| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 64th | Good |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4017 Wilshire Blvd, Wilmington, NC, 28403, US |
| Region / Metro | Wilmington |
| Year of Construction | 2010 |
| Units | 96 |
| Transaction Date | 2013-12-01 |
| Transaction Price | $12,000,000 |
| Buyer | Gateway Preiss Wilshire, LLC |
| Seller | Wilshire Park Apartments, LLC |
4017 Wilshire Blvd Wilmington Multifamily Investment Opportunity
Neighborhood occupancy is steady and renter concentration is high, supporting durable leasing dynamics according to WDSuite s CRE market data; note these are neighborhood indicators, not property-level performance.
Located in Wilmington s inner suburb, the property benefits from a neighborhood rated B+ and positioned above the metro median (rank 24 of 78) for overall performance. The local multifamily backdrop shows occupancy around 93% (above metro median, rank 27 of 78), and median contract rents are measured at $1,305, providing a benchmark for positioning units and managing renewals. Renter concentration is elevated at roughly three-quarters of housing units being renter-occupied (rank 3 of 78), indicating a deep tenant base; these metrics reflect neighborhood conditions, not the asset specifically.
Amenity access is competitive among Wilmington neighborhoods (amenity rank 20 of 78), with strong food-and-beverage density. Cafes rank near the top of the metro (rank 3 of 78) and sit in the 92nd percentile nationally, while restaurant density ranks 9 of 78 (86th percentile nationally). Pharmacies are also relatively accessible (rank 8 of 78, 80th percentile nationally). By contrast, the immediate neighborhood shows limited on-block options for groceries, parks, and childcare, which investors should account for in marketing and convenience messaging.
The average construction year in the surrounding area is 1992 (rank 27 of 78), while this asset was built in 2010. The newer vintage can be competitively positioned against older stock, though investors should still plan for mid-life building systems and selective modernization to maintain leasing velocity and resident retention.
Demographic statistics aggregated within a 3-mile radius show a modest dip in population in recent years alongside essentially flat household counts, implying smaller household sizes and sustained demand for rental options. Forecasts point to growth in both population and households by 2028, suggesting a larger tenant base over the medium term. Median incomes have risen and are projected to continue increasing, which, coupled with forecast rent growth, underscores the importance of affordability management and proactive lease strategies.
For context on pricing power and retention, the median home value in the neighborhood is measured at $228,300, and the value-to-income ratio sits below many coastal markets. This comparatively accessible ownership environment can introduce competition for certain renter cohorts, while the neighborhood s strong renter concentration and above-median occupancy support ongoing depth of demand.
Neighborhood safety indicators are mixed relative to the Wilmington metro and below average nationally. The neighborhood s overall crime rank is 43 out of 78, placing it below the metro median, and national safety percentiles sit in the lower third. Property and violent offense estimates have shown small year-over-year increases. Investors should underwrite with conservative assumptions for security measures and tenant experience, and compare trends to peer submarkets to calibrate operating expectations.
Nearby corporate employment helps support renter demand through commute convenience, led by optical fiber corporate offices within a short drive.
- Corning Optical Fiber Wilmington corporate offices (2.3 miles)
Built in 2010 with 96 units averaging 1,089 square feet, the asset offers a newer-vintage profile relative to the surrounding neighborhood s older stock. Neighborhood indicators show above-median occupancy and a high share of renter-occupied housing units, supporting depth of demand and leasing stability. According to CRE market data from WDSuite, local rent benchmarks and strong food-and-beverage amenity density provide a foundation for positioning and renewal strategies, while the lack of immediate grocery and park access suggests targeting residents prioritizing quick-drive convenience over walkability.
Within a 3-mile radius, recent trends show flat household counts with smaller household sizes, and forecasts point to growth in both households and incomes by 2028 a setup that can expand the renter pool and support rent roll durability. The neighborhood s comparatively accessible ownership market may create competition for some renter segments, but the elevated renter concentration and steady occupancy imply a resilient tenant base if units are maintained and priced thoughtfully. As a 2010 asset now at mid-life, selective renovations and systems upgrades can enhance competitive positioning against older properties while managing long-term capital needs.
- Newer 2010 vintage versus neighborhood average supports competitive positioning
- Above-median neighborhood occupancy and high renter concentration bolster demand depth
- Amenity-rich dining scene aids leasing appeal; plan around limited grocery/park options
- 3-mile outlook suggests growing households and incomes, supporting rent roll durability
- Risks: below-average national safety standing and potential competition from accessible ownership