| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Fair |
| Demographics | 32nd | Fair |
| Amenities | 33rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 720 Starling Way, Rocky Mount, NC, 27803, US |
| Region / Metro | Rocky Mount |
| Year of Construction | 1977 |
| Units | 21 |
| Transaction Date | 2016-08-19 |
| Transaction Price | $300,000 |
| Buyer | AFRESHNEWSTART LLC |
| Seller | C H POWELL & C STEVE POWELL BUILDERS |
720 Starling Way Rocky Mount Workforce Multifamily Opportunity
Neighborhood data points to a sizable renter base and attainable rents that can support leasing stability, according to WDSuite’s CRE market data, though operators should plan for active management to sustain performance.
The property sits in an Inner Suburb pocket of Rocky Mount with a B neighborhood rating, where grocery and park access are competitive among Rocky Mount neighborhoods (top quartile locally), but cafes, restaurants, and pharmacies are sparse. For multifamily operators, this mix suggests day‑to‑day convenience for residents with fewer discretionary destinations nearby, which can influence marketing and tenant retention strategies.
Rents in the neighborhood trend below national levels and the rent‑to‑income profile indicates moderate affordability pressure, which can aid renewals but may limit near‑term pricing power. Roughly half of housing units are renter‑occupied at the neighborhood level, signaling depth to the tenant base and consistent demand for workforce apartments; note that neighborhood occupancy trends have been softer than the metro median, so performance hinges on hands‑on leasing and management.
Vintage matters for positioning: built in 1977, the asset is newer than the neighborhood’s average construction year (1961). That relative age can help competitiveness versus older nearby stock, while investors should still budget for aging systems and targeted upgrades to capture value‑add upside.
Demographic statistics aggregated within a 3‑mile radius show modest recent population growth and a slight increase in households, with forecasts pointing to a larger household base and smaller average household sizes. This combination typically supports a larger tenant pool and steadier absorption of mid‑size multifamily units.
Neighborhood safety trends are mixed. Within the Rocky Mount metro, crime levels are around the metro median, but the area sits below national safety percentiles, indicating higher incident rates than many U.S. neighborhoods. Property offenses have declined year over year, while violent offenses ticked up over the same period. Investors should factor in ongoing security practices and resident communication to support retention.
This 21‑unit, 1977 vintage property offers exposure to a renter‑heavy neighborhood with attainable rents and day‑to‑day conveniences like grocery and parks. According to CRE market data from WDSuite, the local renter concentration supports demand, while sub‑metro occupancy suggests active leasing and operational focus will be important for stability. Relative to older nearby stock, the asset’s vintage provides competitive positioning with potential to unlock value through targeted renovations.
Demographic data within a 3‑mile radius indicates a growing household base and smaller household sizes over time, which can expand the tenant pool for mid‑size units. Balanced against this are local safety considerations and a lower‑cost ownership landscape that can create competition at certain price points, underscoring the need for disciplined underwriting and resident retention strategies.
- Renter‑heavy neighborhood supports demand for workforce units and renewals.
- 1977 vintage is newer than local average, with value‑add potential via selective upgrades.
- Grocery and park access are competitive locally, aiding day‑to‑day livability.
- Household growth within 3 miles points to a larger future tenant base.
- Risks: below‑metro occupancy, mixed safety signals, and competition from lower‑cost ownership options.