| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 44th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 156 E Academy St, Asheboro, NC, 27203, US |
| Region / Metro | Asheboro |
| Year of Construction | 1980 |
| Units | 101 |
| Transaction Date | 2003-07-03 |
| Transaction Price | $3,253,000 |
| Buyer | ASHEBORO AFFORDABLE HOUSING LLC |
| Seller | --- |
156 E Academy St, Asheboro Multifamily Investment
Stabilized renter demand in Asheboro’s inner-suburban core supports consistent leasing, according to WDSuite’s CRE market data. Neighborhood fundamentals and a sizable renter base point to steady occupancy with measured upside.
The property sits in an inner-suburban Asheboro neighborhood rated A and ranked 36th among 245 metro neighborhoods—top quartile nationally by quality indicators—per WDSuite’s CRE market data. Local occupancy is around the low-90s, suggesting leasing stability relative to metro norms, while the area’s renter-occupied share indicates a meaningful tenant base that supports multifamily demand.
Amenity access is a relative strength: cafes, pharmacies, groceries, and restaurants per square mile are competitive among Greensboro–High Point neighborhoods and above the metro median, which helps with daily convenience and resident retention. School ratings in the area are weaker on average, which investors should factor into underwriting for family-oriented demand and marketing positioning.
Within a 3-mile radius, demographics show population growth and a rising household count, pointing to a larger tenant base over the next few years. Forecasts also indicate further increases in households and incomes by 2028, which can support rent growth and occupancy stability. Median home values and the value-to-income relationship reflect a relatively higher-cost ownership market for many households, which tends to reinforce reliance on rental housing and supports lease retention.
Built in 1980—newer than the neighborhood’s average vintage—the asset can compete favorably versus older stock while still benefiting from targeted modernization or systems upgrades to enhance positioning and support value-add strategies.
Safety indicators for the neighborhood are mixed when viewed against broader benchmarks. Overall crime levels track near the national middle, but violent and property offense measures compare more favorably versus neighborhoods nationwide, indicating relatively better performance on those categories.
Recent one-year shifts show some volatility in reported offense rates; investors should monitor trend trajectories and align operating practices (lighting, access control, resident engagement) with local conditions. As always, compare submarket patterns to Greensboro–High Point-wide trends to contextualize leasing and retention risk.
Regional headquarters in the Triad provide a diversified white-collar employment base within commuting range, supporting renter demand and lease retention for workforce and professional households. Key nearby employers include VF, Laboratory Corp. of America, BB&T Corp., Reynolds American, and Hanesbrands.
- VF — apparel HQ (28.9 miles) — HQ
- Laboratory Corp. of America — diagnostics HQ (34.2 miles) — HQ
- BB&T Corp. — financial services HQ (36.3 miles) — HQ
- Reynolds American — consumer goods HQ (36.5 miles) — HQ
- Hanesbrands — apparel HQ (42.0 miles) — HQ
This 101-unit, 1980-vintage asset benefits from a top-quartile neighborhood profile, commuter access to Triad employers, and a renter base that supports durable occupancy. According to CRE market data from WDSuite, amenity access is competitive among Greensboro–High Point neighborhoods while local occupancy remains steady, positioning the property for consistent leasing and measured rent growth.
Within a 3-mile radius, population growth and an increase in households point to a larger tenant base ahead, while relatively elevated ownership costs versus incomes sustain reliance on rental housing—supporting retention and pricing power. The 1980 vintage offers competitive positioning versus older stock with room for targeted upgrades to drive NOI through value-add execution.
- Top-quartile neighborhood among 245 metro areas with strong amenity access supporting retention
- Steady occupancy and a sizable renter-occupied share underpin demand stability
- 1980 vintage competitive versus older stock with targeted value-add potential
- 3-mile radius shows population and household growth, expanding the renter pool
- Risks: weaker school ratings and crime trend volatility warrant conservative underwriting