| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 40th | Poor |
| Amenities | 83rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 204 Furman Rd, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 2015-05-07 |
| Transaction Price | $1,790,000 |
| Buyer | MOSSY CREEK INVESTMENTS LLC |
| Seller | HOLTON ROBERT W |
204 Furman Rd Boone NC Value-Add Multifamily
Older vintage in a renter-heavy Boone neighborhood suggests value-add upside and durable demand, according to WDSuite’s CRE market data. Elevated ownership costs locally support sustained reliance on rentals, though income levels imply careful lease management.
The property sits in an Inner Suburb of Boone rated A+ at the neighborhood level, with amenities competitive among Boone neighborhoods (ranked 1st of 21 for grocery, restaurants, parks, and pharmacies). This concentration of daily-needs retail can support resident convenience and lease retention without overreliance on destination shopping.
Neighborhood housing dynamics show a high share of renter-occupied units (top tier within the Boone metro), indicating depth in the tenant base. Note that this refers to the neighborhood’s renter concentration, not the property’s occupancy. Neighborhood occupancy has trended higher over five years, which supports stability, although the current rate sits below national norms, suggesting operators should emphasize renewals and steady leasing execution.
Construction year for the asset is 1977 versus a neighborhood average near the late 1980s. The older vintage points to potential capital planning needs but also creates value-add opportunities through unit and system upgrades to compete with newer stock.
Within a 3-mile radius, demographics reflect a large 18–34 population share and recent population and household growth, with further increases forecast. This trend implies a larger tenant base and ongoing demand for rental units. Median school ratings in the area are in the top quartile among Boone neighborhoods and above national midpoints, a supportive factor for broader livability. Home values are elevated relative to local incomes, which in a high-cost ownership market tends to reinforce multifamily demand and can aid pricing power while requiring attention to affordability pressure and renewal strategy. For multifamily property research, NOI per unit at the neighborhood level is competitive among Boone subareas and above national midpoints, indicating achievable revenue relative to operating costs under capable management, based on CRE market data from WDSuite.
Neighborhood-level safety data was not available in WDSuite for this location at the time of publication. Investors should evaluate city and county trend reports and compare them to peer Boone neighborhoods for context, focusing on multi-year trajectories rather than single-year snapshots.
When underwriting, consider standard measures such as lighting, access control, and resident services, and compare premiums/discounts against nearby neighborhoods in the Boone metro to ensure assumptions align with recent leasing performance and retention outcomes.
Nearby employment is driven by education, healthcare, and local services that support a steady renter base; specific employer distance records were not available in WDSuite for this address at publication.
Built in 1977, this 24-unit asset offers classic value-add potential in a Boone neighborhood with strong amenity access and a high renter concentration. Neighborhood occupancy has improved over the last five years, supporting stability, but remains below national norms, so execution around renewals and pre-leasing is important. According to CRE market data from WDSuite, elevated home values relative to incomes in the area sustain reliance on rentals, which can support demand and pricing power when paired with thoughtful affordability management.
Within a 3-mile radius, population and households have grown and are forecast to expand further, indicating a larger tenant pool ahead. Given the older vintage versus neighborhood averages, targeted upgrades to interiors and building systems may position the property more competitively against newer stock while balancing capex with attainable rents for the local income profile.
- High renter concentration at the neighborhood level supports demand depth and leasing velocity
- Amenity-rich location (grocery, dining, parks, pharmacies) aids retention and day-to-day convenience
- Value-add upside: 1977 vintage allows selective renovations to compete with newer stock
- Demographic tailwinds within 3 miles point to a larger renter pool and support occupancy stability
- Risks: below-national neighborhood occupancy, affordability pressure versus incomes, and capex needs for an older asset