| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 33rd | Fair |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 401 Pike St SW, Wilson, NC, 27893, US |
| Region / Metro | Wilson |
| Year of Construction | 2009 |
| Units | 36 |
| Transaction Date | 2008-05-14 |
| Transaction Price | $260,000 |
| Buyer | GLENDALE WOODS LLC |
| Seller | PENDERGRAPH DEVELOPMENT LLC |
401 Pike St SW Wilson Multifamily Investment Opportunity
2009-vintage, 36-unit asset positioned in a renter-heavy neighborhood, with stable demand drivers and relative competitiveness versus older local stock, according to WDSuite’s CRE market data.
The property sits in an Inner Suburb setting within Wilson, NC, where the neighborhood holds an A rating and ranks 6th out of 37 metro neighborhoods — top quartile locally. Compared with a neighborhood average construction year of 1979, a 2009-vintage asset offers newer systems and finishes, which generally supports leasing velocity against older stock while still allowing for targeted modernization as needed.
Renter concentration is high: approximately 53% of neighborhood housing units are renter-occupied (90th percentile nationally). For investors, that depth of renter households indicates a broad tenant base and potential demand resilience for multifamily. Neighborhood occupancy is around the low‑to‑upper 80s and sits below the metro median, suggesting the importance of hands‑on leasing and retention strategies to maximize stabilization.
Within a 3‑mile radius, demographics point to a steady renter pool: recent years show modest population growth with a slight increase in total households, and forecasts indicate households are expected to rise further even as overall population trends edge lower — a pattern consistent with smaller household sizes that can support demand for apartment units. Median household incomes have been rising, and asking rents have trended upward, which supports rent growth potential when balanced against affordability and lease management considerations. This context aligns with insights from WDSuite’s multifamily property research.
Daily needs are accessible: grocery and pharmacy density rank competitively among 37 metro neighborhoods, and restaurant density is strong, while parks and cafes are limited nearby. Average school ratings are slightly above national mid‑range and rank favorably within the metro, which can assist family‑oriented retention dynamics in workforce housing segments. Home values are comparatively lower within national context, which can introduce some competition from ownership options; however, it also supports a stable renter cohort that values more accessible rental options and predictable monthly housing costs.
Safety indicators are mixed when viewed against both metro and national benchmarks. The neighborhood’s overall crime profile is below the metro median (ranked 29th of 37), and it sits around the lower half nationally (about the 40th percentile for safety versus neighborhoods nationwide). This suggests investors should underwrite with prudent security and operational practices, particularly for common areas and lighting.
Recent trends show a decline in estimated property offenses year over year, while estimated violent offenses ticked up over the same period. For underwriting, that divergence warrants close monitoring of on‑the‑ground operations and resident engagement, but it does not preclude stable performance when paired with proactive management and appropriate screening.
This 36‑unit, 2009‑built asset benefits from a renter‑heavy neighborhood that ranks in the top quartile among 37 Wilson metro neighborhoods, supporting a broad tenant base and steady leasing prospects. Newer vintage relative to the local average positions the property competitively against older stock, with scope for targeted upgrades to drive rent trade‑outs and retention. Within a 3‑mile radius, households are projected to continue increasing even as population trends soften, pointing to smaller household sizes and a steady inflow of renters that can support occupancy stability. According to commercial real estate analysis from WDSuite, neighborhood occupancy trails the metro median, so hands‑on leasing and renewals remain important to realize the area’s demand potential.
Operationally, accessible ownership costs in the broader market may create some competition from entry‑level homebuying, yet strong renter concentration and ongoing rent growth trends help sustain multifamily demand. Amenity access for daily needs and schools that rank well locally further support retention. Overall, the thesis centers on stable workforce demand, competitive vintage, and value‑add potential through unit and common‑area updates aligned with affordability and lease management.
- Renter‑heavy neighborhood and broad tenant base support demand depth and leasing stability.
- 2009 vintage competes well versus older local stock with targeted modernization upside.
- Household growth within 3 miles points to a steady renter pipeline despite softer population trends.
- Daily‑needs amenities and above‑median local school positioning aid retention in workforce segments.
- Risk: Neighborhood occupancy sits below the metro median — active leasing, renewal management, and effective marketing are key.