| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 53rd | Fair |
| Amenities | 36th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2776 Meridian Dr, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 2007 |
| Units | 76 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2776 Meridian Dr, Greenville NC Multifamily Investment
Neighborhood occupancy is in the mid-90s with steady five-year improvement, supporting lease stability according to WDSuite’s CRE market data. Renter demand is reinforced by a high renter concentration nearby and modest rent-to-income levels, pointing to a deep tenant base rather than outsized pricing power.
Located in an Inner Suburb of Greenville, this 76-unit property sits in a submarket with an occupancy rate of 94.1% and modest five-year gains, suggesting durable renter demand and manageable turnover at the neighborhood level. Median contract rents in the area trend toward the lower side for the metro, which can aid retention but may temper near-term rent growth relative to faster-growing U.S. metros.
The 2007 vintage is newer than the neighborhood’s average construction year (1986), positioning the property competitively versus older stock. Investors should still plan for selective modernization as systems approach typical mid-life cycles, but the vintage helps performance against aging comparables.
Within a 3-mile radius, 69% of housing units are renter-occupied, indicating a large tenant pool that supports occupancy stability and ongoing leasing velocity. Over the last five years, population edged down while household counts rose, implying smaller household sizes and a shift that typically favors multifamily absorption; projections continue to indicate household growth, which can expand the renter pool even if population growth is modest.
Local amenities skew practical rather than lifestyle-oriented: grocery access ranks above the metro median, and childcare density is comparatively strong, while cafes and parks are sparse. For investors, this mix supports day-to-day livability for workforce renters even if premium amenity drivers are limited. Neighborhood home values sit in a moderate range, which can sustain rental demand as ownership remains a higher-commitment option, helping retention more than aggressive pricing.
Relative to U.S. neighborhoods, the area sits below the national median for safety, indicating that crime remains a consideration for underwriting and operations. However, recent trends are constructive: violent offense rates declined sharply year over year and property offenses also moved lower, placing the neighborhood among stronger improvers nationally over the last 12 months. Operators typically address this with visible management presence, lighting, and access controls to support resident confidence and retention.
The property’s 2007 vintage offers competitive positioning against older neighborhood stock while allowing for targeted value-add to refresh interiors and common areas. Neighborhood occupancy around the mid-90s and a high share of renter-occupied housing within a 3-mile radius point to a sizable tenant base that supports lease-up and renewals. According to CRE market data from WDSuite, local rents are relatively modest versus income, which favors retention and steady absorption over outsized near-term rent growth.
Forward-looking demographics within 3 miles show rising household counts and smaller household sizes, a combination that typically expands the renter pool for mid-sized multifamily. Amenity access leans practical (groceries, childcare) rather than premium, aligning with workforce housing demand. Investors should underwrite conservatively for security-related operating practices and measured rent growth while leveraging the property’s newer construction to compete effectively against older alternatives.
- 2007 vintage competes well versus older neighborhood stock with selective modernization potential
- Mid-90s neighborhood occupancy and large nearby renter base support leasing stability
- Modest rent-to-income levels favor renewals and steady absorption over volatility
- Practical amenity mix (groceries, childcare) aligns with workforce renter demand
- Risk: Below-median national safety profile; budget for security-forward operations and disciplined underwriting