| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Best |
| Demographics | 34th | Fair |
| Amenities | 38th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3219 Carey Rd, Kinston, NC, 28504, US |
| Region / Metro | Kinston |
| Year of Construction | 1978 |
| Units | 72 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3219 Carey Rd Kinston Multifamily Investment
Neighborhood fundamentals point to steady renter demand, with occupancy in the surrounding area ranking in the top quartile among 33 metro neighborhoods and renter-occupied share elevated, according to WDSuite’s CRE market data. Positioning emphasizes workforce housing dynamics and lease stability rather than outsized rent growth.
The property sits in Kinston’s inner-suburban context, where day-to-day services are present but lifestyle amenities are thinner than denser nodes. Grocery and pharmacy access track around metro norms, while parks and cafes are limited, suggesting a practical living profile that aligns with workforce housing. Average school ratings in the neighborhood trend below national norms, which can influence renter preferences toward value and convenience.
From an investor lens, neighborhood occupancy is strong and competitive among Kinston neighborhoods (top quartile among 33), supporting lease-up and retention. The area shows an above-average renter concentration at the neighborhood level, indicating a deeper tenant base for multifamily relative to many locations. Median contract rents trend on the lower side nationally, which can aid leasing velocity and reduce turnover risk, though it may temper near-term pricing power.
Demographic indicators aggregated within a 3-mile radius show recent population contraction alongside a modest decline in household counts. Forward-looking projections point to a smaller overall population but a rise in total households, implying smaller household sizes or shifts in living arrangements. For multifamily, this can sustain a broad renter pool even as the market right-sizes, supporting occupancy stability if product and pricing are aligned to value.
Ownership costs in the immediate neighborhood are comparatively accessible versus national benchmarks, which can introduce competition from entry-level ownership options. At the same time, a moderate rent-to-income profile suggests manageable affordability pressure for renters, reinforcing lease retention potential when renewals are calibrated carefully.
Comparable, neighborhood-level safety metrics are not available in WDSuite for this location, so no direct rank or trend comparison to other Kinston neighborhoods can be made. Investors should consider standard underwriting steps—such as reviewing recent municipal reports and property-specific incident histories—to contextualize on-the-ground conditions.
This 72-unit, 1978-vintage asset aligns with a value-oriented renter base in an inner-suburban Kinston location. Neighborhood occupancy performance is competitive among metro peers and renter concentration is elevated, supporting depth of demand and lease stability. According to CRE market data from WDSuite, local rents benchmark below national medians, which can aid absorption and retention but may limit outsized rent growth without property improvements.
The 1978 construction year points to potential capital planning needs and value-add opportunity—targeted interior upgrades and common-area refreshes can enhance competitiveness versus newer stock, particularly where amenities in the broader area are limited. Demographic trends within a 3-mile radius show fewer residents but a projected increase in total households, indicating a stable or expanding renter pool through smaller household sizes and shifting living patterns. Balanced underwriting should weigh these supportive dynamics against competition from accessible ownership and the need for ongoing renovations.
- Competitive neighborhood occupancy with elevated renter concentration supports leasing stability.
- Below-national rent levels aid absorption and retention for value-oriented units.
- 1978 vintage offers value-add potential; plan for targeted CapEx to enhance positioning.
- 3-mile demographics suggest fewer residents but more households, sustaining the renter pool.
- Key risks: competition from accessible ownership, limited neighborhood amenities, and population contraction.