| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 63rd | Good |
| Amenities | 42nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1308 Old Spartanburg Rd, Hendersonville, NC, 28792, US |
| Region / Metro | Hendersonville |
| Year of Construction | 2011 |
| Units | 57 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1308 Old Spartanburg Rd Hendersonville Multifamily
Stabilized renter demand and high neighborhood occupancy support income durability, according to WDSuite’s CRE market data. Newer 2011 vintage relative to local stock positions the asset competitively while preserving room for targeted upgrades.
Located in Hendersonville’s Inner Suburb, the property sits in a neighborhood rated A (ranked 18 of 155 within the Asheville metro), signaling competitive fundamentals for multifamily investors. Neighborhood occupancy is strong and has improved over the last five years, placing the area in the top quartile nationally for stability and above metro norms.
Daily-needs access is a relative strength: grocery and pharmacy density rank near the top of the metro (each measured against 155 neighborhoods), and restaurants are also well represented. Park space and cafes are limited by comparison, which may temper some lifestyle appeal, but core errands remain convenient for residents.
The renter-occupied share within the neighborhood is over half of housing units (ranked 3 of 155 locally), indicating a deep tenant base and dependable leasing velocity. Median rent relative to income trends suggest manageable affordability pressure at the neighborhood level, which can support retention and reduce turnover risk.
Within a 3-mile radius, demographic data indicate population growth with an expanding household base through the current forecast window, pointing to a larger tenant pool and support for occupancy. Median home values sit around the middle of national comparisons, while a high value-to-income ratio in national percentile terms underscores a high-cost ownership market locally—favorable for sustaining reliance on multifamily rentals and pricing power, if managed carefully.
Construction year matters: built in 2011 versus a neighborhood average of 1983, the asset is newer than much of the surrounding stock. That supports competitive positioning against older properties, while investors should still plan for normal mid-life system updates and selective modernization to protect revenue.
Safety signals are mixed but generally favorable in broader comparisons. The neighborhood benchmarks around the mid-60s percentile nationally for safety, indicating it performs better than many areas across the country. Property offenses have declined sharply year over year, placing the area in a top national percentile for improvement, while violent-offense metrics sit closer to national midrange with some recent uptick. As always, investors should evaluate property-level security measures and monitor local trends alongside metro peers (all ranks measured against 155 Asheville-metro neighborhoods; national percentiles compare neighborhoods nationwide).
Regional employment access includes industrial gases, healthcare/insurance, and advanced manufacturing nodes within commuting range, which can support workforce housing demand and resident retention. Employers highlighted below align with these sectors.
- Airgas Store — industrial gases (18.7 miles)
- UnitedHealth Group — healthcare and insurance services (33.2 miles)
- 3M Greenville — manufacturing (38.5 miles)
- Parker-Hannifin Tech Seal Div — manufacturing and engineering (42.4 miles)
- Caterpillar — heavy equipment manufacturing (43.9 miles)
This 57-unit, 2011-vintage asset benefits from a neighborhood that ranks competitively within the Asheville metro and shows strong occupancy with improvement over the past five years. Newer construction relative to the 1983 neighborhood average provides an operational edge against older comparables, while a renter-occupied housing mix above local norms supports depth of demand and leasing stability. According to CRE market data from WDSuite, the area’s rent-to-income dynamics are consistent with manageable affordability pressure, supporting retention and collections management.
Within a 3-mile radius, population and household growth through the forecast period point to a larger renter pool and support for sustained occupancy. Ownership remains comparatively high-cost in national percentile terms, reinforcing reliance on rental housing and potential pricing power over time. Investors should plan for mid-life capital items and monitor safety trends, but the combination of stable demand drivers and newer vintage underpins a durable long-term thesis.
- Occupancy strength in a highly ranked Asheville-metro neighborhood supports income stability.
- 2011 construction outcompetes older local stock; plan for selective mid-life upgrades.
- Renter-occupied share above metro norms indicates a deep tenant base and consistent leasing.
- 3-mile growth in population and households expands the renter pool and supports occupancy.
- Risks: limited parks/cafes and mixed safety trend warrant amenity investments and monitoring.