| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 46th | Good |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 259 Town Centre Dr, Locust, NC, 28097, US |
| Region / Metro | Locust |
| Year of Construction | 2010 |
| Units | 25 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
259 Town Centre Dr Locust Multifamily Investment
Neighborhood occupancy near 91% and an A+ local rating point to steady renter demand in suburban Locust, according to WDSuite’s CRE market data.
This 25-unit asset sits in a suburban node of Locust within the Albemarle, NC metro that scores an A+ neighborhood rating and ranks 1st out of 33 metro neighborhoods, based on WDSuite’s data. Local occupancy registers around 91%, roughly in line with national norms, supporting income stability for well-managed multifamily assets.
Everyday amenities are convenient for residents: café density ranks 1 of 33 (above the metro median) and grocery access ranks 2 of 33 (above the metro median), with pharmacies also competitive at 3 of 33. Restaurant options are similarly well represented relative to the metro. Park access is limited (33 of 33; low national percentile), so on-site community features and proximal private recreation can help offset the scarcity of public green space.
Construction trends favor newer product locally; the average neighborhood vintage is 1989. With a 2010 delivery, the property is newer than the area norm, which can support leasing competitiveness versus older stock. Investors should still plan for mid-life system updates and selective renovations to maintain positioning.
Within a 3-mile radius, demographics indicate growth in the resident base and households over the last five years, with forecasts calling for continued population and household gains over the next five. This expansion suggests a larger tenant base and supports occupancy stability. The area remains predominantly owner-occupied (about the mid-teens share renter-occupied), which implies a shallower but potentially durable renter pool; operators should calibrate marketing and product mix accordingly.
Home values are elevated for the region and value-to-income metrics rank high nationally, which often sustains reliance on rental options and can aid lease retention. At the same time, rent-to-income readings near the national midpoint signal manageable affordability pressure, warranting disciplined renewals and revenue management.
Comparable safety context is important for underwriting, but neighborhood crime metrics were not available in this dataset. Investors typically benchmark municipal or county-level trends against peer submarkets and property class to gauge relative risk and potential insurance impacts.
Given the suburban setting and amenity mix, many owners pair local due diligence (police reports, recent trend lines) with property-level measures such as lighting and access controls to support resident retention and asset performance.
Proximity to large corporate employers broadens the commuter tenant base and supports leasing durability. Nearby anchors include Sysco, Merck, Sonic Automotive, Bank of America, and Duke Energy.
- Sysco — foodservice distribution (16.7 miles)
- Merck — pharmaceuticals (19.4 miles)
- Sonic Automotive — automotive retail (21.3 miles) — HQ
- Bank of America Corp. — financial services (23.2 miles) — HQ
- Duke Energy — utilities (23.5 miles) — HQ
Delivering in 2010, the property is newer than the neighborhood’s late-1980s average, providing a competitive edge versus older inventory while approaching mid-life systems that benefit from targeted capital planning. Neighborhood occupancy near 91% and an A+ local rating suggest steady demand drivers, while elevated ownership costs in the area tend to reinforce reliance on multifamily housing. According to CRE market data from WDSuite, amenity access is strong for daily needs (cafés, groceries, pharmacies), which can bolster leasing and retention even as public park access is limited.
Within a 3-mile radius, recent and forecast population and household growth indicate a larger tenant base ahead, supporting occupancy stability. The renter-occupied share remains in the mid-teens today with projections edging higher, so marketing precision and product differentiation are key. Rent-to-income levels sit near the national midpoint, pointing to manageable affordability pressure and the need for thoughtful revenue management.
- Newer 2010 vintage versus local average, with value-add via selective modernization
- A+ neighborhood and occupancy near national norms support income durability
- Strong daily-amenity access (cafés, groceries, pharmacies) enhances leasing appeal
- Demographic growth within 3 miles expands the renter pool and supports retention
- Risks: limited park access, modest renter concentration, and mid-life capex over the hold