| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 33rd | Poor |
| Amenities | 10th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1870 Weeksville Rd, Elizabeth Cty, NC, 27909, US |
| Region / Metro | Elizabeth Cty |
| Year of Construction | 1978 |
| Units | 72 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1870 Weeksville Rd, Elizabeth City 72-Unit Multifamily
Neighborhood occupancy has been trending upward and renter-occupied housing is meaningful, supporting a stable tenant base, according to WDSuite’s CRE market data. With mid-range rents relative to incomes and a high-cost ownership market nearby, the asset’s demand profile is geared toward steady, workforce renters.
This Inner Suburb location in the Elizabeth City, NC metro carries a B- neighborhood rating and sits around the middle of the pack (15 of 30 metro neighborhoods). Neighborhood occupancy is below the metro median (rank 18 of 30), but has improved over the last five years, indicating firmer leasing conditions for well-managed properties. The local renter-occupied share is notable (about 40% of housing units), which points to a durable renter pool for multifamily owners.
Livability is car-oriented with limited on-block amenities: cafes, grocery, parks, and pharmacies rank at the bottom of the metro set (30 of 30). Dining options are a relative bright spot, with restaurants scoring competitive nationally (63rd percentile). For investors, thin walkable retail means on-site amenities and convenient parking matter for retention. Average school ratings in the neighborhood are lower (2.0/5; rank 6 of 30), so leasing strategies may skew toward students, singles, and workforce households rather than school-driven demand.
Home values in the neighborhood are elevated relative to incomes (value-to-income ratio near the top of the metro; 81st percentile nationally). That high-cost ownership market can reinforce rental demand and support pricing power for well-positioned assets, especially when paired with a rent-to-income profile that remains manageable for many tenants. Median contract rents are mid-range locally and have advanced over five years, signaling consistent renter demand and room for operational optimization rather than reliance on outsized rent growth.
Demographic statistics within a 3-mile radius show population broadly stable with a modest increase in households, suggesting a gradually expanding tenant base. Projections point to further household growth and smaller average household size, which typically supports occupancy stability for a well-run property. The subject asset’s 1978 vintage is slightly newer than the neighborhood’s average construction year (1975), but investors should plan for targeted modernization to remain competitive against both newer supply and renovated peers.
Safety signals are mixed. Within the Elizabeth City metro, the neighborhood sits on the higher-crime side (crime rank 8 of 30, where lower ranks indicate more crime), yet it compares closer to average at the national level (around the mid-to-high 50s percentiles for overall, violent, and property offenses). For investors, this suggests local diligence on site-level security and lighting, while recognizing that conditions are not outliers nationally.
Recent trends are constructive: estimated violent and property offense rates have declined year over year, indicating improving momentum. Owners can lean on active management and resident engagement to support retention while underwriting conservatively to neighborhood norms rather than best-in-metro outcomes.
Regional employment access includes major corporate headquarters reachable by highway commutes, which can support renter demand and lease retention for workforce households. Notable nearby employers include Dollar Tree and Norfolk Southern.
- Dollar Tree — retail headquarters (34.0 miles) — HQ
- Norfolk Southern — transportation & logistics headquarters (39.4 miles) — HQ
The 72-unit property at 1870 Weeksville Rd offers exposure to a renter base supported by a high-cost ownership environment and mid-range rents. Neighborhood occupancy sits below the metro median but has improved in recent years, which, combined with a meaningful share of renter-occupied housing, supports a case for steady tenancy under disciplined operations. According to CRE market data from WDSuite, rent levels and home values suggest durable renter reliance on multifamily housing rather than quick transitions to ownership.
Built in 1978, the asset is slightly newer than the neighborhood’s average vintage and is well suited for selective value-add: upgrades to interiors, systems, and curb appeal can enhance competitive positioning against renovated stock. Car-oriented location and limited walkable amenities heighten the importance of on-site features and professional management to drive retention, while regional employers within commuting distance broaden the potential tenant pool.
- Renter demand supported by elevated ownership costs and mid-range rents
- Occupancy trending upward with a sizable renter-occupied housing share
- 1978 vintage offers targeted value-add/modernization potential
- Commutable access to regional employers supports leasing depth
- Risks: below-metro-median neighborhood occupancy and limited walkable amenities require active management