| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 58th | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3362 Frontgate Dr, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 1992 |
| Units | 24 |
| Transaction Date | 2017-10-16 |
| Transaction Price | $1,225,000 |
| Buyer | CIG 242 BW LLC |
| Seller | BLVDW NC LLC |
3362 Frontgate Dr Greenville Multifamily Investment
Neighborhood occupancy is steady and renter demand is durable in this Greenville, NC suburban pocket, according to WDSuite’s CRE market data. These metrics are measured for the neighborhood and point to stable leasing dynamics that support underwriting discipline.
The property sits in a suburban Greenville neighborhood rated A- and ranked 16 out of 61 metro neighborhoods, placing it above the metro median. Schools score in the top quartile nationally and rank 3 of 61 locally, a quality-of-life factor that can aid retention for family-oriented renters.
Construction year for the asset is 1992, older than the neighborhood average vintage of 2003. For investors, this points to potential value-add through unit and systems modernization and the need to plan capital improvements to maintain competitive positioning against newer product.
Neighborhood occupancy is 93% with improvement over the past five years, signaling demand resilience. Median contract rents in the neighborhood remain comparatively accessible and the rent-to-income ratio of 0.18 suggests manageable affordability pressure—conditions that can support lease renewal rates and measured rent growth. Note these are neighborhood metrics, not property performance.
Within a 3-mile radius, households have grown while average household size has edged lower, expanding the renter pool and supporting multifamily absorption. The 3-mile area shows a renter-occupied share slightly above half of housing units, indicating depth in tenant demand and a broad base for workforce and lifestyle renters.
Amenity density is mixed: cafes score above the national midpoint while parks and pharmacies are limited in the immediate neighborhood. Grocery and restaurants are present at moderate levels, aligning with a suburban location that relies on short drives rather than walkable clusters.
Safety indicators are mixed relative to peers. The neighborhood’s crime rank is 52 out of 61 Greenville metro neighborhoods, indicating higher incident levels than much of the metro. Nationally, property and violent offense percentiles sit below the midpoint, so investors should underwrite with prudent assumptions for security measures and operating protocols.
Recent trend data offers a constructive note: estimated property offenses declined year over year, which is competitive among Greenville neighborhoods and suggests incremental improvement. As always, evaluate block-level conditions and recent comps, but the directional trend helps contextualize risk without overstating short-term change.
3362 Frontgate Dr offers exposure to a suburban Greenville submarket with steady neighborhood occupancy, moderate rents, and a renter base that is broad within a 3-mile radius. Based on CRE market data from WDSuite, neighborhood-level rent-to-income remains manageable while schools rate well, supporting retention and consistent leasing. The 1992 vintage is older than nearby stock, creating a clear path for value-add upgrades to enhance competitive standing.
Household growth and smaller household sizes within 3 miles point to a larger tenant base for professionally managed multifamily, while ownership costs in the area remain moderate—supporting sustained rental reliance but also requiring attention to pricing strategy versus entry-level ownership. Underwrite for standard capital needs tied to vintage and maintain prudent assumptions around safety-related operating costs.
- Stable neighborhood occupancy and broad renter base support leasing durability
- 1992 vintage offers value-add potential through interior and systems modernization
- Manageable neighborhood rent-to-income dynamics aid renewal and pricing discipline
- Stronger school ratings relative to metro can bolster retention for family renters
- Risk: Safety ranks below metro average—budget for security and tenant experience investments