| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Best |
| Demographics | 40th | Poor |
| Amenities | 83rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 686 State Farm Rd, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 2011 |
| Units | 22 |
| Transaction Date | 2018-01-23 |
| Transaction Price | $4,017,000 |
| Buyer | GREEN MEADOWS BOONE LLC |
| Seller | BVSHF III BOONE I LLC |
686 State Farm Rd, Boone NC Multifamily Opportunity
Strong neighborhood renter concentration and daily-needs amenities point to steady leasing conditions, according to CRE market data from WDSuite. Focus is on stable occupancy drivers rather than speculative rent spikes.
This Boone neighborhood ranks 1 out of 21 metro neighborhoods (A+), reflecting a concentration of daily conveniences that support tenant retention and leasing velocity. Amenity density is competitive nationally (grocery, restaurants, parks, pharmacies), giving residents walkable options that typically reduce turnover risk for multifamily assets.
Neighborhood occupancy is 86.7% (neighborhood-level, not the property) and has improved over the last five years, placing the area above the metro median for stability. The renter-occupied share of housing units is 69.1% — the highest among 21 Boone neighborhoods and in the 97th percentile nationally — indicating a deep tenant base for multifamily demand.
Within a 3-mile radius, the population skews young with a majority aged 18–34, reinforcing consistent renter demand. Recent population growth and an increase in households, with forecasts calling for further renter pool expansion by 2028, suggest continued support for occupancy and leasing. Median contract rent in the 3-mile area has risen alongside incomes, which helps sustain absorption while still requiring disciplined lease management.
Home values in the neighborhood sit in a higher-cost ownership context relative to local incomes (100th percentile value-to-income ratio nationally). That dynamic typically reinforces reliance on rental housing and can bolster pricing power for well-positioned assets, while warranting attention to rent-to-income ratios for retention. Average neighborhood school ratings are in the top quartile among 21 Boone neighborhoods and above the national median, which can aid longer-term renter stickiness for certain cohorts.
The property’s 2011 vintage is newer than the neighborhood’s average construction year of 1988. This positioning generally supports competitiveness versus older stock; investors should still underwrite routine system updates and potential common-area refreshes to maintain standing among recent deliveries and renovated comparables.
This assessment is grounded in commercial real estate analysis from WDSuite’s dataset and reflects neighborhood-level dynamics rather than property-specific performance.
Comparable, neighborhood-level crime metrics were not available from WDSuite for this location at the time of publication. Investors typically benchmark safety using city and county trend data and on-the-ground diligence to contextualize leasing and retention assumptions.
Employer proximity details with reliable distances were not available from WDSuite for this address at the time of publication. Many investors supplement this with local employer maps and commute analyses to gauge workforce-driven renter demand.
Built in 2011, this 22-unit asset is relatively new versus the neighborhood’s 1988 average, providing a competitive edge against older stock while leaving room for targeted value-add to sustain rent positioning. According to CRE market data from WDSuite, the surrounding neighborhood leads the Boone metro on renter concentration and amenity access, with neighborhood occupancy above the metro median — factors that generally support steady leasing and retention.
Within a 3-mile radius, population growth over the past five years and a forecasted increase in households through 2028 point to a larger tenant base. A high-cost ownership landscape relative to local incomes reinforces reliance on rental housing, though elevated rent-to-income ratios call for careful renewal strategies and expense control to protect occupancy.
- Newer 2011 vintage versus neighborhood average supports competitive positioning and reduced near-term CapEx versus older peers.
- Neighborhood-level occupancy above the metro median and strong renter concentration underpin demand stability.
- Dense access to daily amenities (grocery, restaurants, parks, pharmacies) aids retention and leasing velocity.
- 3-mile population and household growth, with forecasts indicating renter pool expansion, support ongoing absorption.
- Risk: rent-to-income pressure and exposure to service-oriented employment suggest prudent underwriting of renewals and concessions.