| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Fair |
| Demographics | 52nd | Good |
| Amenities | 10th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 459 W Main St, Boonville, NC, 27011, US |
| Region / Metro | Boonville |
| Year of Construction | 1986 |
| Units | 21 |
| Transaction Date | 2013-11-22 |
| Transaction Price | $559,000 |
| Buyer | WESLEY COMMUNITY DEVELOPMENT CORP |
| Seller | BOONVILLE ASSOCIATES |
459 W Main St Boonville NC 21-Unit Multifamily
Neighborhood occupancy has trended steady near the metro median, supporting leasing durability for smaller formats, according to WDSuite’s CRE market data. In a rural submarket with low rent-to-income ratios, the asset’s pricing flexibility can help manage retention while capturing measured growth.
Boonville sits within the Winston-Salem, NC metro and carries a B- neighborhood rating, ranking 118 out of 216 metro neighborhoods. That places it around the metro median, giving investors a baseline of stability rather than a momentum outlier. The area is classified as Rural with thin retail and recreation density; limited cafes, groceries, and parks mean residents rely more on regional trips for amenities.
Neighborhood occupancy is 90.8% and has improved over the last five years, placing the area above the metro median (rank 104 of 216). For a 21-unit property, this backdrop suggests consistent absorption potential and supports day-one leasing stability. Median contract rents in the neighborhood are modest and have risen over the past five years, which, paired with a rent-to-income ratio around 0.12, points to manageable affordability pressure and room for disciplined revenue management.
Renter concentration accounts for roughly 29% of housing units locally, which is competitive among Winston-Salem neighborhoods (rank 66 of 216). That depth of renter-occupied units helps sustain a viable tenant base for multifamily, even as ownership remains an option.
Demographics within a 3-mile radius show recent population softness and a projected population decline, while household counts are expected to increase alongside smaller average household sizes. For investors, that mix can expand the number of renting households relative to residents, supporting occupancy stability for well-positioned units. Median home values are relatively accessible for the region, which can introduce some competition from ownership; however, in a high-cost ownership market context this would be a headwind, whereas here it primarily moderates pricing power rather than undermining renter demand.
The average construction year in the neighborhood is 1968. Built in 1986, the subject is newer than the local average, which can be a competitive advantage versus older stock, though investors should still plan for selective modernization and systems updates to meet current renter expectations.
Comparable crime statistics for this neighborhood are not available in WDSuite at this time. Without ranked or percentile context against the Winston-Salem metro or national benchmarks, investors should incorporate standard local due diligence and trend review from public sources.
When crime data are available, we present them in comparative terms (e.g., relative to metro peers or national percentiles) to avoid block-level precision and to keep emphasis on trend direction rather than isolated incidents.
Regional employment centers in Winston-Salem provide a commutable base that can support renter demand and retention for workforce-oriented units. Key anchors include apparel manufacturing, tobacco, and diversified financial services.
- Hanesbrands — apparel manufacturing (25.7 miles) — HQ
- Reynolds American — tobacco products (28.2 miles) — HQ
- BB&T Corp. — financial services (28.2 miles) — HQ
This 21-unit 1986-vintage asset offers a straightforward value proposition in a rural Winston-Salem metro setting: neighborhood occupancy sits above the metro median and has improved in recent years, renter concentration is competitive locally, and rent-to-income levels indicate manageable affordability pressure. According to CRE market data from WDSuite, the property’s vintage is newer than the neighborhood average, which can enhance competitive positioning versus older stock while leaving room for targeted modernization to drive rentability.
Investor considerations include limited nearby amenities, small-market scale, and a 3-mile radius demographic profile that points to population contraction but a rise in household counts as household sizes shrink. Accessible ownership costs could temper pricing power at the margin; however, stable occupancy, a commutable regional employment base, and measured rent growth potential support a steady-hold or light value-add thesis.
- Above-median neighborhood occupancy supports day-one leasing stability
- 1986 vintage is newer than local average, with selective value-add potential
- Competitive renter concentration provides depth to the tenant base
- Commutable access to major regional employers underpins workforce demand
- Risks: limited amenity density, small-market scale, and ownership competition may temper pricing power