| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 48th | Best |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 114 N Wheeless Dr, Nashville, NC, 27856, US |
| Region / Metro | Nashville |
| Year of Construction | 2002 |
| Units | 24 |
| Transaction Date | 2010-06-16 |
| Transaction Price | $1,855,000 |
| Buyer | STONY CREEK INVESTMENTS LLC |
| Seller | STONY CREEK APARTMENTS LLC |
114 N Wheeless Dr Nashville NC Multifamily Investment
Stabilized neighborhood fundamentals and renter demand in Nashville’s inner suburb support consistent operations, according to WDSuite’s CRE market data. Competitive amenity access within the Rocky Mount metro helps sustain leasing and retention.
Located in Nashville, NC (Rocky Mount metro), the property sits in a neighborhood rated A+ and ranked 2 out of 68 metro neighborhoods, indicating a top-tier position locally for investors. Amenity access is a strength: the area places at the top of the metro for overall amenities, with grocery and dining density above national midpoints, supporting day-to-day livability and leasing appeal.
Neighborhood occupancy is 90.2%, with a renter-occupied housing share of 36.1%. For multifamily owners, that renter concentration suggests a steady but not saturated tenant base, which can aid renewal stability while still allowing for targeted rent optimization. Median contract rents in the neighborhood are on the lower side nationally, reinforcing value-oriented positioning and potentially broader reach to cost-sensitive renters.
The property’s 2002 construction is newer than the neighborhood’s average vintage (1987). That relative youth can reduce near-term capital exposure compared with older stock, while still leaving room for selective modernization to sharpen competitive positioning and NOI. At the metro level, neighborhood NOI per unit performance leads locally but sits below the national median, signaling income stability within the Rocky Mount context yet tempered pricing power versus larger markets.
Within a 3-mile radius, recent demographic patterns show a slight population contraction but rising average household size, with forecasts pointing to modest population growth and a notable increase in household count alongside smaller household sizes. For multifamily owners, that combination typically expands the renter pool and supports occupancy stability as more, smaller households seek rental options.
Local schools average below national midpoints, which is worth factoring into unit mix and marketing strategy. Parks and pharmacies are present at levels above national midpoints, and cafes and childcare availability rank competitively within the metro, contributing to daily convenience that can aid retention.
Safety indicators are mixed in a way investors should contextualize. Compared with neighborhoods nationwide, this area trends safer, with violent and property offense measures in higher national safety percentiles. However, within the Rocky Mount metro, the neighborhood’s crime rank (13 out of 68) signals comparatively higher incident levels than many local peers. Both views can be true: nationally competitive, but requiring local diligence.
Recent data also points to a year-over-year uptick in property offenses. Owners should underwrite prudent security and lighting plans and monitor trends over time rather than relying on a single-year shift. These metrics are neighborhood-level indicators; they do not describe activity specific to the property.
This 2002-vintage, garden-style asset benefits from a top-tier neighborhood position in the Rocky Mount metro, strong daily convenience, and a renter base that supports steady occupancy. Lower neighborhood rents relative to national levels position the property to capture value-seeking tenants while maintaining leasing velocity. According to CRE market data from WDSuite, occupancy at the neighborhood level and a moderate renter-occupied share point to demand that is durable without being over-reliant on any single cohort.
Forward-looking 3-mile demographics suggest a growing count of smaller households, which typically expands the renter pool and supports renewal rates. While ownership is comparatively accessible in this market, that can be addressed through thoughtful unit upgrades and amenity programming to sustain pricing power. Investors should also account for locally higher crime rankings versus metro peers and a recent uptick in property offenses by incorporating targeted security measures.
- Top-tier neighborhood standing within Rocky Mount supports tenant demand and leasing stability.
- 2002 vintage offers relative capital efficiency versus older stock with selective value-add potential.
- Value-oriented neighborhood rents broaden the tenant base and support occupancy.
- 3-mile forecasts indicate more, smaller households—expanding the renter pool over time.
- Risk: locally higher crime rankings and recent property offense uptick warrant proactive security planning.