| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 42nd | Poor |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 355 Old E King St, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 2012 |
| Units | 28 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
355 Old E King St Boone Multifamily Investment
Neighborhood-level data points to durable renter demand supported by a high renter-occupied share and a high-cost ownership landscape, according to WDSuite s CRE market data. For investors, this suggests a stable tenant base with pricing power balanced by careful lease management.
Located in Boone s inner-suburb fabric, the property benefits from a neighborhood rated A- among 21 metro neighborhoods, with amenities and daily conveniences competitive among Boone neighborhoods. Grocery and dining access rank near the front of the pack locally, while parks are present for outdoor access; pharmacy options appear limited within the immediate area.
Schools and education: The neighborhood s average school rating is in the top quartile nationally and leads the Boone metro (ranked 1 of 21), which can support resident retention for family and faculty/staff households.
Rents, occupancy, and stock: Neighborhood occupancy trends have improved over the past five years and are competitive among Boone neighborhoods (ranked 3 of 21), though they benchmark below many neighborhoods nationally. Median contract rents have grown in recent years alongside local income gains, indicating room for disciplined revenue management rather than outsized hikes.
Vintage and unit positioning: Built in 2012 versus a neighborhood average vintage in the early 1980s, the asset is newer than much of the local stock. That relative youth can enhance competitiveness versus older properties, while still warranting routine capital planning for systems and common areas over a long hold.
Tenure and demographics (3-mile radius): A majority of housing units are renter-occupied locally, and within a 3-mile radius households and population have grown in recent years with forecasts calling for further increases. A large 18 34 population share points to a deep renter pool, supporting occupancy stability for smaller-format apartments.
Affordability and ownership context: Elevated home values and a high value-to-income ratio at the neighborhood level indicate a high-cost ownership market, which tends to sustain reliance on rentals. At the same time, a higher rent-to-income ratio signals potential affordability pressure, calling for thoughtful renewal strategies and amenity-driven retention.
Neighborhood-level crime statistics are not available in this dataset. Investors typically benchmark safety by comparing neighborhood trends to metro and national indices and by reviewing recent, independent public sources. Given the absence of verified figures here, on-the-ground diligence and third-party data review are recommended to contextualize resident perceptions and any implications for leasing and retention.
The local employment base draws from education, healthcare, services, and small business, supporting steady renter demand through short commute patterns. Specific nearby employer distances were not available in this dataset.
This 28-unit, 2012-vintage asset with efficient average unit sizes positions well against older neighborhood stock, offering competitive appeal to a renter base that is sizable at the neighborhood level and expanding within a 3-mile radius. Elevated ownership costs locally tend to reinforce rental demand, while neighborhood occupancy ranks strongly within Boone even if it trails stronger national benchmarks. According to CRE market data from WDSuite, school quality and amenity access compare favorably in the metro, supporting retention and long-term leasing fundamentals.
Forward-looking population and household growth within 3 miles points to a larger tenant base over time. With newer-vintage positioning and a high renter-occupied share nearby, investors can target steady operations with value-add opportunities focused on modernization and resident experience, while managing affordability pressures with data-driven renewals.
- 2012 vintage versus older neighborhood stock supports competitive positioning with moderate near-term capex needs.
- Expanding 3-mile renter pool and strong local renter-occupied share underpin demand and occupancy stability.
- High-cost ownership context sustains reliance on rentals; smaller average unit sizes can aid pricing efficiency and lease-up.
- Risks: occupancy benchmarks below stronger national peers, higher rent-to-income ratios, and limited pharmacy access call for prudent lease management and amenity focus.