| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 50th | Fair |
| Amenities | 40th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 115 Brownlea Dr, Greenville, NC, 27858, US |
| Region / Metro | Greenville |
| Year of Construction | 1992 |
| Units | 24 |
| Transaction Date | 2010-06-11 |
| Transaction Price | $1,100,000 |
| Buyer | NBBS PARTNERS LLC |
| Seller | WESLEY COMMONS NORTH LLC |
115 Brownlea Dr, Greenville NC Multifamily Investment
High renter concentration in the surrounding neighborhood supports a deeper tenant base and consistent leasing potential, according to WDSuite’s CRE market data. Neighborhood occupancy and demand patterns are stable for workforce renters, with pricing power driven more by management and positioning than by rapid rent growth.
This Inner Suburb neighborhood of Greenville (B+ rating) shows balanced livability drivers for renters. Neighborhood metrics below refer to the surrounding area, not the property itself. Parks and open space access ranks 2 out of 61 metro neighborhoods — top quartile nationally — and grocery availability also performs competitively (rank 14 of 61), supporting daily convenience and resident retention. Amenity breadth overall is in the top quartile among 61 Greenville neighborhoods.
Renter-occupied housing share is high (rank 2 of 61; 99th percentile nationally), indicating a deep renter pool and steady multifamily demand. By contrast, the neighborhood’s occupancy rate ranks 40 of 61 — below the metro median — suggesting that leasing performance depends on effective operations and property-level differentiation. Median contract rents sit in the lower half of national comparisons, which can aid absorption for value-oriented units.
Within a 3-mile radius, demographics skew younger (a large 18–34 share) and households are projected to increase modestly over the next five years while average household size trends smaller. This combination typically expands the renter pool and supports occupancy stability for well-managed assets. Income levels are mixed: neighborhood median household income ranks near the lower end of the metro, so rent-to-income at the neighborhood level (around 0.30) implies affordability pressure that should be reflected in leasing strategy and renewal management.
The property’s 1992 vintage is slightly older than the neighborhood’s average construction year (1995), suggesting potential value-add upside via targeted renovations and system updates to compete with newer stock while maintaining attainable rents.
Safety dynamics are mixed. The neighborhood’s crime position sits around the national middle (roughly 50th percentile nationwide), but within the Greenville metro it ranks below the metro median for safety (rank 21 of 61 neighborhoods), indicating investors should underwrite prudent security and lighting/visibility measures. Recent trends are constructive: estimated violent offenses declined materially over the past year (above the 80th percentile for improvement nationally), which supports a cautiously improving outlook.
115 Brownlea Dr offers a 24-unit, 1992-vintage footprint positioned for durable renter demand in a high renter-occupied neighborhood. Daily convenience is supported by strong park access and competitive grocery proximity, while neighborhood occupancy trends below the metro median underscore the importance of hands-on leasing, unit turns, and value-oriented positioning. According to CRE market data from WDSuite, the surrounding area’s renter concentration and younger 3-mile demographic mix point to a stable tenant base, with potential to enhance performance through selective upgrades.
Investors should weigh affordability pressure (neighborhood rent-to-income near 0.30) and school ratings that trail national norms against the area’s renter depth, improving safety trend, and attainable rent positioning. Given its slightly older vintage relative to neighborhood averages, the asset may benefit from targeted renovations that boost competitiveness without overshooting local price sensitivity.
- High renter concentration supports a deeper tenant base and leasing durability.
- 1992 vintage offers value-add potential through selective renovations and systems updates.
- Parks and grocery access enhance livability, aiding retention in value-oriented units.
- Operations focus needed: neighborhood occupancy ranks below the metro median; execution drives outcomes.
- Risks: affordability pressure (rent-to-income near 0.30), below-median metro safety rank, and lower school ratings.