| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Best |
| Demographics | 67th | Best |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7003 W Friendly Ave, Greensboro, NC, 27410, US |
| Region / Metro | Greensboro |
| Year of Construction | 2003 |
| Units | 20 |
| Transaction Date | 2016-08-18 |
| Transaction Price | $36,700,000 |
| Buyer | AGM AUTUMN PARK LLC |
| Seller | MID AMERICA APARTMENTS LP |
7003 W Friendly Ave Greensboro Multifamily Investment
Renter concentration and steady household formation nearby point to resilient tenant demand, according to WDSuite’s CRE market data, with 2003 construction offering competitive positioning versus older stock.
Situated in Greensboro’s inner suburb, the property benefits from an A-rated neighborhood that ranks 33 out of 245 metro neighborhoods—top quartile in the Greensboro–High Point market. Grocery and restaurant access trends above national averages, while pharmacies are reasonably accessible; parks, cafes, and childcare options are limited within the neighborhood footprint, signaling convenience for daily needs but fewer discretionary amenities.
Multifamily dynamics are supportive: the share of housing units that are renter-occupied is elevated (ranked 10 of 245), indicating a deep tenant base that can aid leasing and retention. Neighborhood occupancy is reported at 86.8%, and although it has softened in recent years, this submarket’s renter concentration provides a foundation for demand stability and day-to-day leasing velocity.
Within a 3-mile radius, demographics show smaller household sizes over time and a projected increase in households by the next five-year window, pointing to a broader renter pool even as population levels remain roughly flat. Median rents in the 3-mile area have risen over the past five years and are expected to continue climbing, which supports forward pricing power; operators should pair this with disciplined lease management given rent-to-income considerations noted for the neighborhood.
Home values in the neighborhood sit in a high-cost ownership context relative to incomes (high national percentile for value-to-income), which tends to reinforce multifamily reliance and supports renter retention. The 2003 vintage is newer than the neighborhood average year built (1994), positioning the asset competitively versus older stock while still warranting routine systems updates and selective modernization to maintain appeal.
Safety indicators present a mixed but improving picture. Within the Greensboro–High Point metro, the neighborhood’s crime rank sits at 64 out of 245, placing it in a higher-incident tier relative to many local neighborhoods. Nationally, overall conditions are around mid-range, and both property and violent offense rates have shown notable year-over-year improvement, with reductions that rank among the stronger trends compared with neighborhoods nationwide.
For investors, the takeaway is operational rather than structural: ongoing monitoring, lighting and access controls, and resident engagement should help sustain recent improvement momentum and support leasing stability without relying on block-level assumptions.
Proximity to regional headquarters anchors the employment base, supporting workforce housing demand and commute convenience for residents. Notable employers include VF, Reynolds American, BB&T Corp., Hanesbrands, and Laboratory Corp. of America.
- VF — apparel HQ (7.1 miles) — HQ
- Reynolds American — tobacco products HQ (18.2 miles) — HQ
- BB&T Corp. — banking HQ (18.2 miles) — HQ
- Hanesbrands — apparel HQ (20.5 miles) — HQ
- Laboratory Corp. of America — diagnostics HQ (27.0 miles) — HQ
This 20-unit, 2003-vintage asset in Greensboro’s top-quartile inner-suburban neighborhood is positioned for steady performance. Elevated renter concentration at the neighborhood level points to depth of tenant demand, while a newer-than-average vintage versus nearby housing (1994 average) provides competitive differentiation with manageable capital planning focused on systems upkeep and selective upgrades. Based on CRE market data from WDSuite, neighborhood occupancy remains serviceable, and high value-to-income conditions for ownership support continued reliance on rental housing.
Within a 3-mile radius, shrinking household sizes and a projected increase in households expand the renter pool even as population levels hold roughly stable. Local rent trends have been rising and are expected to continue, supporting revenue growth potential; pairing this with prudent affordability and retention strategies can help sustain occupancy and stabilize cash flow through cycles.
- Newer 2003 construction versus local stock supports competitive positioning with measured CapEx needs.
- High renter-occupied share signals a deep tenant base and supports leasing velocity.
- Household growth within 3 miles and rising rents underpin revenue opportunities with disciplined lease management.
- High-cost ownership context favors renter reliance, aiding retention and pricing power.
- Risk: Neighborhood safety is improving but remains a focus area; ongoing security and resident engagement are advisable.