| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Fair |
| Demographics | 41st | Fair |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 Rivers Retreat Way, Elizabeth City, NC, 27909, US |
| Region / Metro | Elizabeth City |
| Year of Construction | 2010 |
| Units | 40 |
| Transaction Date | 2009-09-08 |
| Transaction Price | $100,000 |
| Buyer | RIVERS RETREAT AT ELIZABETH CROSSING LLC |
| Seller | MURPHY BETTYE W |
500 Rivers Retreat Way, Elizabeth City NC Multifamily Investment
Newer 40-unit asset in an A-rated inner-suburb pocket with steady renter demand supported by nearby services and a renter-occupied housing base, according to WDSuite s CRE market data.
The property sits in an A-rated neighborhood ranked 3rd among 30 metro neighborhoods a top quartile position locally that signals durable fundamentals within the Elizabeth City area. Neighborhood occupancy trends have edged up over the past five years, and while the area s occupancy level tracks below the national middle, stabilized assets can perform with disciplined leasing and resident retention focus.
Retail and daily needs are a relative strength: grocery, pharmacy, and restaurant density rank near the top of the metro and are above national midpoints, supporting convenience-driven renter appeal. Park access is limited within the neighborhood, which places more weight on on-site amenities and private open space for differentiation.
Within a 3-mile radius, population and households have expanded meaningfully over the past five years, with forecasts through 2028 indicating continued growth and a smaller average household size. This points to a larger tenant base and more renters entering the market, which can support occupancy stability for well-managed multifamily properties.
Tenure patterns show a material share of housing units are renter-occupied (above the metro median), indicating depth in the local renter pool. Median contract rents locally sit below national medians and a rent-to-income ratio near the national middle suggests manageable affordability pressure a constructive backdrop for lease retention. Median home values are comparatively modest for owners, which can introduce some competition with ownership; however, they also reinforce multifamily s role as an accessible option in this submarket.
School quality indicators are slightly above national midpoints, and the average neighborhood building stock skews older (late 1960s), which can give a 2010-vintage asset a competitive edge on systems and finishes while still leaving room for targeted upgrades to drive rent premiums.
Safety metrics for the neighborhood are mixed versus broader benchmarks. Relative to metro peers (12th of 30), the area sits below the metro median for safety, and national comparisons place it below the national middle. Recent trends show property offenses improving year over year, while violent offense estimates have ticked up. For investors, pragmatic measures such as lighting, access control, and community engagement can help sustain leasing and retention in line with local norms.
Regional employment access includes major corporate headquarters within commuting range, which can support renter demand and retention for workforce housing tied to Elizabeth City and nearby metros. Featured employers below reflect the most material nearby anchors.
- Dollar Tree corporate offices (33.0 miles) HQ
- Norfolk Southern corporate offices (38.2 miles) HQ
Built in 2010, this 40-unit property is materially newer than the neighborhood s older housing stock, offering competitive positioning versus legacy assets and potential for selective value-add to modernize common areas and in-unit features. The location an A-rated inner-suburb submarket with strong access to daily needs benefits from a growing 3-mile renter pool and tenure patterns that indicate a meaningful concentration of renter-occupied units. Median rents track below national levels, supporting retention and occupancy management, while home values suggest some ownership competition that can be addressed with amenity and service differentiation.
According to CRE market data from WDSuite, neighborhood occupancy has trended upward over five years, and amenity density particularly grocery, pharmacy, and restaurants is above national midpoints, reinforcing location fundamentals. Forward demographic projections point to continued household growth and a slightly smaller average household size by 2028, which typically expands the renter base and supports leasing stability for well-operated assets.
- 2010 vintage offers competitive positioning versus older neighborhood stock with targeted value-add upside
- Growing 3-mile population and households support a larger tenant base and occupancy stability
- Amenity-rich location (grocery, pharmacy, dining) underpins renter convenience and retention
- Manageable rent-to-income dynamics provide room for disciplined revenue management
- Risks: limited park access, safety metrics below national middle, and potential ownership competition