| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Best |
| Demographics | 65th | Best |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1149 Mulberry Ln, Greenville, NC, 27858, US |
| Region / Metro | Greenville |
| Year of Construction | 1983 |
| Units | 64 |
| Transaction Date | 2014-05-08 |
| Transaction Price | $10,000,000 |
| Buyer | PAMLICO PLACE APARTMENTS LLC |
| Seller | ARLINGTON SQUARE OF GREENVILLE LLC |
1149 Mulberry Ln Greenville NC Multifamily Investment
Renter-occupied housing is prevalent in the surrounding neighborhood, supporting depth of demand and steady leasing, according to WDSuite s CRE market data. This inner-suburb location in Greenville offers practical occupancy stability for a 64-unit asset based on nearby fundamentals and balanced commercial real estate analysis.
The property sits in an Inner Suburb neighborhood rated A (ranked 4th among 61 Greenville metro neighborhoods), signaling strong local fundamentals for multifamily. Neighborhood grocery and daily-needs access are a clear strength: grocery stores rank 3rd of 61 locally and sit in the 92nd percentile nationally, with pharmacies also competitive (82nd percentile). Dining density is similarly favorable (restaurant availability in the 81st percentile nationally), while parks and cafes are limited nearby, which may modestly reduce lifestyle appeal for some renters.
Construction vintage in the area skews newer than this asset (average neighborhood build year 1994 versus the property s 1983), implying potential value-add and capital planning opportunities to remain competitive against later-vintage stock. The share of housing units that are renter-occupied is high (ranked 9th of 61 metro neighborhoods and near the top nationally), which points to a sizable tenant base and supports demand for professionally managed apartments.
Within a 3-mile radius, demographics show a large base of 18 34-year-olds and households increasing even as average household size trends smaller. Looking ahead to 2028, forecasts indicate growth in households and incomes, which can translate into a broader renter pool and help support occupancy and rent levels. Median contract rent in the neighborhood sits below many national peers, which can aid retention while leaving room for thoughtful renovations to capture incremental pricing.
Ownership costs in the neighborhood are elevated relative to local incomes (high value-to-income ratio; top tier among 61 metro neighborhoods and high nationally). For investors, a high-cost ownership market tends to reinforce reliance on rental housing and can sustain multifamily demand, especially when paired with a rent-to-income profile around one-fifth that supports lease management and renewal strategies.
Safety indicators are mixed but improving. The neighborhood s crime rank is 11th out of 61 Greenville metro neighborhoods, suggesting higher incidence relative to many local peers. However, compared with neighborhoods nationwide, the area sits modestly above the middle of the pack (around the 57th percentile), and both property and violent offense estimates show year-over-year declines, according to CRE market data from WDSuite. For investors, trends matter: continued improvement can support leasing stability and resident retention, while proactive site-level security and design can mitigate risk.
1149 Mulberry Ln offers a practical workforce-oriented location with strong daily-needs access and a deep renter base. The 1983 vintage is older than the neighborhood average, creating clear value-add potential through renovations and systems updates to compete with newer stock. Elevated ownership costs in the neighborhood reinforce reliance on rentals, and neighborhood rents track below many national peers factors that can support occupancy and measured rent growth. According to CRE market data from WDSuite, the area s safety metrics have been trending in the right direction, and the 3-mile radius shows household growth and income gains that expand the tenant base.
Key watchpoints include competitive positioning versus newer assets and localized crime readings that are higher than many Greenville neighborhoods. Still, strong grocery/pharmacy access, substantial renter-occupied housing, and demographic tailwinds within 3 miles underpin the long-term multifamily thesis for investors focused on durable demand and asset-level execution.
- Deep renter concentration supports demand and leasing stability
- 1983 vintage offers value-add and capital improvement upside
- Strong daily-needs access (grocery/pharmacy) aids retention
- 3-mile household and income growth expands the renter pool
- Risks: older competitive set positioning and above-metro crime readings