| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Good |
| Demographics | 54th | Good |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1080 Allen Rd, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 2007 |
| Units | 24 |
| Transaction Date | 2022-05-26 |
| Transaction Price | $55,000 |
| Buyer | WATERFORD PLACE GREENVILLE LLC |
| Seller | HPI WATERFORD IV LLC |
1080 Allen Rd, Greenville NC — 24-Unit 2007 Multifamily
Neighborhood multifamily occupancy is steady near the low-90s, supporting leasing stability for well-managed assets, according to WDSuite’s CRE market data. Renter demand is reinforced by a sizable local renter base, while pricing should be set with an eye to regional affordability.
Located in Greenville’s inner-suburb fabric, the property sits in a neighborhood rated A- and ranked 15 out of 61 metro neighborhoods, indicating it is competitive among Greenville neighborhoods for investment fundamentals. Neighborhood occupancy is 91.9% (neighborhood metric, not the property), suggesting stable absorption for comparable assets.
The building’s 2007 construction is newer than the neighborhood’s average vintage of 2002. This positioning can be advantageous versus older stock, while investors should still underwrite routine modernization over the hold to keep systems and finishes competitive.
Livability signals are mixed but serviceable for workforce tenants. Grocery and pharmacy access trend above metro median (ranks 15 and 9 of 61), and restaurants are reasonably available, while parks and cafes are limited. Average school ratings in the area are strong—top quartile nationally with a 4.0 average—supporting family-oriented renter retention.
Demographic statistics within a 3-mile radius show households have grown even as population has been roughly flat, pointing to smaller household sizes and a broader renter pool over time. Looking ahead, households are projected to increase further with continued renter pool expansion, which supports occupancy stability and leasing velocity for mid-sized assets like this.
Tenure dynamics favor rentals: within a 3-mile radius, about three-quarters of housing units are renter-occupied, indicating depth in the tenant base. Neighborhood median contract rents sit around the middle of the national distribution, and the rent-to-income ratio near 0.26 signals manageable affordability pressure that can aid retention, though operators should monitor renewal pricing closely. Lower median home values relative to national norms can introduce some competition from ownership options, potentially moderating pricing power late in the cycle.
Safety indicators are mixed relative to peers. The neighborhood’s crime rank is 41 out of 61 metro neighborhoods, which is below the metro median. Compared nationally, the area sits below average on safety (around the lower percentiles), so investors should price in prudent security and operational practices.
Trend signals are constructive: recent year-over-year estimates indicate declines in both violent and property offense rates, with improvement momentum that compares favorably to many neighborhoods nationwide. Use this context comparatively—these are neighborhood-level measures, not property-specific—when underwriting insurance, security line items, and marketing.
The immediate area draws from Greenville’s diversified employment base anchored by healthcare, education, and local services, which supports renter demand through commute convenience. Specific nearby employer distance data was not available in WDSuite for this address at the time of publication.
This 24-unit asset, built in 2007, offers a relatively modern vintage for the submarket, creating a competitive edge versus older properties while leaving room for targeted value-add and systems updates. Neighborhood occupancy near 91.9% (neighborhood metric) and a high local renter concentration within a 3-mile radius point to a durable tenant base and stable leasing, while rents positioned around mid-national levels support balanced renewal strategies. According to CRE market data from WDSuite, area amenities such as grocery, pharmacy, and restaurants are adequately available, even as parks and cafes remain limited—an operating consideration rather than a structural weakness.
Forward-looking demographics within 3 miles indicate continued growth in households alongside smaller average household sizes, which typically widens the renter pool and supports occupancy stability. Counterpoints include neighborhood safety metrics that trail national averages and comparatively low ownership costs that can compete with rentals; prudent underwriting on security, marketing, and renewal pricing can help manage these risks.
- 2007 vintage provides competitive positioning versus older stock with manageable modernization needs
- Neighborhood occupancy near the low-90s supports leasing stability (neighborhood, not property)
- High renter-occupied share within 3 miles indicates depth of tenant demand
- Household growth and smaller household sizes signal ongoing renter pool expansion
- Risks: below-average safety metrics and lower ownership costs may temper pricing power