| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 40th | Poor |
| Amenities | 83rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 163 Shadowline Dr, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 1987 |
| Units | 91 |
| Transaction Date | 2024-05-15 |
| Transaction Price | $604,000 |
| Buyer | 163 SHADOWLINE DRIVE LLC |
| Seller | APPALACHIAN/BRIAN ESTATES INC |
163 Shadowline Dr, Boone NC Multifamily Investment
Amenity-rich, renter-heavy neighborhood supports durable leasing fundamentals, according to WDSuite’s CRE market data, with local occupancy improving over the past five years and positioning the asset for consistent performance from a deep tenant base informed by disciplined commercial real estate analysis.
The property sits in an Inner Suburb location that ranks first among 21 Boone metro neighborhoods on overall neighborhood rating (A+), with dense daily-needs access. Grocery, restaurant, park, and pharmacy density all rank first among 21 local neighborhoods and fall in the top quartile nationally, indicating walkable convenience that typically supports retention and steady renewal activity.
Renter concentration is high at the neighborhood level, with roughly seven in ten housing units renter-occupied. For multifamily owners, that depth of renter demand helps sustain leasing velocity and broadens the prospect base across unit types. Neighborhood occupancy has increased over the past five years and is competitive among Boone neighborhoods (ranked 2 of 21), though it trails national benchmarks, suggesting operators should emphasize renewal management and amenity-driven differentiation to bolster stability.
Within a 3-mile radius, demographics point to ongoing multifamily demand. Population has grown in recent years and is projected to continue expanding through 2028, while households are expected to increase meaningfully, implying a larger tenant base even as average household size moderates. This combination typically supports occupancy stability and absorption of renovated units.
Ownership remains a high-cost option locally relative to incomes (value-to-income metrics are among the strongest nationally), reinforcing renter reliance on multifamily housing. Median school ratings are above many metros (top quartile nationally), which can aid family-oriented retention at the margins. Rent-to-income levels indicate some affordability pressure, so operators should calibrate pricing and renewal strategies to balance revenue growth with retention risk.
Comparable, neighborhood-level crime statistics are not available in WDSuite for this location. Investors typically triangulate safety perspectives using multiple sources — such as municipal reports and third-party datasets — and focus on property-level controls (lighting, access, monitoring) and resident feedback trends to inform underwriting and operations.
Positioned in Boone’s highest-ranked neighborhood for amenities and daily-needs access, the asset benefits from a deep renter pool and improving neighborhood occupancy. High renter-occupied share indicates durable tenant demand, while top-quartile national amenity density supports retention and day-to-day livability that investors often translate into steady renewals and manageable downtime. Based on CRE market data from WDSuite, ownership costs are elevated relative to incomes in the area, which tends to sustain reliance on rental housing.
Forward-looking 3-mile demographics signal continued population growth and a notable increase in households by 2028, expanding the prospect base. The principal watch items are below-national occupancy benchmarks and rent-to-income pressure, which call for disciplined renewal management, amenity positioning, and thoughtful value-add pacing.
- Amenity-rich, top-ranked neighborhood in Boone supports retention and leasing stability.
- High renter-occupied share indicates deep tenant base for multifamily demand.
- 3-mile population and household growth expand the renter pool through 2028.
- Elevated ownership costs relative to incomes reinforce sustained rental demand.
- Risks: occupancy below national benchmarks and affordability pressure require careful pricing and renewal strategy.