| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 58th | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3400 Frontgate Dr, Greenville, NC, 27834, US |
| Region / Metro | Greenville |
| Year of Construction | 1993 |
| Units | 24 |
| Transaction Date | 2022-09-22 |
| Transaction Price | $24,000,000 |
| Buyer | CIG 242 BW LLC |
| Seller | BLVDW NC LLC |
3400 Frontgate Dr Greenville NC Multifamily Investment
Neighborhood-level occupancy is above the metro median and renter demand is supported by a sizable renter-occupied housing base, according to WDSuite’s CRE market data. Vintage positioning points to potential value-add upside alongside stable suburban fundamentals.
This suburban Greenville location balances daily needs access with residential quiet. Cafes and groceries are competitive among Greenville neighborhoods, while parks and pharmacies are limited within the immediate neighborhood, so residents typically rely on short drives for recreation and errands.
Schools score in the top quartile nationally for average rating, and the neighborhood ranks above the metro median overall, which can aid family-oriented retention and leasing stability. Median home values are elevated relative to local incomes (higher national percentile for value-to-income), which reinforces reliance on multifamily rentals and can support pricing power without overextending renters.
Construction year is 1993 versus a neighborhood average trending newer. For investors, that older vintage suggests planning for targeted capital expenditures and presents renovation or repositioning upside to compete with 2000s-era stock.
Within a 3-mile radius, households have expanded even as average household size edged lower, indicating a broader tenant base and more one- and two-person household formation—factors that typically support occupancy stability. Forward-looking projections within the same 3-mile radius point to additional household growth over the next five years, which should deepen the renter pool, based on commercial real estate analysis from WDSuite.
At the neighborhood level, rents have risen over the past five years and the rent-to-income ratio remains moderate, indicating manageable affordability pressure and room for disciplined rent growth management.
Relative to the Greenville metro, the neighborhood’s safety profile trends below average, with national comparisons also indicating a weaker position. That said, recent data show property offenses moving lower year over year, suggesting some improvement momentum. Interpret these as neighborhood-level signals rather than block-specific conditions, and underwrite with pragmatic security and operational considerations.
The area draws from Greenville’s healthcare, education, and services employment base, supporting workforce housing demand and commute convenience for renters.
This 24-unit property, built in 1993 with average unit sizes suited to one- and two-bedroom demand, is positioned for steady operations with value-add potential. Neighborhood occupancy is above the metro median and renter concentration is comparatively high, supporting a deeper tenant base. Elevated ownership costs relative to local incomes sustain reliance on rentals, while a moderate rent-to-income profile supports retention and measured rent growth, according to CRE market data from WDSuite.
Demographic trends aggregated within a 3-mile radius point to growing households and smaller household sizes, which typically bolster demand for multifamily units. The earlier vintage relative to nearby stock suggests targeted renovations and system updates could enhance competitiveness versus 2000s-era properties. Key risks include a below-metro safety standing and limited nearby parks and certain services, which warrant proactive asset management.
- Above-metro neighborhood occupancy and sizable renter-occupied housing share support leasing stability
- 1993 vintage offers value-add and modernization opportunities versus newer neighborhood stock
- Household growth within 3 miles expands the tenant base and supports long-term demand
- Elevated ownership costs sustain rental reliance; moderate rent-to-income aids retention
- Risks: below-metro safety standing and limited nearby parks/services require active management