| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 67th | Good |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4501 Prior Dr, Wilmington, NC, 28412, US |
| Region / Metro | Wilmington |
| Year of Construction | 1997 |
| Units | 38 |
| Transaction Date | 2016-02-23 |
| Transaction Price | $3,750,000 |
| Buyer | Myrtle Grove Village, LLC etal |
| Seller | --- |
4501 Prior Dr, Wilmington NC — 38-Unit Multifamily Opportunity
Neighborhood occupancy trends in the mid-90s and a high renter concentration point to durable leasing fundamentals, according to WDSuite’s CRE market data.
Located in an Inner Suburb pocket of Wilmington, the property benefits from a renter-leaning neighborhood and steady occupancy that has edged higher over the last five years. Relative to the metro, the area’s occupancy performance sits above the median (rank 14 of 78 neighborhoods), and the neighborhood rates well overall (A; rank 5 of 78), suggesting balanced demand drivers and day-to-day livability that matter for resident retention.
Amenity access is a local strength. Cafes and restaurants are competitive among Wilmington neighborhoods (e.g., cafe density rank 7 of 78; restaurants rank 14 of 78) and land in the top quartile nationally by density, supporting convenience-driven appeal for renters. Grocery and pharmacy availability also trends above national averages based on percentile positioning, which helps underpin day-to-day utility without requiring long commutes.
At the neighborhood level, median contract rents have risen over the past five years while the rent-to-income ratio remains around the mid-20s, a mix that supports pricing power with manageable affordability pressure for lease management. Home values are elevated for the region and nationally, which typically reinforces reliance on multifamily rentals and can support occupancy stability and renewal capture.
Vintage is 1997, while the neighborhood’s average construction year skews newer (2004). The older vintage can open value-add pathways through interior updates and common-area modernization, but investors should plan for system and exterior capital items on a rolling basis to maintain competitive positioning versus newer stock.
Demographic statistics aggregated within a 3-mile radius point to population and household growth historically and into the next five years, alongside gradually smaller average household sizes. This combination generally expands the renter pool and supports consistent absorption, especially for well-managed, mid-size properties.
Safety indicators are mixed. The neighborhood’s crime positioning sits below national averages (39th percentile nationally) and ranks 26 out of 78 within the Wilmington metro, indicating a need for standard property-level security measures and active management. Recent momentum is nuanced: estimated property offenses have declined year over year, while violent offense estimates ticked up modestly. For investors, this argues for pragmatic on-site practices—lighting, access control, and resident engagement—rather than a thesis-changing risk.
Local employment is anchored by advanced manufacturing, offering stable commute patterns that can support workforce renter demand. Highlighted below is a nearby employer relevant to resident convenience.
- Corning Optical Fiber Wilmington — advanced manufacturing (7.1 miles)
This 38-unit, 1997-vintage asset sits in a competitive Wilmington neighborhood that posts above-median occupancy locally and solid national positioning, supporting steady income performance. Elevated ownership costs in the area sustain reliance on rentals, while 3-mile demographic trends—population and household growth alongside smaller household sizes—expand the tenant base and support absorption. According to CRE market data from WDSuite, neighborhood rent levels have advanced over the past five years while renter concentration remains high, reinforcing demand depth for well-managed multifamily stock.
The vintage relative to the neighborhood’s newer average suggests clear value-add and capital planning opportunities to sharpen competitiveness against 2000s-era product. Amenity access and proximity to established employers add to renter appeal, though investors should underwrite routine capex, pragmatic security measures, and lease management practices calibrated to affordability and retention.
- Above-metro-median neighborhood occupancy supports income stability and renewal capture
- High renter concentration and elevated ownership costs deepen the tenant base
- 1997 vintage offers value-add potential via interiors, systems, and common areas
- Amenity convenience and employer access aid leasing velocity and retention
- Risks: mixed safety signals and older vintage—underwrite security and ongoing capex