| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 58th | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3338 Frontgate Dr, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 1992 |
| Units | 25 |
| Transaction Date | 2015-04-29 |
| Transaction Price | $1,500,000 |
| Buyer | CIG 242 BW LLC |
| Seller | BLVDW NC LLC |
3338 Frontgate Dr Greenville NC Value-Add Multifamily
Neighborhood occupancy remains competitive and renter demand is diversified, according to WDSuite’s CRE market data, supporting stable leasing for a 25-unit asset. With manageable rent-to-income dynamics, pricing power can be pursued carefully as renewals cycle.
The property sits in a suburban Greenville, NC neighborhood rated A- and ranked 16 out of 61 locally—competitive among Greenville neighborhoods. Neighborhood occupancy is around the low-90s with improvement over the past five years, indicating steady renter demand at the neighborhood level rather than at the property specifically.
Amenities are serviceable: cafe density is above many peers in the metro, and grocery access is around the metro middle, while parks, pharmacies, and childcare are limited within the immediate neighborhood. Average school ratings are strong—near the top of the metro (rank 3 of 61) and in the top quartile nationally—supporting family-oriented renter appeal.
Rents in the neighborhood have risen over the past five years, yet the rent-to-income ratio remains moderate, which can support lease retention. The share of housing units that are renter-occupied is solid for this part of Greenville, signaling depth in the tenant base and demand stability for multifamily.
Construction trends skew newer locally (average year 2003), while this asset was built in 1992. Older vintage implies the need to plan for systems upgrades and presents value-add potential to close the competitiveness gap with newer stock.
Within a 3-mile radius, demographics indicate a stable population with a recent increase in households and projections for further household growth and higher median incomes by 2028. This points to a larger tenant base ahead and supports occupancy stability for well-managed multifamily assets.
Safety metrics in this neighborhood trail national averages, with the area ranking in the lower half of Greenville neighborhoods (52 out of 61). That places it below the metro median, so investors should underwrite prudent security and operational practices.
Recent trends are mixed but include a year-over-year decline in estimated property offenses, while violent offense measures remain below national percentiles. Framing risk comparatively and tracking trend direction can help inform capex for lighting, access control, and resident experience without over-relying on any single-year reading.
This 25-unit asset built in 1992 presents a clear value-add path relative to a neighborhood stock that skews newer. Neighborhood occupancy is competitive among Greenville submarkets and, based on CRE market data from WDSuite, has strengthened over five years—supporting an underwriting case for steady leasing while upgrades are phased.
Renter demand is supported by a meaningful renter-occupied share locally, a moderate rent-to-income ratio that can aid retention, and ownership costs that help sustain reliance on rental housing. Within a 3-mile radius, projections point to growth in households and incomes—expanding the renter pool and reinforcing long-term demand for well-positioned units.
- Competitive neighborhood occupancy with improving trend supports leasing stability
- 1992 vintage offers clear value-add and modernization upside versus newer local stock
- Moderate rent-to-income dynamics and solid renter concentration support retention
- 3-mile outlook shows household and income growth, expanding the tenant base
- Risks: older systems capex, below-metro safety rank, and limited nearby parks/pharmacies