| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Best |
| Demographics | 67th | Good |
| Amenities | 36th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 140 High School Dr, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 2013 |
| Units | 68 |
| Transaction Date | 2015-01-08 |
| Transaction Price | $12,910,000 |
| Buyer | Capital Partners |
| Seller | --- |
140 High School Dr Boone NC Multifamily Opportunity
Newer construction and a large renter base suggest durable leasing fundamentals for this submarket, according to WDSuite’s CRE market data.
The property sits in a suburban Boone neighborhood rated A and ranked 3 of 21 locally, indicating it is competitive among Boone neighborhoods and above the metro median for overall livability. Local amenities are mixed: parks access ranks near the top of the metro, while cafes and pharmacies are limited, which points to a more car-oriented daily routine than urban cores.
With a 2013 vintage against a neighborhood average construction year of 1988, the asset is newer than much of the surrounding stock. That positioning typically supports leasing versus older comparables, though investors should still plan for normal system updates over the hold. Average unit sizes are generous, which can differentiate the offering in a market where many properties are earlier vintage.
Neighborhood rent levels benchmark around the national middle while NOI per unit ranks 2 of 21 locally and sits in the top quartile nationally, signaling efficient operations compared with many peers. The neighborhood s occupancy has trended higher over the past five years but remains below national norms, so underwriting should assume prudent lease-up timelines and attention to retention.
Demographic statistics are aggregated within a 3-mile radius and show a very large 18 34 renter-age population share alongside steady population growth, expanding the tenant base for multifamily. Renter-occupied housing accounts for a substantial share of units in this radius, indicating depth of demand for professionally managed apartments. Educational attainment is among the highest nationally, and household counts are projected to rise with smaller average household sizes, which can translate into more households seeking rental housing.
Home values in the neighborhood are elevated versus national benchmarks and value-to-income measures sit in a high national percentile. In practice, a high-cost ownership market tends to sustain rental demand and support lease retention; however, rent-to-income readings around the neighborhood median suggest investors should balance pricing power with potential affordability pressure in renewals.
Neighborhood-level crime metrics are not available in the current WDSuite dataset for this area, so investors should benchmark safety using broader Boone and county trends and recent comparable property reports. Without definitive rank or percentile data, it s prudent to focus on property-level measures (lighting, access controls, and management oversight) and to compare incident trends over time rather than relying on single-year snapshots.
Built in 2013 with 68 units and larger-than-typical floor plans, the asset competes favorably against an area stock that skews older, offering a relative quality edge while still allowing for targeted modernization over time. Within a 3-mile radius, strong representation of 18 34 residents, population growth, and a high share of renter-occupied units point to a sizable tenant base that can support occupancy stability and absorption. According to commercial real estate analysis from WDSuite, neighborhood NOI per unit outperforms most local peers, while rents track near national mid-range a combination that underscores operational efficiency with room for strategic upgrades.
Elevated neighborhood home values and a high value-to-income profile reinforce reliance on rental housing, supporting lease retention over the cycle. While neighborhood occupancy benchmarks remain below national norms and local retail amenities are thinner in certain categories, five-year improvement in occupancy and favorable demographic momentum suggest steady demand, provided underwriting incorporates measured rent growth and active renewal management.
- Newer 2013 vintage versus older local stock supports competitive positioning with manageable capital planning.
- Large 68-unit footprint and spacious layouts provide operational scale and leasing differentiation.
- 3-mile radius shows renter-heavy housing and growth in population and households, expanding the tenant base.
- Elevated ownership costs in the area tend to sustain rental demand and support retention.
- Risks: neighborhood occupancy below national norms and thinner amenity mix warrant conservative lease-up and renewal assumptions.