| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 50th | Fair |
| Amenities | 40th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2899 E 5th St, Greenville, NC, 27858, US |
| Region / Metro | Greenville |
| Year of Construction | 1987 |
| Units | 24 |
| Transaction Date | 2017-06-01 |
| Transaction Price | $1,025,000 |
| Buyer | PORTERS CROSSING RESIDENTIAL LLC |
| Seller | UNIVERSITY APARTMENTS OF GREENVILLE LLC |
2899 E 5th St, Greenville NC Value-Add Multifamily
Renter demand is deep and occupancy has trended stable at the neighborhood level, according to WDSuite s CRE market data, supporting consistent leasing for a 24-unit asset in Greenville s inner-suburban fabric.
Competitive among Greenville neighborhoods (ranked 19 of 61 with a B+ rating), the area surrounding 2899 E 5th St shows durable fundamentals for workforce and student-adjacent housing. Neighborhood occupancy has improved modestly over the past five years and sits in the upper-80s, which supports baseline stability while leaving room for operational upside through renewals and turn efficiency.
Renter-occupied share is high (over 80%), indicating a substantial tenant base and consistent demand for multifamily units. Within a 3-mile radius, demographics skew younger with a large 18 34 cohort and slightly smaller household sizes over time; households have grown even as population edged down, expanding the renter pool and supporting occupancy stability. Forward-looking estimates point to additional household growth by 2028, which can reinforce leasing depth for well-managed assets.
Amenity access is mixed: parks are a relative strength (top quartile nationally) and grocery options are above the metro median, while sit-down restaurants and cafes are thinner immediately nearby. Average school ratings are currently low at the neighborhood level, which may temper appeal for some family renters but does not typically impede leasing to younger households.
Constructed in 1987, the property is older than the neighborhood s average vintage (1995). That age profile suggests sensible capital planning and targeted renovations could drive value-add returns, enhancing competitive positioning against newer stock while addressing systems and interiors on a scheduled basis. Rent-to-income around 30% at the neighborhood level points to some affordability pressure; thoughtful rent-setting and renewal strategies can support retention and pricing power without overreaching.
Neighborhood safety indicators sit near metro norms overall, with property crime roughly in the middle of national comparisons and violent incidents trending down. The area s violent offense rate has improved meaningfully year over year (a positive directional signal), while overall crime ranks in the midrange of Greenville s 61 neighborhoods.
For investors, the takeaways are comparative and trend-focused: conditions are broadly in line with regional averages, and recent improvement in violent incidents supports leasing stability. As always, underwriting should consider property-level security measures and tenant mix to maintain performance over time.
This 24-unit, 1987-vintage asset offers a straightforward value-add path in a Greenville neighborhood that is competitive within the metro and supported by a large renter base. Neighborhood occupancy has improved and remains resilient, while a high renter-occupied share indicates steady depth of demand. Within a 3-mile radius, a sizeable 18 34 population and projected household growth point to a larger tenant base over the next several years. According to CRE market data from WDSuite, parks and grocery access compare favorably, offsetting thinner dining options nearby.
Given its older vintage relative to the neighborhood average, targeted interior updates and system refreshes can enhance leasing and rent attainment against more modern comparables. At the same time, neighborhood-level rent-to-income near 30% suggests balancing renewals and increases with retention strategies to limit turnover risk.
- High renter concentration supports steady multifamily demand and occupancy stability.
- 1987 vintage offers value-add potential via targeted renovations and capital planning.
- Household growth within 3 miles expands the tenant base, aiding leasing and renewals.
- Parks and grocery access compare well locally, supporting livability despite limited nearby dining.
- Risks: neighborhood school ratings are low and rent-to-income near 30% requires careful rent management.