| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Good |
| Demographics | 68th | Best |
| Amenities | 14th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 114 Lexington St, New London, NC, 28127, US |
| Region / Metro | New London |
| Year of Construction | 2002 |
| Units | 88 |
| Transaction Date | 2016-10-06 |
| Transaction Price | $3,945,000 |
| Buyer | Threshold Capital |
| Seller | The David Drye Company, LLC |
114 Lexington St New London Multifamily Investment
Rural A-rated neighborhood fundamentals and a 2002 vintage point to durable, workhorse housing potential, according to WDSuite’s CRE market data. Expect steady renter demand from smaller-household profiles, with pricing power shaped by a more ownership-accessible market.
Located in New London, North Carolina, this property sits in a rural neighborhood that ranks competitive among Montgomery County’s 22 neighborhoods, with an overall A neighborhood rating based on CRE indicators from WDSuite. The local housing stock skews older than the subject’s 2002 construction year, which positions the asset as comparatively newer inventory; investors can leverage this in lease-up and retention while planning for routine system modernization over the hold period.
Local amenity density is thin for specialty services (few cafes, parks, and childcare centers nearby), while basic needs are present at modest levels (grocery and restaurants track near mid-pack nationally). For residents, this translates to a quieter, small-town living profile; from an investor standpoint, it favors tenants prioritizing space, value, and commute trade-offs over high-amenity urban living.
Ownership costs in the neighborhood sit around the national middle, with median home values and value-to-income ratios near national norms. In practice, this suggests rental pricing power will be moderate rather than outsized, as some households may comparison-shop against entry-level ownership. Smaller average household sizes in the area often align with consistent demand for 1–2 bedroom units, supporting occupancy stability for appropriately configured unit mixes.
Neighborhood-level occupancy and renter concentration are measured for the neighborhood, not this property. Signals point to a relatively small local renter-occupied base, implying that demand will be supported by a broader commuter shed and workforce ties rather than dense, walkable urban demand. Investors should underwrite marketing reach and tenant sourcing accordingly.
Based on WDSuite’s crime analytics, the neighborhood benchmarks favorably versus communities nationwide, landing in the higher national percentiles for safety. Property and violent offense measures are in the top decile nationally, indicating comparatively lower incident rates than most U.S. neighborhoods.
Recent data indicate some year-over-year volatility in violent offense trends. While the area remains comparatively safe on a national basis, investors should monitor trajectory and coordinate with property management on lighting, access control, and community engagement to sustain resident confidence.
Regional employment is anchored by distribution, pharmaceuticals, retail headquarters, banking, and consumer goods within commutable range, supporting workforce rental demand for residents willing to trade longer drives for housing value.
- Sysco — food distribution (31.1 miles)
- Merck — pharmaceuticals (38.8 miles)
- BB&T Corp. — banking (42.0 miles) — HQ
- Lowe's — home improvement retail (42.2 miles) — HQ
- Reynolds American — consumer goods (42.3 miles) — HQ
Built in 2002 with 88 units averaging roughly 864 square feet, the asset is newer than much of the surrounding housing stock, offering competitive positioning versus older inventory while leaving room for targeted modernization to enhance rentability. According to CRE market data from WDSuite, the neighborhood rates strongly on overall quality and safety relative to national benchmarks, but maintains a thinner local renter-occupied base; underwriting should assume demand sourced from a wider commuter radius and workforce segments.
Home values and value-to-income ratios track near national norms, suggesting moderate pricing power and potential competition from entry-level ownership. Amenity density is limited, reinforcing a value- and space-oriented appeal rather than lifestyle-driven premiums. The investment case centers on durable occupancy from smaller households, relative asset quality for the submarket, and disciplined expense and capital planning.
- 2002 vintage is competitive versus older neighborhood stock; plan selective upgrades for modernization and retention
- Strong national safety standing supports leasing stability and resident satisfaction
- Smaller local household sizes align with steady demand for 1–2 bedroom layouts
- Moderate ownership costs imply measured pricing power; compete on livability, management, and unit quality
- Risks: thin local renter base and limited amenities require wider tenant sourcing and careful marketing