| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Poor |
| Demographics | 41st | Best |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 406 S Chestnut St, Henderson, NC, 27536, US |
| Region / Metro | Henderson |
| Year of Construction | 1992 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
406 S Chestnut St, Henderson NC Multifamily Investment
Renter concentration is strong in the immediate area and neighborhood occupancy has trended up modestly, according to WDSuite’s CRE market data, supporting stable demand for a 30-unit, 1992-vintage asset.
The property sits in an Inner Suburb neighborhood of Henderson that is top-ranked among 20 metro neighborhoods (A+). Local amenity access is a relative strength: restaurants, cafes, childcare, groceries, and pharmacies rank among the most available in the metro, with national positioning in the upper half to upper quartiles. Park access is limited, which may temper lifestyle appeal for some residents.
Neighborhood occupancy is measured for the neighborhood, not the property, and currently sits in the low-to-mid 80s with modest five‑year improvement. The share of housing units that are renter‑occupied is high (around three‑fifths), indicating a deep tenant base that typically supports leasing velocity and retention for workforce product. Median contract rents in the neighborhood remain comparatively low, which can support absorption while requiring disciplined revenue management.
Within a 3‑mile radius, recent population has been roughly flat, but forecasts call for population growth and a sizable increase in households alongside a smaller average household size. For multifamily demand, that points to a larger tenant base and more renters entering the market over time. Median household incomes have risen, and rent levels remain accessible relative to income, helping manage affordability pressure and supporting occupancy stability. This positioning aligns with insights from multifamily property research without overreliance on any single demand driver.
Vintage also matters: 1992 construction is newer than the neighborhood’s older average stock (1950s), which can help the asset compete against legacy properties. Investors should still plan for targeted modernization as systems age or to support unit repositioning and rent optimization.
Safety indicators are mixed. Relative to the Henderson metro, the neighborhood ranks near the higher‑crime end (ranked 2 out of 20). In national comparisons, however, the area rates above average overall and in the stronger tiers on violent‑offense measures, while property‑related incidents show recent improvement. Year‑over‑year trends point to declining property offenses but rising violent‑offense indicators, underscoring the need for standard security practices and active management.
Regional employment access is driven by the Research Triangle’s life sciences, healthcare, and technology employers within commuting reach, supporting renter demand for households tied to these sectors.
- Quintiles Transnational Holdings — life sciences (39.2 miles) — HQ
- Amerisource Bergen — healthcare distribution (40.3 miles)
- MetLife — insurance & corporate services (40.7 miles)
- John Deere Morrisville Training Center — manufacturing training (40.9 miles)
- Biogen Idec — biotechnology (41.2 miles)
This 30‑unit, 1992‑built asset benefits from a renter‑heavy neighborhood, modestly improving neighborhood occupancy, and strong day‑to‑day amenity access that supports leasing. Newer vintage versus the neighborhood’s older baseline provides relative competitiveness; selective upgrades can target value‑add upside as systems age. According to CRE market data from WDSuite, neighborhood rents remain accessible relative to incomes, which can support retention while calling for disciplined rent growth management.
Within a 3‑mile radius, flat recent population alongside forecast population growth and a notable increase in households suggests a larger tenant base ahead, aided by a shift toward smaller household sizes. Balanced against these strengths are metro‑relative safety rankings and limited park access, which argue for prudent operations and amenity strategies.
- Renter‑occupied share is high locally, supporting depth of tenant demand and leasing stability.
- 1992 vintage competes well versus older neighborhood stock; targeted modernization can unlock value.
- Neighborhood rents remain accessible relative to incomes, aiding retention and occupancy management.
- Amenity access (food, childcare, groceries, pharmacy) supports resident convenience and retention.
- Risks: metro‑relative safety rank, limited park access, and need for disciplined revenue and expense controls.