| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 40th | Poor |
| Amenities | 83rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 499 Winklers Creek Rd, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 2010 |
| Units | 24 |
| Transaction Date | 2024-09-18 |
| Transaction Price | $43,700,000 |
| Buyer | BSL PROPERTY LLC |
| Seller | GREEN MEADOWS BOONE LLC |
499 Winklers Creek Rd Boone Multifamily Investment
2010-built, 24-unit asset in Boone positioned in a high-amenity, A+-rated neighborhood with a deep renter base, according to WDSuite s CRE market data.
The property sits in an Inner Suburb of Boone ranked 1 out of 21 neighborhoods, with an A+ neighborhood rating. Amenity density is a core strength: grocery, restaurant, park, pharmacy, and cafe access all register in the top quartile nationally, supporting day-to-day convenience and renter retention.
Neighborhood schools average 3.5 out of 5 and rank 5 of 21 in the Boone metro, indicating competitive education options relative to local peers (nationally, performance lands in the upper quartile). For investors, this broadens the appeal beyond purely transient renters and can aid lease stability.
The neighborhood s renter concentration is high about seven in ten housing units are renter-occupied placing it near the top nationally for renter share. That depth typically supports consistent multifamily demand and a larger tenant pipeline. Median home values trend above national midpoints and the value-to-income ratio sits at the high end nationally, signaling a high-cost ownership market that can reinforce reliance on rental housing. At the same time, elevated rent-to-income ratios call for attentive lease management to mitigate affordability pressure.
Within a 3-mile radius, population and households have expanded in recent years and are projected to continue growing, with households expected to outpace population growth which can translate into a larger tenant base and supports occupancy stability. The area skews younger (a substantial 18 3 segment), consistent with a university-influenced market, which tends to sustain rental demand but may elevate turnover; prudent operations and unit finish durability can help manage this dynamic. These dynamics align with strong local livability and, based on WDSuite s multifamily property research, point to durable renter demand drivers rather than one-off catalysts.
Neighborhood-level safety metrics for this location were not available in WDSuite s dataset. Investors typically benchmark property performance against county and municipal trends and monitor changes over time, focusing on comparative direction (neighborhood vs. region) rather than block-level claims. As with any acquisition, underwriting should incorporate local law enforcement and municipal reporting to validate current conditions and trendlines.
Built in 2010, the asset is newer than much of the surrounding stock, offering competitive positioning versus older properties while leaving room for targeted modernization as systems age. The immediate neighborhood ranks at the top of the Boone metro with strong amenity access and a high renter-occupied share, supporting leasing velocity and depth of demand. Household growth within a 3-mile radius is expected to outpace population growth, pointing to renter pool expansion that can support occupancy stability. According to CRE market data from WDSuite, the neighborhood s performance metrics are competitive among Boone submarkets, reinforcing the long-term case for steady multifamily demand.
Key considerations include elevated rent-to-income ratios that warrant disciplined pricing and renewal strategies, and a youthful renter mix that can increase turnover. Balanced against these risks are high local conveniences, solid school options, and a high-cost ownership landscape that tends to sustain multifamily reliance.
- 2010 vintage offers competitive positioning versus older stock with selective value-add potential
- Top-ranked Boone neighborhood with strong amenity access supports retention and leasing
- High renter-occupied share indicates deep tenant base and demand resilience
- 3-mile household growth outlook supports occupancy stability and revenue durability
- Risk: elevated rent-to-income ratios and youthful renter mix require active lease management