| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 42nd | Poor |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 357 Old E King St, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 2012 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
357 Old E King St Boone 20-Unit Multifamily
Neighborhood occupancy has trended upward over the past five years and renter concentration is high, according to WDSuite’s CRE market data, supporting durable tenant demand for this 2012-built, small-format asset. Elevated ownership costs in Boone suggest rentals remain a primary housing option, with lease management focused on retention where rent-to-income pressure is present.
Located in Boone’s inner-suburb fabric, the property sits in a neighborhood rated A- and ranked 4th among 21 metro neighborhoods — competitive within the Boone, NC metro. Amenities index near the top of the metro (ranked 3rd of 21), with cafe density also ranked 3rd; nationally these amenity measures sit around the middle to upper range, indicating daily-needs convenience that supports leasing.
Neighborhood occupancy is ranked 3rd of 21 (top quartile locally) with a positive five-year trajectory, which reinforces stability for operators. Compared with neighborhoods nationwide, occupancy trends are more mid-to-lower tier, so underwriting should lean on local ranking strength and property execution rather than broad national positioning.
Renter-occupied housing is substantial (ranked 2nd of 21 in the metro and around the 90th percentile nationally), signaling depth in the tenant base and steady demand for multifamily units. Within a 3-mile radius, households increased recently and are projected to grow materially, with WDSuite data indicating a larger renter pool by 2028; this expansion typically supports occupancy stability and lease-up velocity for well-positioned assets.
Schools score well locally (ranked 1st of 21; top quartile nationally), and nearby parks and groceries benchmark above metro medians, enhancing livability. Home values are elevated versus local incomes (near the top of national value-to-income ratios), creating a high-cost ownership market that generally sustains renter reliance on multifamily housing and can bolster pricing power for competitive properties.
Comparable neighborhood crime statistics are not available in WDSuite for this location. Investors typically contextualize safety using regional benchmarks, property-level loss runs, and historical incident trends, alongside on-site security measures and lighting/visibility reviews during diligence.
Built in 2012, this 20-unit property is materially newer than the neighborhood’s 1980s-vintage housing stock, offering competitive positioning versus older assets and potential near-term capex advantages while planning for systems upkeep over the hold. Based on CRE market data from WDSuite, the surrounding neighborhood ranks in the metro’s top tier for occupancy trend and renter concentration, and within a 3-mile radius, population and households are set to expand — a constructive setup for tenant-base growth and leasing stability.
Elevated ownership costs in Boone favor rental demand, though a rent-to-income profile around the neighborhood level points to affordability pressure that requires disciplined renewal strategies and amenity-driven value propositions. With average unit sizes around 414 SF, the property’s small-format mix can capture demand for efficient living, provided marketing aligns with renter preferences and turnover is tightly managed.
- 2012 vintage vs. older local stock supports competitive positioning and moderated near-term capex
- Metro-top-quartile neighborhood ranking for occupancy trend and strong renter concentration underpins demand depth
- 3-mile household and population growth indicate a larger renter pool, aiding lease-up and retention
- High-cost ownership market reinforces reliance on rentals, supporting pricing power for competitive assets
- Risk: neighborhood rent-to-income pressure and nationally mid-to-lower occupancy positioning warrant conservative underwriting and active lease management