| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 58th | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3370 Frontgate Dr, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 1993 |
| Units | 20 |
| Transaction Date | 2016-12-21 |
| Transaction Price | $415,000 |
| Buyer | CIG 242 BW LLC |
| Seller | BLVDW NC LLC |
3370 Frontgate Dr Greenville Multifamily Investment
Renter demand is supported by competitive neighborhood occupancy and a balanced renter base, according to WDSuite’s CRE market data.
Located in suburban Greenville, the property sits in a neighborhood rated A- and ranked 16 out of 61 in the metro — competitive among Greenville neighborhoods. Neighborhood occupancy is in the low-90s and has improved over the past five years, which supports income stability for smaller assets like this 20-unit property. Median asking rents in the area remain accessible relative to incomes, helping sustain leasing velocity and retention.
School quality stands out as a strength: average school ratings are near the top of the metro (ranked 3 of 61) and in the top quartile nationally, a factor that can underpin family-driven rental demand. Amenity access is modest within the immediate area — grocery options are roughly mid-pack locally, while cafes and restaurants are more limited — suggesting demand is more value and convenience oriented rather than lifestyle-driven.
The building’s 1993 vintage is older than the neighborhood’s average construction year (2003), pointing to potential value-add through unit modernization and building system updates. That said, newer competitive stock nearby means refreshed finishes and selective capital projects can enhance positioning against late-1990s and 2000s-era comparables.
Within a 3-mile radius, population has been broadly stable in recent years while the number of households has increased and average household size has declined. This pattern indicates a larger tenant base even without strong population growth, which generally supports occupancy stability. Forecasts point to moderate population growth and a notable increase in households over the next five years, expanding the prospective renter pool and supporting rent collections as units turn.
Home values in the neighborhood are lower than many coastal markets, and the value-to-income ratio sits below levels that typically strain ownership costs. For multifamily investors, this means some competition from entry-level ownership, but rents that consume a smaller share of income can bolster renewal rates. Neighborhood tenure data shows a meaningful share of renter-occupied units, indicating sufficient depth in the tenant base for smaller communities.
Safety metrics trend below national averages in this part of the Greenville metro. National percentiles indicate the neighborhood is less safe than many areas nationwide, while its metro rank suggests it performs below the middle of Greenville neighborhoods. Investors should underwrite with prudent security measures and operational policies typical for submarkets with elevated incident rates.
Recent momentum is mixed: estimated property offense rates have improved year over year, while violent offense estimates increased over the same period. These directional shifts warrant monitoring, but do not change the need for standard risk controls such as lighting upgrades, access controls, and resident engagement.
This 20-unit, 1993-vintage asset aligns with value-add execution in a neighborhood that is competitive within the Greenville metro and maintains occupancy in the low-90s. According to commercial real estate analysis from WDSuite, the area’s rent levels relative to income support leasing durability, while strong school ratings (top quartile nationally) reinforce family-oriented renter demand. The property is roughly a decade older than the neighborhood average, creating scope for targeted renovations to improve competitive positioning versus 2000s stock.
Within a 3-mile radius, household counts have risen even as average household size declined, effectively expanding the renter base and supporting occupancy stability; forward-looking projections call for additional population growth and a larger pool of households, which can aid retention and lease-up over time. Balancing factors include modest amenity density nearby and safety metrics that lag national norms, both of which can be mitigated through asset management and capital planning.
- Stable neighborhood occupancy and growing household base support cash flow durability.
- 1993 vintage offers value-add upside through interior upgrades and systems modernization.
- Rent levels relative to income point to manageable affordability, aiding renewals and pricing power.
- Strong school ratings provide a demand anchor for family renters.
- Risks: amenity-light location and below-average safety metrics require prudent operations and underwriting.