| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 64th | Good |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4009 Wilshire Blvd, Wilmington, NC, 28403, US |
| Region / Metro | Wilmington |
| Year of Construction | 2009 |
| Units | 96 |
| Transaction Date | 2013-12-01 |
| Transaction Price | $12,000,000 |
| Buyer | Preiss Co., LLC |
| Seller | Wilshire Park Apartments, LLC |
4009 Wilshire Blvd Wilmington Multifamily Investment Opportunity
Neighborhood shows above-median occupancy and a very high renter-occupied share, supporting durable leasing according to WDSuite’s CRE market data.
Situated in Wilmington’s inner suburb, the neighborhood rates B+ and is above metro median overall (rank 24 of 78), signaling balanced fundamentals for workforce and lifestyle renters. Occupancy in the neighborhood is also above metro median (rank 27 of 78), which supports revenue stability for well-managed assets.
Lifestyle amenities skew toward food and services: café density is competitive among Wilmington neighborhoods (rank 3 of 78; high national standing), restaurants are strong (rank 9 of 78), and pharmacies are accessible (rank 8 of 78). Daily-needs access is mixed, with limited groceries and parks within the immediate neighborhood (both rank 78 of 78), so residents typically rely on nearby corridors for essentials and recreation.
The area’s housing stock is newer than the metro average (average vintage 1992), and this property’s 2009 construction provides a relative competitive edge versus older inventory. Investors should still plan for mid-life system updates and selective modernization to support rent positioning.
Renter concentration in the neighborhood is among the highest in the metro (rank 3 of 78), indicating depth in the tenant base and consistent demand for multifamily units. Within a 3-mile radius, demographics show a large 18–34 cohort and a modest average household size, with forecasts through 2028 pointing to population and household growth that can expand the renter pool and support occupancy stability.
Home values sit below many coastal markets, which can introduce some competition from ownership options; however, rent-to-income dynamics suggest careful lease management to balance pricing power with retention. According to CRE market data from WDSuite, neighborhood NOI per unit ranks competitively (rank 7 of 78), underscoring operational potential for disciplined operators.
Relative to Wilmington’s 78 neighborhoods, safety indicators are below metro average (crime rank 43 of 78), and national comparisons also trend below average. Recent year-over-year changes show mixed movement, so operators should factor security-minded property management and coordination with local resources into underwriting and capital planning.
Nearby employment is anchored by advanced manufacturing and corporate operations, supporting commute convenience and a steady renter base for workforce housing.
- Corning Optical Fiber Wilmington — advanced manufacturing/corporate offices (2.3 miles)
Built in 2009 with 96 units averaging larger floorplans, the asset competes well against older neighborhood stock while offering room for selective mid-life upgrades. The immediate area is above metro median for occupancy, and renter concentration is among the highest in Wilmington, supporting depth of demand and lease-up resiliency. According to CRE market data from WDSuite, operational benchmarks in the neighborhood are competitive, while amenity access favors dining and services with limited groceries and parks—an underwriting consideration rather than a structural weakness.
Within a 3-mile radius, forecasts through 2028 indicate population and household growth with smaller average household sizes, pointing to a larger tenant base and steady multifamily demand. Ownership remains a viable alternative in this market, so pricing strategy should account for retention and rent-to-income pressures while leveraging the property’s relative vintage and unit sizes to maintain competitiveness.
- 2009 construction offers competitive positioning versus older stock, with targeted value-add potential
- Above-median neighborhood occupancy and high renter concentration support demand durability
- 3-mile forecasts show population and household growth, expanding the renter pool
- Amenity mix favors dining/services; plan for limited nearby groceries and parks
- Risk: affordability pressures and below-average safety metrics warrant conservative lease and OPEX assumptions