| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 69th | Best |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 159 Wellingham Ave, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 1999 |
| Units | 22 |
| Transaction Date | 2022-05-26 |
| Transaction Price | $6,015,000 |
| Buyer | WNY-WELLINGHAM APTS LLC |
| Seller | WELLINGHAM APARTMENTS LLC |
159 Wellingham Ave Greenville Multifamily with Stable Occupancy Drivers
Inner-suburb fundamentals and a solid renter base support consistent leasing performance, according to WDSuite’s CRE market data. Expect demand resilience relative to metro peers, with upside from thoughtful operational improvements.
Located in an inner-suburb pocket of Greenville, the neighborhood scores A+ and ranks 2 out of 61 metro neighborhoods, placing it firmly in the top quartile locally. Occupancy at the neighborhood level is high and competitive (97.3%; top-quartile nationally), indicating stable absorption and limited downtime between turns. Neighborhood NOI per unit benchmarks also test above national norms (around the top quintile), reinforcing a favorable starting point for underwriting.
Livability is anchored by strong everyday amenities: grocery and pharmacy access rank competitively in the metro, and restaurant density scores near the top locally and around the 90th percentile nationally. Park access is limited, which slightly tempers lifestyle appeal, but the day-to-day retail mix supports tenant retention and reduces travel friction for essentials.
Tenure patterns point to a meaningful renter-occupied share at the neighborhood level (about 45%), suggesting depth in the tenant pool for small and mid-size communities. Median contract rents in the area remain manageable relative to incomes, and the rent-to-income ratio near 0.11 implies lower affordability pressure that can aid lease renewal rates and pricing discipline. Elevated home values and a higher value-to-income ratio locally indicate that ownership can be a higher-cost alternative, which tends to sustain multifamily demand rather than compete with it.
Demographic statistics aggregated within a 3-mile radius show a slight population contraction over the last five years alongside a small increase in household count, signaling smaller household sizes and steady renter demand. Forward-looking data indicate population growth and a sizable increase in households over the next five years, which supports a larger tenant base and occupancy stability. Based on commercial real estate analysis from WDSuite, these trends align with steady leasing conditions and room for incremental revenue management rather than reliance on outsized rent spikes.
Safety indicators in this neighborhood track below national averages, with both violent and property offense rates positioned in lower national percentiles. However, year-over-year trend data point to notable declines in estimated incident rates, placing the pace of improvement in stronger national percentiles. For underwriting, this suggests a cautious baseline with a positive directional trend rather than a drag on demand.
Within the Greenville metro, comparative positioning varies by submetric, and investors typically account for this through on-site security practices, lighting, and resident screening. The recent downward trends lessen risk exposure but warrant continued monitoring as part of standard asset management.
Built in 1999, the property is newer than the area’s average vintage and should compare favorably against older stock, while still benefiting from targeted updates to common areas, exteriors, or systems. Neighborhood fundamentals are strong: high occupancy, a sizable renter-occupied share, and amenity convenience underpin consistent leasing and retention. According to CRE market data from WDSuite, the surrounding neighborhood sits in the top tier locally with strong national percentiles for occupancy and income performance, supporting a disciplined revenue-management strategy.
Within a 3-mile radius, households have grown modestly despite past population softness, and forecasts point to population growth, a larger household base, and smaller average household sizes — all supportive of a deeper renter pool. Ownership remains a higher-cost path relative to local incomes, while rent-to-income readings suggest manageable affordability pressure, helping sustain tenant retention and occupancy stability for smaller-format units typical of late-1990s construction.
- High neighborhood occupancy and top-tier local ranking support stable cash flows
- 1999 vintage offers competitive positioning vs. older stock with value-add potential
- Renter-occupied share and everyday amenities reinforce demand and retention
- Forecasted household growth within 3 miles expands the tenant base
- Risks: limited park access and below-national safety readings warrant active management