| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Best |
| Demographics | 14th | Poor |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 519 Ledbetter Rd, Cullowhee, NC, 28723, US |
| Region / Metro | Cullowhee |
| Year of Construction | 2006 |
| Units | 72 |
| Transaction Date | 2010-04-01 |
| Transaction Price | $8,900,000 |
| Buyer | --- |
| Seller | Hooper D Elmer |
519 Ledbetter Rd Cullowhee NC Multifamily Value-Add
High renter concentration and improving neighborhood occupancy suggest durable tenant demand, according to WDSuite’s CRE market data. The 2006 vintage trails newer nearby stock, creating practical renovation and repositioning angles.
Livability fundamentals in the Cullowhee neighborhood are mixed for investors. Restaurants are competitive among Cullowhee, NC neighborhoods (ranked near the top out of 29), while everyday services like groceries, pharmacies, and parks are sparse nearby—conditions that typically favor car-dependent renters. Neighborhood housing metrics trend above national medians, and NOI per unit performs in the top quartile nationally, per WDSuite’s CRE market data.
The neighborhood’s occupancy has trended upward over the past five years but remains below national norms, signaling potential leasing friction in softer seasons as well as opportunity for operators with focused management. Importantly, renter-occupied housing share is high at the neighborhood level, indicating a deep tenant base that can support stabilization and retention strategies.
Within a 3-mile radius, demographics show population growth and a notably large 18–34 cohort, expanding the renter pool for well-managed multifamily assets. Households have increased and are projected to continue rising, with smaller average household sizes over time—often supportive of multifamily absorption and lease-up dynamics.
Home values are elevated relative to local incomes in a regional context, which can reinforce reliance on rental housing and support pricing power for professionally operated assets. Rent-to-income levels in the neighborhood appear manageable, pointing to moderate affordability pressure and room for disciplined rent optimization without materially increasing retention risk.
Comparable neighborhood safety metrics are not available from WDSuite for this specific location. Investors typically benchmark against county and municipal disclosures and review multi-year trends to understand directionality rather than relying on a single snapshot. Incorporating property-level measures—lighting, access control, and resident engagement—can further support leasing and retention regardless of broader trends.
Regional employers within commuting distance contribute to renter demand, with access oriented toward car commuters. The list below highlights a nearby corporate office relevant to workforce housing dynamics in the area.
- Airgas Store — industrial gases & supplies (40.0 miles)
This 72-unit property, built in 2006 with larger-than-typical average unit sizes, sits in a neighborhood with rising occupancy and strong NOI per unit performance relative to national peers. The vintage is older than the neighborhood’s average construction year, suggesting practical value-add potential through modernizations, system updates, and amenity refreshes to compete with newer supply. According to commercial real estate analysis from WDSuite, a high renter concentration in the neighborhood supports demand depth and helps underpin occupancy stability when paired with active management.
Local dynamics point to continued renter pool expansion within a 3-mile radius—population is growing, households are increasing, and smaller household sizes over time favor multifamily absorption. Ownership costs are elevated relative to incomes in the local context, which can sustain reliance on rentals and support pricing discipline, while restaurant access is competitive among metro neighborhoods despite limited walkable daily services.
- High neighborhood renter concentration supports a deeper tenant base and leasing resilience.
- NOI per unit trends in the top quartile nationally, indicating strong income performance potential.
- 2006 vintage offers value-add opportunities to compete with newer nearby stock.
- Growing 3-mile population and household counts expand the prospective renter pool.
- Risks: occupancy remains below national norms and limited nearby daily services may require stronger amenity programming and targeted leasing.