| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Best |
| Demographics | 40th | Fair |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 375 Harmon St, Forest City, NC, 28043, US |
| Region / Metro | Forest City |
| Year of Construction | 1994 |
| Units | 41 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
375 Harmon St Forest City Multifamily Investment
Neighborhood occupancy runs above the metro median, supporting steady leasing fundamentals, according to WDSuite’s CRE market data. Renter concentration is competitive for the area, pointing to a durable tenant base for a 1994-vintage asset.
Located in Forest City, NC, the property sits in a suburban neighborhood rated A+ with strong day-to-day convenience. Grocery access ranks 1st out of 37 metro neighborhoods, while cafes and pharmacies also rank near the top of the metro. Park access is limited (ranked 37th of 37), which may modestly constrain outdoor amenity appeal relative to peers.
For investors evaluating leasing durability, the neighborhood’s occupancy is competitive among Forest City neighborhoods (ranked 5th of 37) and sits in the 63rd percentile nationally. Importantly, the share of housing units that are renter-occupied is in the top quartile among the 37 metro neighborhoods (ranked 4th), indicating a deeper local renter pool and potential support for sustained absorption.
The property’s 1994 construction is newer than the neighborhood’s average vintage of 1979. That positioning can help on competitiveness versus older local stock, though investors should still underwrite routine modernization of interiors and common systems typical of 1990s assets.
Within a 3-mile radius, demographics show a stable population with a slight recent increase and projections for additional household growth over the next five years, which can expand the renter pool. Median household incomes have trended upward, and WDSuite data points to contract rents rising in the outlook period—factors that can support occupancy stability and measured rent growth.
Home values in the neighborhood cluster around $174,789 with notable five-year appreciation, reflecting a higher-cost ownership context for the area. In investor terms, that backdrop often sustains reliance on rental housing, while a rent-to-income ratio near the mid-teens suggests pricing power should remain balanced with lease retention considerations.
Schools average roughly 3.3 out of 5 (ranked 5th of 37 locally and around the 70th percentile nationally), which can be a positive for family-oriented renter retention compared with similar suburban submarkets.
Comparable crime metrics for this neighborhood are not available in WDSuite’s dataset, so investors should benchmark conditions using local law enforcement reports and municipal disclosures. A practical approach is to compare recent neighborhood trends to metro and county baselines to gauge relative stability rather than relying on block-level anecdotes.
As with any market, prudent underwriting incorporates visibility into property-level security measures, lighting, and site lines, alongside resident feedback and historical incident trends from official sources.
Regional employment anchors within commuting range help support workforce housing demand and leasing stability. The nearby base is diversified across industrial components, industrial gases distribution, and healthcare services.
- Parker-Hannifin Tech Seal Div — industrial components (28.7 miles)
- Airgas Store — industrial gases distribution (41.1 miles)
- UnitedHealth Group — healthcare services (41.7 miles)
375 Harmon St combines a 1994 vintage with a renter-oriented location where neighborhood occupancy ranks competitively within the Forest City metro. Newer construction relative to the area’s 1979 average can enhance positioning versus older product, while still leaving room for value-add improvements as systems and finishes age. According to CRE market data from WDSuite, the neighborhood’s renter-occupied share sits in the top tier locally, and household growth within a 3-mile radius is projected to expand the tenant base—supporting occupancy stability and measured rent growth.
Amenity access is favorable for daily needs (top-ranked grocery access in the metro), and rising home values signal a high-cost ownership landscape that can reinforce reliance on multifamily housing. Underwriting should account for modest exposure to limited park access and the commuting distance to major employers, balancing these considerations against stable neighborhood fundamentals.
- Competitive neighborhood occupancy and strong renter concentration support leasing durability
- 1994 vintage is newer than local average, with potential to modernize for value-add upside
- Daily-needs convenience (top-ranked grocery access) aids resident retention
- High-cost ownership context can sustain depth of renter demand
- Risks: limited park access and longer commutes to major employers may temper appeal for some households