| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 58th | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3344 Frontgate Dr, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 1992 |
| Units | 24 |
| Transaction Date | 2022-09-22 |
| Transaction Price | $24,000,000 |
| Buyer | CIG 242 BW LLC |
| Seller | BLVDW NC LLC |
3344 Frontgate Dr, Greenville NC Multifamily Investment
Neighborhood occupancy sits in the low-90s with recent improvement, suggesting resilient leasing fundamentals according to WDSuite s CRE market data. Competitive positioning within Greenville and a balanced renter base point to steady demand rather than outsized volatility.
Situated in a suburban setting with an A- neighborhood rating (ranked 16 of 61 in the Greenville metro), the area is competitive among Greenville neighborhoods for investment-focused fundamentals. Neighborhood occupancy is around 93% and has trended higher over the last five years, indicating stable leasing and reduced downtime risk relative to softer submarkets in the metro.
Renter concentration at the neighborhood level is measured as the share of units that are renter-occupied and stands below a majority-renter profile locally, while the 3-mile radius shows a deeper renter pool (about mid-50s percent). For investors, this mix suggests a dependable tenant base near the property with additional depth across adjacent neighborhoods, supporting absorption and renewal potential.
Demographic statistics are aggregated within a 3-mile radius: recent population has been broadly stable while household counts increased, and forecasts point to further growth in households coupled with smaller average household sizes. This combination typically expands the renter pool and supports occupancy stability for smaller formats like the property s average unit size.
Livability indicators are mixed. Average school ratings are strong for the metro (ranked 3 of 61) and sit in the top quartile nationally, which can enhance leasing appeal for a portion of tenants. Retail and daily-needs access is moderate with groceries and cafes present at neighborhood levels near national midranges, though parks and pharmacies are sparse locally, implying some reliance on broader Greenville retail nodes. Neighborhood median rents have risen over the past five years while the rent-to-income ratio remains in the high-teens, supporting lease retention and pricing discipline without acute affordability pressure.
Safety metrics indicate the neighborhood trends safer than many Greenville peers (ranked 52 of 61, where lower ranks signal higher crime), yet it remains below national norms for safety based on nationwide percentiles. Property offenses have eased year over year, while reported violent offenses ticked up, underscoring a mixed but closely watched trend. Investors should benchmark on-site security and lighting, and monitor local policing and community initiatives as part of ongoing asset management.
This 24-unit property, built in 1992, is older than the neighborhood s average vintage, creating a clear value-add path through targeted renovations and systems upgrades that can sharpen competitive positioning against 2000s-era stock. According to CRE market data from WDSuite, neighborhood occupancy sits near the low-90s and has improved in recent years, aligning with a renter base that is substantial in the immediate area and even deeper within a 3-mile radius. Household growth and smaller household sizes point to a larger tenant base for compact floor plans, while rent levels and a rent-to-income profile in the high teens support retention-focused pricing.
Local schools are comparatively strong and daily-needs retail is present, though certain amenities (parks, pharmacies) are limited nearby, which may influence resident expectations. Ownership costs in the area are relatively accessible compared with high-cost markets, suggesting some competition from entry-level ownership; however, this dynamic typically coexists with durable demand for well-maintained, reasonably priced multifamily, particularly where renovations can elevate finishes and operational reliability.
- Stabilizing occupancy and deep 3-mile renter pool support steady leasing
- 1992 vintage offers actionable value-add and systems modernization upside
- Strong school ratings enhance area appeal for a segment of renters
- Affordability profile (rent-to-income in high teens) aids retention and pricing discipline
- Risks: below-national safety percentiles and limited park/pharmacy amenities warrant active asset and tenant-experience management