| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Poor |
| Demographics | 51st | Good |
| Amenities | 7th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 518 W Main St, Boonville, NC, 27011, US |
| Region / Metro | Boonville |
| Year of Construction | 2002 |
| Units | 28 |
| Transaction Date | 2022-10-25 |
| Transaction Price | $1,575,000 |
| Buyer | CEDAR HOLDINGS NC LLC |
| Seller | MOST INVESTMENTS 3 LLC |
518 W Main St Boonville 28-Unit Multifamily
Renter affordability in the surrounding neighborhood is strong, supporting retention and pricing flexibility according to WDSuite’s CRE market data.
518 W Main St sits in a rural pocket of the Winston-Salem, NC metro where neighborhood fundamentals are mixed for multifamily investors. Neighborhood demographics are competitive among Winston-Salem neighborhoods (ranked 86 out of 216), yet overall services and amenities track below the metro median, with amenity access in the lower national percentiles. This context suggests demand is more utility-driven than lifestyle-oriented.
Vintage and asset positioning matter here. The property was built in 2002, while the neighborhood’s average construction year is 1986 (construction-year recency ranks 51 of 216, within the top quartile among metro neighborhoods). Being newer than much of the local stock can help the asset compete on condition and functionality, though investors should still plan for aging-systems maintenance and selective updates as the asset matures.
Tenure patterns indicate a modest renter base: neighborhood renter-occupied share is relatively low (occupancy rental share 17.6%), which can mean thinner leasing pools but also less direct competition from large, purpose-built rental clusters. Homeownership costs locally are more accessible than many U.S. markets, which can introduce competition from ownership options; however, rent-to-income sits in a high national percentile, implying affordability headroom that can support lease retention and measured rent growth.
Within a 3-mile radius, demographic statistics show a recent population dip and forecasts for smaller average household sizes alongside an increase in total households. A smaller household size often supports steady multifamily demand by broadening the pool of renters who prioritize manageable, well-maintained units. Neighborhood occupancy is below the metro median (ranked 136 of 216), so asset-level execution—unit turns, renewal strategies, and targeted marketing—will be important to sustain occupancy in a low-amenity setting, based on commercial real estate analysis from WDSuite.
Comparable neighborhood safety metrics are not available in this dataset for Boonville. Investors often benchmark local conditions against broader Winston-Salem patterns and verify trends with municipal records and property-level history to contextualize risk without over-relying on block-level anecdotes.
Regional employment anchors within commuting distance can support renter demand, especially for workforce-oriented tenants. Notable nearby employers include Hanesbrands, Reynolds American, and BB&T Corp., which help diversify the broader job base tied to Winston-Salem.
- Hanesbrands — apparel HQ (26.1 miles) — HQ
- BB&T Corp. — banking HQ (28.6 miles) — HQ
- Reynolds American — tobacco products HQ (28.6 miles) — HQ
The investment case centers on a 2002 vintage asset that is newer than much of the surrounding stock, offering relative competitiveness in a rural submarket with thinner amenities. Neighborhood rent-to-income metrics are strong, suggesting affordability headroom that can support retention and measured pricing, according to CRE market data from WDSuite. At the same time, neighborhood occupancy trends are below the metro median, so performance will lean on active management, durable tenant profiles, and selective CapEx to sustain leasing velocity.
3-mile demographic data indicates a smaller household size trajectory and a projected increase in household counts despite population contraction—conditions that can maintain a stable renter pool if units are positioned for convenience, value, and reliability. More accessible home values point to potential competition from ownership options, which places a premium on keeping rent levels aligned with perceived value and on maintaining property condition to support renewals.
- 2002 construction offers competitive positioning versus older neighborhood stock with manageable modernization needs
- Strong renter affordability (high rent-to-income percentile) supports retention and pricing flexibility
- 3-mile trend toward smaller households can sustain multifamily demand with the right unit mix and operations
- Proximity to Winston-Salem employment anchors provides a broader commuting tenant base
- Risks: below-median neighborhood occupancy, limited amenities, and competition from ownership options require disciplined leasing and CapEx planning