| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Fair |
| Demographics | 66th | Good |
| Amenities | 16th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1620 Brevard Rd, Hendersonville, NC, 28791, US |
| Region / Metro | Hendersonville |
| Year of Construction | 1986 |
| Units | 21 |
| Transaction Date | 2023-03-27 |
| Transaction Price | $800,000 |
| Buyer | POCKET CHANGE LAUNDRY LLC |
| Seller | MILLERS LAUNDRY AND CLEANERS INC |
1620 Brevard Rd Hendersonville Multifamily Investment
Stabilized suburban setting with attainable rents and an ownership market that trends high-cost for buyers supports renter reliance, according to WDSuite’s CRE market data. Expect steady tenant demand from a growing 3‑mile population base and household expansion that can underpin occupancy over the medium term.
Hendersonville’s suburban location offers day‑to‑day convenience without urban premiums. Grocery access is competitive among Asheville neighborhoods (rank 48 of 155) and sits near the national middle, while limited cafes, parks, and pharmacies suggest an amenity‑lite micro‑pocket that may rely on nearby corridors for dining and services. For investors, this usually translates to value positioning rather than lifestyle-driven rent premiums.
The neighborhood’s median contract rent benchmarks around the national midpoint, and the neighborhood occupancy rate sits competitive among Asheville neighborhoods (rank 43 of 155) though below national midpoints, based on CRE market data from WDSuite. This indicates leasing is supported by local demand but may require active management to sustain occupancy and reduce downtime between turns.
Home values score in the upper national percentiles (74th), signaling a high‑cost ownership market relative to incomes (value‑to‑income ratio in the 81st percentile). For multifamily operators, elevated ownership costs generally reinforce renter reliance on apartments, which can support pricing power and retention, provided rent‑to‑income remains reasonable. The neighborhood’s rent‑to‑income sits modestly above the national midpoint, a constructive sign for lease stability.
Within a 3‑mile radius, population is growing today and is projected to expand further over the next five years alongside a notable increase in households. A rising household base implies a larger tenant pool and supports occupancy stability, even as average household size trends slightly smaller. The neighborhood’s education profile also sits in higher national percentiles for bachelor’s attainment, which can correlate with steady renter demand for well‑maintained units.
Vintage matters: built in 1986 versus a neighborhood average vintage from the late 1960s, the asset should compete well against older stock while still warranting targeted system updates or light renovations to sustain rentability and extend useful life.
Safety indicators present a mixed but manageable picture. At the metro level, the neighborhood’s crime rank sits below the Asheville median (rank 91 of 155), suggesting safety performance that trails many local peers. Nationally, however, estimated violent and property offense rates track in higher percentiles (safer than many neighborhoods nationwide), indicating comparative strength beyond the metro context, according to WDSuite’s CRE market data.
Recent year‑over‑year changes point to an uptick in estimated offenses, so prudent operators may budget for lighting, access control, and tenant‑engagement measures and monitor trends over time. Framing safety comparatively—metro versus national—helps set realistic expectations without over‑ or under‑stating block‑level risk.
Regional corporate offices within commuting range underpin a diversified employment base and support renter demand through steady workforce housing needs. Notable nearby employers include Airgas, UnitedHealth Group, and 3M, all accessible by car within regional commute times.
- Airgas Store — corporate offices (16.9 miles)
- UnitedHealth Group — corporate offices (35.1 miles)
- 3M Greenville — corporate offices (40.0 miles)
This 21‑unit, 1986‑vintage asset in suburban Hendersonville aligns with workforce demand drivers while competing favorably against older neighborhood stock. Elevated ownership costs in the area (upper national percentiles for home values and value‑to‑income) tend to reinforce renter reliance, and rent levels near national midpoints support retention when paired with attentive lease management. Within a 3‑mile radius, population growth and a projected increase in households over the next five years point to a larger tenant base and potential occupancy stability. According to CRE market data from WDSuite, neighborhood occupancy trends sit competitive within Asheville but below national midpoints—actionable for operators who emphasize renewals, targeted turns, and amenity right‑sizing.
Operationally, the asset’s later‑generation vintage relative to local averages offers a platform for light value‑add (select interiors, energy systems, common‑area updates) without overcommitting to heavy capex typical of older buildings. The submarket’s amenity‑lite character suggests positioning around convenience and attainability rather than luxury premiums, with marketing keyed to commuter access and steady employment anchors across the region.
- Household and population growth within 3 miles expand the renter pool and support occupancy durability.
- Elevated ownership costs bolster renter reliance, aiding pricing power with careful lease management.
- 1986 vintage is competitive versus older neighborhood stock, with targeted upgrades for rentability.
- Regional corporate offices provide diversified employment drivers within commutable distances.
- Risks: occupancy below national midpoints and limited nearby amenities require proactive operations and marketing focus.