| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 42nd | Poor |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 150 Burrell St, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 1989 |
| Units | 22 |
| Transaction Date | 2023-01-05 |
| Transaction Price | $2,040,000 |
| Buyer | APPLETREE APARTMENTS LLC |
| Seller | DON DUNLAP CONSTRUCTION INC |
150 Burrell St Boone Multifamily Investment
Positioned in a renter-leaning Boone neighborhood with strong school ratings, the asset benefits from steady tenant demand and high-cost ownership dynamics that support lease retention. Neighborhood metrics are measured at the neighborhood level, not the property, and point to demand resilience validated by WDSuite’s CRE market data.
The property sits in an Inner Suburb location with an A- neighborhood rating and ranks 4 out of 21 Boone neighborhoods — top quartile locally — indicating competitive fundamentals for investors. Neighborhood references here reflect the surrounding area, not the asset itself.
Daily needs are well covered: the area ranks near the top among Boone neighborhoods for grocery access and is competitive for cafes and parks, though pharmacy options are limited. Strong average school ratings (ranked 1 of 21 locally and top quartile nationally) help underpin family-oriented renter demand and lease stability.
Rents in the neighborhood have trended upward over five years while remaining below many coastal markets, and the renter-occupied share is elevated, signaling a deep tenant base. Elevated home values relative to local incomes suggest a high-cost ownership market, which tends to sustain multifamily demand and support pricing power, according to CRE market data from WDSuite.
Within a 3-mile radius, demographics skew young (a sizable 18–34 cohort) with recent population growth and a projected increase in households alongside smaller average household sizes. For investors, that combination typically expands the renter pool and supports occupancy stability over time.
Comparable neighborhood-level safety data were not provided for this specific area of Boone. Investors should benchmark site-level measures and local reporting against Boone-wide trends to evaluate relative risk, recognizing that perceptions of safety are highly localized and can differ block to block.
This 22-unit asset, built in 1989, is slightly newer than the neighborhood’s average vintage. That positioning can offer a competitive edge versus older stock while still allowing room for targeted modernization to enhance rents and reduce future capital surprises. Neighborhood indicators — including an elevated renter-occupied share and strong local school ratings — point to a durable tenant base and potential for steady leasing. According to CRE market data from WDSuite, the broader neighborhood has seen rent growth and signs of improving occupancy, supporting a stable operating outlook.
Strategically, the high-cost ownership backdrop reinforces reliance on rental housing, while 3-mile demographics show recent population gains and a projected rise in households, expanding the future renter pool. Key watch items include managing affordability pressure (given neighborhood rent-to-income readings) and monitoring amenity gaps like limited pharmacy access that can affect livability for certain residents.
- Renter-leaning neighborhood and strong schools support depth of tenant demand
- 1989 vintage offers relative competitiveness with room for value-add upgrades
- High-cost ownership context sustains rental demand and pricing power
- 3-mile population and household growth indicate renter pool expansion
- Risk: manage rent-to-income pressures and limited pharmacy access to support retention