| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 42nd | Poor |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 154 Tulip Tree Ln, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 2011 |
| Units | 33 |
| Transaction Date | 2017-04-01 |
| Transaction Price | $9,000,000 |
| Buyer | Village Development LLC |
| Seller | Poplar 105, LLC/MV Boone |
154 Tulip Tree Ln, Boone NC Multifamily Investment
Renter concentration in the surrounding neighborhood is high, supporting a deeper tenant base and steady leasing potential, according to WDSuite s CRE market data. Occupancy has improved in recent years at the neighborhood level, though it trails national norms, suggesting disciplined asset management can add value.
The property s 2011 vintage is newer than the neighborhood s average construction year (1983), positioning it competitively versus older local stock while still warranting routine modernization planning over the hold. Larger average unit sizes at the asset level (1,122 sq. ft.) can appeal to tenants seeking space, which supports retention in a renter-heavy area.
At the neighborhood level, WDSuite s data rates the area A- with a rank of 4 among 21 Boone metro neighborhoods op quartile locally. Amenities are competitive: grocery access ranks 2 of 21, cafes 3 of 21, and restaurants and parks both 4 of 21. Nationally, these amenity densities tend to sit around the middle to upper half of peers, indicating day-to-day convenience that supports renter appeal.
Schools are a relative strength: the average school rating is 4.0 (ranked 1 of 21 metro neighborhoods and in the 84th percentile nationally). For investors, stronger schools can help stabilize family-oriented demand and reduce turnover. Neighborhood NOI per unit also benchmarks well (ranked 1 of 21 and in the 88th percentile nationally), reinforcing income potential in this submarket context.
Multifamily fundamentals are mixed but constructive. Neighborhood occupancy is competitive among Boone neighborhoods (ranked 3 of 21) and has trended upward over the last five years, though it sits below national norms. The renter-occupied share at the neighborhood level is elevated (ranked 2 of 21 and in the 90th percentile nationally), signaling deep tenant demand for multifamily units. Median contract rents benchmark near national mid-range levels and have posted meaningful five-year gains, supportive of long-term revenue management.
Within a 3-mile radius, demographic data indicates modest population growth historically with projections for further expansion and a large share of 18 64 cohorts today. Forecasts show increases in households alongside a gradual decline in average household size, which typically expands the renter pool and supports occupancy stability. Elevated home values relative to local incomes (near the top of national ratios) point to a high-cost ownership market that can sustain reliance on rental housing a favorable backdrop for lease retention and pricing power when balanced with affordability management.
Neighborhood-level crime data are not available from WDSuite for this location. Investors typically benchmark reported offense trends against the Boone metro to assess relative safety, supplementing with municipal reports and insurance quotes for a fuller picture. Use consistent comparisons over time rather than block-level anecdotes to gauge risk and potential operating impacts.
Built in 2011 with 33 units and larger average floorplans, the property competes well against an older local stock profile. At the neighborhood level, strong school ratings and top-quartile positioning within the Boone metro, coupled with elevated renter concentration, underpin durable demand. According to CRE market data from WDSuite, neighborhood NOI per unit ranks at the top of the metro while occupancy trends, though improving, remain below national norms favoring active leasing and renewal strategies.
Forward-looking demographics within a 3-mile radius point to population and household growth with a tilt toward renter demand, while a high-cost ownership landscape supports reliance on multifamily. Affordability management remains important given rent-to-income pressures; investors should plan for measured rent growth, targeted upgrades, and vigilant expense control to protect yield.
- 2011 vintage and larger average unit sizes offer competitive positioning versus older neighborhood stock.
- Top-quartile neighborhood standing in the Boone metro with strong school ratings supports tenant retention.
- Elevated renter concentration and projected household growth (3-mile) expand the tenant base and support occupancy stability.
- Neighborhood NOI per unit benchmarks at the top of the metro; active leasing can offset occupancy levels below national norms.
- Risk: rent-to-income pressures and limited pharmacy access locally warrant prudent rent setting and amenity/operations planning.