| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 40th | Poor |
| Amenities | 83rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 361 University Hall Dr, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 2010 |
| Units | 48 |
| Transaction Date | 2025-07-23 |
| Transaction Price | $8,425,000 |
| Buyer | LOFTS IN BOONE LLC |
| Seller | LOFTS AT UNIVERSITY HALL LLC |
361 University Hall Dr Boone Multifamily Investment
Positioned in an amenity-dense Boone neighborhood with a deep renter base, this asset leans toward steady tenant demand and metro-competitive occupancy, according to WDSuite’s CRE market data. The investment angle centers on renter concentration and location fundamentals rather than outsized rent growth.
The property sits in an Inner Suburb location that ranks first among 21 Boone metro neighborhoods overall (A+ neighborhood rating), indicating strong local fundamentals for multifamily. Amenity access is a clear strength: grocery, restaurants, parks, pharmacies, and cafes all rank first out of 21 locally and land in the upper national percentiles, supporting daily convenience and leasing appeal for residents.
Neighborhood occupancy is competitive among Boone neighborhoods (ranked 2 of 21), though it trails stronger national performers. For investor underwriting, the larger signal is tenure: roughly seven in ten housing units are renter-occupied (ranked 1 of 21; high national percentile), which suggests a deep tenant pool and supports leasing velocity and retention management in this submarket.
Within a 3-mile radius, demographics skew young-adult, and both population and household counts have grown in recent years with additional growth projected over the next five years. That trajectory points to a larger tenant base and continued demand for rental units, even as household sizes are expected to moderate—factors that can support occupancy stability for well-located multifamily assets.
Home values in the neighborhood are elevated relative to local incomes (top national percentile for value-to-income), which typically sustains reliance on rental housing and can bolster pricing power for competitively positioned assets. Public school ratings score above national averages (ranked 5 of 21 locally; high national percentile), adding a broader livability component for residents who value education access.
Comparable safety data for this neighborhood is not available in the current dataset. Investors commonly benchmark neighborhood-level trends against metro and state sources and evaluate property-level measures (lighting, access control, and management practices) to contextualize risk and leasing implications.
Specific nearby anchor employers with verified distances are not available in the current dataset. Investors should validate commuting patterns and major employment nodes during diligence to assess renter demand and retention.
Built in 2010, the asset is newer than the neighborhood average vintage, which supports competitive positioning versus older stock while leaving room for targeted modernization as systems age. Location-driven demand is the core thesis: the neighborhood ranks first among 21 Boone metro neighborhoods for amenities and shows a high renter-occupied share, both of which favor leasing stability and tenant depth. Based on commercial real estate analysis from WDSuite, local occupancy is strong relative to the metro, with room to outperform through tactical operations.
Demographic trends within a 3-mile radius indicate continued population and household growth, skewed toward younger renters—tailwinds for multifamily demand. Counterbalancing factors include elevated rent-to-income dynamics that call for careful rent-setting and renewal strategies. Overall, the combination of newer vintage, amenity strength, and a large renter base supports a durable, operations-led thesis with measured value-add potential.
- 2010 vintage offers competitive positioning vs. older neighborhood stock, with selective modernization upside.
- Amenity-rich micro-market (top local ranks) supports leasing velocity and resident retention.
- High renter-occupied share signals deep tenant base and demand stability.
- 3-mile demographics point to ongoing renter pool expansion, aiding occupancy.
- Risk: affordability pressure requires disciplined rent growth, concessions management, and renewal strategy.