| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Best |
| Demographics | 53rd | Good |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 804 S Chapman St, Greensboro, NC, 27403, US |
| Region / Metro | Greensboro |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | 2021-08-02 |
| Transaction Price | $5,100,000 |
| Buyer | SPARTAN CROSSING OWNER LLC |
| Seller | CHAPMAN PLACE HOLDING COMPANY LLC |
804 S Chapman St, Greensboro Multifamily Investment
Built in 2008 with 24 units, this asset benefits from a renter-heavy neighborhood and proximity to daily needs, according to WDSuite’s CRE market data. Expect durable demand drivers from location fundamentals rather than speculative catalysts.
The property sits in an Inner Suburb pocket of Greensboro-High Point rated A- and ranked 39 out of 245 neighborhoods—competitive among Greensboro-High Point neighborhoods. Local convenience is a strength: restaurants and pharmacies score in the higher national percentiles, while grocery access is solid relative to many areas. Parks, cafes, and childcare options are thinner nearby, so lifestyle appeal skews more toward daily essentials than recreational amenities.
Vintage matters: with a 2008 construction year versus a neighborhood average closer to 1970, the asset competes well against older housing stock. Investors should still underwrite typical mid-life system updates and modernization to maintain positioning against newer deliveries.
Unit tenure tilts renter-occupied at the neighborhood level (among the highest shares metro-wide), indicating a deep tenant base and support for leasing continuity. Neighborhood occupancy trends have been stable but sit below stronger submarkets, so thoughtful leasing and retention programs remain important to sustain occupancy.
Demographics within a 3-mile radius point to a steady renter pool: population and households have grown in recent years, and forecasts show further household increases by the next five-year window, implying a larger tenant base and support for absorption. Rising median incomes in the 3-mile area, together with a high-cost ownership backdrop in the neighborhood context, tend to reinforce reliance on multifamily rentals and support pricing power for well-managed assets.
From a rent and affordability perspective, neighborhood rents are mid-market while rent-to-income levels suggest manageable affordability pressure, which helps retention and reduces turnover risk compared with more heavily burdened submarkets.
Neighborhood safety indicators sit around the metro middle (crime rank near the center at 85 out of 245 neighborhoods), generally aligning with average national positioning. Recent trend data show meaningful improvement in property offenses over the past year—among the stronger national improvements—while violent offense trends have nudged better as well. For investors, this suggests risk management should remain part of operations, but the directionality has been favorable.
Safety conditions can vary block to block; investors should rely on on-the-ground diligence and policy-driven measures (lighting, access control, and resident engagement) to sustain leasing and retention while monitoring trends against metro benchmarks.
Proximity to several corporate headquarters underpins commuter demand and supports leasing stability. Notable employers in the area include VF, Laboratory Corp. of America, Reynolds American, BB&T Corp., and Hanesbrands.
- VF — apparel HQ (4.1 miles) — HQ
- Laboratory Corp. of America — diagnostics HQ (21.7 miles) — HQ
- Reynolds American — consumer goods HQ (23.6 miles) — HQ
- BB&T Corp. — financial services HQ (23.7 miles) — HQ
- Hanesbrands — apparel HQ (26.1 miles) — HQ
2008 construction provides competitive positioning against older neighborhood stock while leaving room for targeted value-add to kitchens, baths, and common areas. A renter-heavy neighborhood supports depth of demand, and daily-needs access (restaurants, groceries, pharmacies) aids leasing and retention. According to CRE market data from WDSuite, neighborhood occupancy has been steady but trails stronger submarkets, so operating focus should emphasize renewals and lead generation rather than relying on outsized walk-in traffic.
Within a 3-mile radius, population and households have grown and are projected to increase further, expanding the tenant base and supporting occupancy stability. Elevated ownership costs relative to incomes in the neighborhood context reinforce reliance on rentals, while mid-market rents and manageable rent-to-income dynamics help sustain retention. Investors should weigh these positives against thinner park/cafe/childcare coverage and average safety positioning, which call for active asset management.
- 2008 vintage competes well versus older stock, with selective renovation upside
- Renter-heavy neighborhood supports a deep tenant base and leasing continuity
- Daily-needs proximity (restaurants, groceries, pharmacies) supports retention and rent collections
- 3-mile population and household growth expand the renter pool, aiding occupancy stability
- Risks: below-peak neighborhood occupancy, thinner parks/cafes/childcare nearby, and average safety metrics require active management