| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Best |
| Demographics | 53rd | Good |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 700 Granite St, Greensboro, NC, 27403, US |
| Region / Metro | Greensboro |
| Year of Construction | 2005 |
| Units | 24 |
| Transaction Date | 2017-03-17 |
| Transaction Price | $5,100,000 |
| Buyer | SPARTAN STUDENT APARTMENTS LLC |
| Seller | DUGGINS J NATHAN |
700 Granite St Greensboro Multifamily Investment
Neighborhood indicators point to a deep renter base and steady service retail nearby, according to WDSuite’s CRE market data. All figures referenced for rents, occupancy, and schools reflect neighborhood conditions rather than the property itself.
Located in Greensboro’s inner-suburban fabric, 700 Granite St benefits from proximity to daily-needs retail and schools while drawing on a renter-oriented neighborhood. The area ranks 39 out of 245 Greensboro-High Point neighborhoods overall, which is competitive among Greensboro-High Point neighborhoods. Dining access is a relative strength (restaurant density ranks 6 of 245; 90th percentile nationally), and grocery and pharmacy access also score well in the metro context.
School quality is a notable positive for workforce and family renters: the neighborhood’s average school rating is 4.0 out of 5, ranking 8 of 245 and placing it in a strong position versus peer neighborhoods (84th percentile nationally). These fundamentals can support leasing velocity and retention for family-sized units.
Tenure patterns reinforce multifamily demand. Within the neighborhood, an estimated 62.6% of housing units are renter-occupied (ranked 14 of 245; high renter concentration, 95th percentile nationally), indicating a large tenant base. By contrast, the neighborhood occupancy level is below the metro median (ranked 214 of 245; 24th percentile nationally), so underwriting should emphasize asset-level leasing performance rather than assuming neighborhood-wide stability.
Within a 3-mile radius, demographics show modest population growth in recent years with a larger increase in households, suggesting smaller household sizes and a gradual expansion of the renter pool. Projections point to continued population growth and a meaningful increase in household counts over the next five years, which supports demand depth for apartments and can help stabilize occupancy over a longer horizon.
Ownership costs appear elevated relative to local incomes in this neighborhood (value-to-income ratio in the 91st percentile nationally), which tends to reinforce reliance on rental housing and can aid pricing power for well-positioned assets. Neighborhood-level rents have risen over the last five years, and forward-looking rent projections within the 3-mile area indicate continued growth; investors should align renewal strategies with rent-to-income considerations to manage retention risk.
The property’s 2005 construction is newer than the neighborhood average vintage (1970), offering a competitive edge versus older stock. Investors should still plan for mid-life system updates and selective renovations to capture value-add upside and sustain positioning against newer deliveries in the metro.
Safety metrics are mixed but improving in key categories. At the metro level, the neighborhood’s crime position is ranked 85 out of 245, which is competitive among Greensboro-High Point neighborhoods and around the national middle (50th percentile). Property-related offenses have trended down sharply year over year, placing the neighborhood near the top for improvement among metro peers, while violent offense measures sit below the national median, indicating room for continued progress.
As with any infill location, conditions can vary by block and over time. Investors should calibrate security measures and operating practices to asset needs and monitor local trends as municipalities and community partners continue efforts that have coincided with recent declines in property offenses.
Proximity to established corporate employers supports a steady commuter tenant base and helps underpin leasing for workforce housing. Nearby anchors include VF, Laboratory Corp. of America, Reynolds American, BB&T Corp., and Hanesbrands.
- VF — apparel HQ (4.0 miles) — HQ
- Laboratory Corp. of America — diagnostics HQ (21.6 miles) — HQ
- Reynolds American — consumer goods HQ (23.7 miles) — HQ
- BB&T Corp. — financial services HQ (23.8 miles) — HQ
- Hanesbrands — apparel HQ (26.2 miles) — HQ
700 Granite St is positioned in a renter-heavy Greensboro neighborhood with strong access to daily retail and schools, supporting demand for mid-size units. While neighborhood occupancy levels trail the metro median, the deep renter base and improving safety trends suggest potential for stable leasing at the asset level with prudent management. Based on CRE market data from WDSuite, dining and essential retail density compare favorably within the metro, adding to location fundamentals.
Built in 2005, the community is newer than much of the surrounding housing stock, offering competitive positioning against older assets and room for targeted value-add through system refreshes and common-area updates. Within a 3-mile radius, recent growth in households and forecasts for additional population and household gains imply a larger tenant base ahead, supporting occupancy stability and rent growth potential over a multi-year hold.
- Renter-heavy neighborhood (62.6% renter-occupied) supports deep tenant demand
- Strong metro-relative access to restaurants, groceries, and pharmacies aids retention
- 2005 vintage is competitive versus older local stock with value-add potential via mid-life updates
- 3-mile household and population growth outlook expands the renter pool over time
- Risk: Neighborhood occupancy ranks below metro median; underwriting should prioritize asset-specific leasing performance