average household size. For multifamily, that combination typically expands the renter pool and supports occupancy stability. Income distributions are mixed, with growth at the middle to upper bands, which can underpin demand for quality, professionally managed rentals.
Ownership costs are comparatively elevated in this neighborhood versus local incomes (value-to-income ranks in the upper national quartile), which tends to reinforce renter reliance on multifamily housing and supports lease-up and retention. The average neighborhood construction year is 1991; this property was built in 2000, offering a competitive edge versus older stock, while still warranting selective modernization and system updates to meet current renter expectations.
Safety metrics are mixed when viewed against wider benchmarks. At the neighborhood level, crime sits near the middle of the metro (rank 102 of 245) and below the national median percentile. However, both property and violent offense rates have declined notably over the past year, placing the neighborhood s improvement in a stronger national band. Investors should interpret this as directionally positive momentum from a baseline that remains only moderately competitive versus national peers.
As always, underwriting should reflect submarket context and trend monitoring rather than block-level assumptions. Consider security, lighting, and operational practices appropriate for an inner-suburban location where safety indicators are improving but not yet top quartile nationally.
Proximity to established corporate headquarters supports a stable commuter tenant base and helps leasing resiliency, particularly among workforce and professional renters. Notable nearby employers include VF, Reynolds American, BB&T Corp., Hanesbrands, and Laboratory Corp. of America.
- VF apparel HQ (6.6 miles) HQ
- Reynolds American tobacco products (18.9 miles) HQ
- BB&T Corp. banking & financial services (19.0 miles) HQ
- Hanesbrands apparel (21.3 miles) HQ
- Laboratory Corp. of America diagnostics & lab services (26.3 miles) HQ
601 Friendway Rd offers 24 units built in 2000, positioning it newer than the neighborhood s average vintage. That relative youth supports competitive curb appeal and systems reliability versus older stock, with selective renovations likely to enhance rentability and NOI. Neighborhood occupancy trends are above the metro median and renter-occupied unit share is high, indicating a sizable tenant base and consistent leasing. According to CRE market data from WDSuite, local amenity access for daily needs is strong, while parks and childcare are thinner a mix that typically suits workforce and professional renters.
From a demand standpoint, the 3-mile radius shows a forecast increase in households and incomes by 2028, which should expand the renter pool and support occupancy stability. Relative ownership costs versus incomes lean high here, reinforcing sustained rental demand. Key risks to underwrite include safety metrics that, while improving, trail national leaders, below-average school ratings, and neighborhood NOI per unit that lags many Greensboro submarkets, all of which argue for disciplined expense control and targeted value-add execution.
- Newer 2000 vintage vs. neighborhood average, with clear renovation and modernization upside
- Occupancy above metro median and high renter-occupied share support a deep tenant base
- Strong daily-needs amenity access (groceries, cafes, pharmacies) enhances leasing appeal
- 3-mile forecasts point to household and income growth, supporting rentability and retention
- Risks: safety metrics below national leaders, weak school ratings, and submarket NOI that trails peers