| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 45th | Good |
| Amenities | 16th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1901 Woodhaven Dr, Albemarle, NC, 28001, US |
| Region / Metro | Albemarle |
| Year of Construction | 1987 |
| Units | 40 |
| Transaction Date | 2024-03-28 |
| Transaction Price | $1,056,000 |
| Buyer | WOODHAVEN APARTMENTS NC LLC |
| Seller | WOODHAVEN APARTMENTS LTD |
1901 Woodhaven Dr Albemarle 40-Unit Multifamily Investment
Household growth within a 3-mile radius and manageable rent-to-income levels point to a larger tenant base and steadier retention, according to WDSuite’s CRE market data.
Located in a B-rated, rural neighborhood of Albemarle (competitive among Albemarle neighborhoods out of 33), the asset sits in a car-oriented setting with limited daily conveniences nearby. Amenity coverage is thinner than many U.S. areas, though neighborhood café density ranks competitively within the metro. Investors should underwrite for resident reliance on autos and modest walkability.
Demographic data aggregated within a 3-mile radius shows a rising household count alongside smaller household sizes over the past five years, which supports a broader renter pool even as total population has fluctuated. Forecasts point to continued growth in households by the middle of the decade, reinforcing demand for rental units and supporting occupancy stability over time.
Within the same 3-mile radius, an estimated 43.7% of housing units are renter-occupied, indicating a meaningful renter concentration that deepens the tenant base for a 40-unit community. Neighborhood home values sit in a high-cost ownership context relative to incomes (above many U.S. areas), which can sustain renter reliance on multifamily housing and aid lease retention.
Neighborhood occupancy has been softer than stronger-performing metro pockets in recent years, so conservative lease-up and renewal assumptions are prudent. However, rent levels relative to local incomes appear manageable, which can mitigate affordability pressure and support tenant retention.
The property’s 1987 vintage is slightly older than the neighborhood’s average construction year. That positioning can enable value-add through targeted exterior and interior upgrades and ongoing systems maintenance, potentially improving competitive standing versus newer stock while remaining mindful of capital planning.
Comparable safety context should be evaluated at the neighborhood and city levels using multiple sources. Current WDSuite neighborhood crime metrics for this area are not available; investors commonly benchmark against metro trends and local law enforcement reports, and weigh on-site measures (lighting, access control, visibility) as part of risk management.
Regional corporate offices within commuting range help diversify employment and can support renter demand and retention. Notable nearby employers include Sysco, Merck, Sonic Automotive, Bank of America, and Duke Energy.
- Sysco — corporate offices (28.1 miles)
- Merck — corporate offices (34.1 miles)
- Sonic Automotive — corporate offices (37.9 miles) — HQ
- Bank of America Corp. — corporate offices (39.4 miles) — HQ
- Duke Energy — corporate offices (39.8 miles) — HQ
This 40-unit, 1987-vintage asset offers exposure to an Albemarle neighborhood that is competitive within the metro, with a 3-mile radius showing expanding households and an increasingly diverse renter pool. Ownership costs in the area remain relatively elevated versus incomes, reinforcing steady multifamily demand and aiding lease retention. According to commercial real estate analysis from WDSuite, neighborhood rent levels appear manageable against incomes, which can support occupancy stability even as local occupancy trends have softened in recent years.
The rural setting and limited nearby amenities suggest residents will value parking, in-unit convenience, and operational reliability over walkability. That context, combined with proximity to major regional employers within commuting distance, supports a workforce housing thesis. Targeted value-add and systems upkeep are important for a 1980s property to maintain competitive positioning versus newer supply.
- Expanding household base within 3 miles supports a larger tenant pool and steadier demand
- Manageable rent-to-income levels enhance retention and reduce affordability pressure
- 1987 vintage provides value-add potential through targeted renovations and system upgrades
- Commute access to regional corporate employers underpins workforce housing demand
- Risks: softer neighborhood occupancy trends and limited nearby amenities require conservative underwriting