| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Good |
| Demographics | 54th | Good |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2760 Stantonsburg Rd, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 2003 |
| Units | 24 |
| Transaction Date | 2020-03-27 |
| Transaction Price | $21,250,000 |
| Buyer | WATERFORD PLACE GREENVILLE LLC |
| Seller | HPI WATERFORD II & III LLC |
2760 Stantonsburg Rd Greenville Multifamily — 2003 Vintage, 24 Units
High renter concentration in the surrounding neighborhood supports a deep tenant base and generally steady occupancy, according to WDSuite’s CRE market data. Positioning near Greenville’s core services offers practical demand drivers without relying on premium amenity appeal.
Neighborhood fundamentals and investor context
The property sits in an Inner Suburb of Greenville, NC that is competitive among Greenville neighborhoods (ranked 15 out of 61). Neighborhood occupancy is 91.9% and tracks close to metro norms; use this as neighborhood context rather than a direct proxy for the asset.
Daily-needs access is a relative strength. Grocery and pharmacy access rank 15 and 9 out of 61 metro neighborhoods, respectively, placing them above the metro median. Childcare density also stands out (ranked 10 of 61). Restaurant density is respectable, while parks and cafes are limited; investors should underwrite more to convenience than lifestyle amenities. For multifamily property research, these dynamics suggest dependable, needs-based renter demand.
Average school ratings in the area are strong (4.0 out of 5), ranking 3 of 61 metro neighborhoods and landing in a high national percentile. This can bolster retention for family renters and support longer tenancy durations.
The neighborhood’s housing stock skews relatively new for the metro, and a 2003 vintage positions this asset slightly newer than the local average (2002). That can reduce near-term competitive pressure from older stock, while still planning for mid-life system updates or selective modernization to sustain leasing velocity.
Within a 3-mile radius, households increased over the last five years even as population held roughly flat, reflecting smaller household sizes. Forecasts indicate further household growth through 2028, which expands the local renter pool and supports occupancy stability. With a renter-occupied share near the upper end locally (neighborhood data indicate a high renter concentration), depth of demand should remain durable.
Home values in the neighborhood are relatively low for the region, which can introduce some competition from entry-level ownership. Even so, rent-to-income metrics remain manageable at the neighborhood level, pointing to moderate affordability pressure and potential for stable lease retention when paired with disciplined renewals.
Safety context
Safety outcomes are mixed relative to the Greenville metro. Neighborhood-level indicators place violent offense rates near the lower end of the metro (ranked 59 out of 61), and property offenses are also elevated (ranked 58 out of 61). Nationally, these levels sit in lower percentiles for safety.
Trend data are more constructive: estimated violent offense rates declined by roughly a quarter year over year, placing improvement in a stronger national cohort. Investors should incorporate standard security measures and underwriting reserves while noting the directional improvement.
Investment thesis
Built in 2003 with 24 units, the asset is slightly newer than the neighborhood average, offering competitive positioning versus older local stock while leaving room for mid-cycle upgrades. A high neighborhood renter concentration and neighborhood occupancy near metro norms point to a deep tenant base and steady leasing conditions, according to CRE market data from WDSuite. Needs-based access to grocery, pharmacy, and childcare supports workforce demand and day-to-day convenience.
Within a 3-mile radius, households have grown despite flat population, and projections show further household increases through 2028. This implies smaller household sizes and a broader renter pool over time, supporting occupancy stability. Affordability signals are balanced: lower neighborhood home values can add ownership competition, but rent-to-income levels appear manageable, suggesting retention can be maintained with disciplined renewal strategies. Key watch items include limited park/cafe amenities and neighborhood property crime, both of which merit prudent operations and capital planning.
- 2003 vintage slightly newer than local average; pursue selective upgrades for competitive positioning.
- High neighborhood renter concentration and near-metro occupancy norms support demand depth and leasing stability.
- Needs-based access to grocery, pharmacy, and childcare underpins workforce housing appeal.
- 3-mile household growth and projected gains expand the renter pool and support occupancy.
- Risks: limited lifestyle amenities and elevated neighborhood property crime; monitor ownership competition in underwriting.