| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 45th | Fair |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 E 3rd St, Greenville, NC, 27858, US |
| Region / Metro | Greenville |
| Year of Construction | 1980 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
500 E 3rd St Greenville, NC Multifamily Investment
High renter concentration in the surrounding neighborhood supports a deep tenant base, while rents sit around the metro middle, according to WDSuite s CRE market data. Expect stable demand drivers from proximity to amenities, with leasing strategy focused on capturing turnover in a renter-heavy pocket.
Situated in Greenville s inner-suburban fabric, 500 E 3rd St benefits from strong daily-life amenities. Restaurant density ranks 1st among 61 metro neighborhoods and sits in the 99th percentile nationally, with cafes also competitive (91st percentile nationally). Parks access is similarly strong (96th percentile nationally), indicating convenient recreation options that can support retention and leasing velocity for multifamily.
Renter-occupied housing is a defining feature here: the neighborhood s renter concentration is high (ranked 8th of 61, 98th percentile nationally), signaling a large multifamily-oriented audience and depth of demand. Median contract rents track above the metro median (ranked 9th of 61, roughly mid-national percentile), suggesting workable pricing power without outpacing broader market realities. Neighborhood occupancy trends run below metro averages, so underwriting should emphasize competitive positioning and operations to maintain stability.
Within a 3-mile radius, household counts have grown even as total population edged lower, pointing to smaller household sizes and a larger pool of renters relative to headcount. Forward-looking indicators suggest additional household growth by 2028, which would expand the tenant base and support occupancy stability. This dynamic, combined with strong amenity access, reinforces the case for consistent leasing demand.
Ownership costs appear elevated relative to incomes at the neighborhood level (value-to-income ratio is competitive among Greenville neighborhoods and high nationally), which typically sustains reliance on rental housing and can aid lease retention. Against national CRE trends, this positioning suggests steady renter demand, provided management aligns unit finish, pricing, and concessions with local affordability thresholds.
Safety indicators are mixed. The neighborhood s crime rank is 43rd among 61 Greenville metro neighborhoods, placing it below the metro average and below national percentiles. Violent offense levels are comparatively elevated (around the lower national percentiles), but recent year-over-year trends show improvement, with estimated violent offenses declining, which is a constructive signal to monitor.
For investors, the takeaway is to incorporate security-forward operations and visibility measures into underwriting and asset plans, while tracking whether recent improvements persist relative to the metro and to national benchmarks.
This 60-unit, 1980-vintage asset sits in a renter-heavy pocket of Greenville with strong proximity to daily amenities. The neighborhood s high share of renter-occupied units points to a deep tenant base, and median rents are above the metro median without stretching national comparables, according to CRE market data from WDSuite. Amenity access (dining, cafes, parks) ranks competitively at both the metro and national levels, which can support leasing velocity and resident retention.
The 1980 construction suggests planning for systems updates and selective renovations, creating potential value-add levers to improve yield and competitive positioning versus older stock. While neighborhood occupancy trends are below metro averages and safety metrics trail national benchmarks, the area s renter orientation and projected household growth within a 3-mile radius point to durable multifamily demand if pricing and operations align with local affordability.
- Renter-heavy neighborhood supports a deep tenant base and consistent leasing.
- Amenity-rich location (restaurants, cafes, parks) aids retention and absorption.
- 1980 vintage offers value-add potential via targeted renovations and systems upgrades.
- Household growth within 3 miles expands the renter pool, supporting occupancy stability.
- Risks: below-metro occupancy and weaker safety metrics warrant conservative underwriting and active management.