| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Best |
| Demographics | 72nd | Best |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2298 41st St, Wilmington, NC, 28403, US |
| Region / Metro | Wilmington |
| Year of Construction | 2002 |
| Units | 66 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2298 41st St, Wilmington NC Multifamily Opportunity
Neighborhood fundamentals point to durable renter demand, supported by a high-cost ownership market and a broad 3-mile renter pool, according to WDSuite’s CRE market data.
The property’s 2002 vintage is newer than the neighborhood’s average construction year (1989), which generally supports competitive positioning versus older stock while allowing room for targeted modernization to enhance rents and retention.
Local livability is balanced for workforce and professional renters. Grocery and café density ranks competitive among Wilmington’s 78 neighborhoods, and everyday services are within a typical suburban drive. Average school ratings around 3.0 suggest adequate family-serving options without being a primary draw.
For investors, rent and occupancy signals are steady. Neighborhood occupancy is around the metro average, and median contract rents are positioned above national midpoints, indicating pricing that the market has been willing to support without overreach. NOI per unit performs well relative to the metro, reflecting healthy property operations in the area.
Tenure patterns show a measured renter-occupied share within the neighborhood, while the broader 3-mile radius features a larger renter base. Within that 3-mile radius, households have grown while average household size has edged lower, which expands the effective renter pool and supports leasing stability for mid-size properties like this 66-unit asset.
Home values are elevated versus many U.S. neighborhoods, which reinforces reliance on rental housing and can aid lease retention. With a rent-to-income profile near mid-range, investors should plan for disciplined renewals and modest income growth strategies rather than outsized increases.
Safety metrics for the neighborhood trend below national medians (national percentiles in the high 20s for both violent and property offenses), indicating conditions that warrant routine risk management and security best practices. Recent year-over-year estimates point to an uptick in property and violent offense rates, so underwriting should incorporate prudent assumptions rather than depend on immediate improvement.
Contextually, investors can mitigate exposure through standard measures such as lighting, access controls, and resident engagement. Comparisons should be made against other Wilmington neighborhoods and owner portfolios rather than block-level conclusions.
Proximity to manufacturing and advanced materials employment supports weekday traffic and commute convenience for renters, with the following employer nearby.
- Corning Optical Fiber — advanced materials manufacturing (3.8 miles)
This 66-unit, 2002-vintage community offers a comparatively newer profile than much of the surrounding stock, supporting competitive leasing while leaving room for focused value-add upgrades. Elevated neighborhood home values sustain renter reliance on multifamily, and the 3-mile area shows a sizable renter base with household growth and smaller household sizes that expand the tenant pool. Neighborhood occupancy tracks around the metro average; according to CRE market data from WDSuite, rents sit above national midpoints, suggesting room for disciplined revenue management rather than aggressive pushes.
The thesis centers on stable demand drivers, operational efficiency, and targeted renovations. While safety percentiles are below national medians and recent offense estimates have risen, these risks are manageable with standard property operations and conservative underwriting. Overall, the asset’s vintage, location fundamentals, and renter depth position it for steady performance with selective capital deployment.
- 2002 vintage provides competitive positioning versus older neighborhood stock with targeted upgrade potential
- Elevated home values reinforce sustained rental demand and support lease retention
- Broad 3-mile renter base and household growth support occupancy stability
- Rents above national midpoints favor disciplined revenue management over aggressive increases
- Risk: safety percentiles below national medians and recent offense upticks warrant prudent underwriting and on-site controls