| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 39th | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 104 Penner St, Winston Salem, NC, 27105, US |
| Region / Metro | Winston Salem |
| Year of Construction | 1984 |
| Units | 58 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
104 Penner St, Winston-Salem Multifamily Investment
Neighborhood metrics point to a deep renter base and accessible pricing that can support steady leasing, according to WDSuite s CRE market data. The asset s scale offers operating efficiencies in an inner-suburban location with strong everyday amenities.
Rated A and ranked 46 of 216 within the Winston Salem metro, the neighborhood sits in the top quartile locally a signal of balanced fundamentals for workforce housing. Dining and daily needs access are strengths restaurants and grocery density are competitive among metro neighborhoods and above national medians while park and childcare options are limited. This mix supports convenience for renters even if green space is sparse.
Renter concentration is high at the neighborhood level, with a majority of housing units renter occupied a positive indicator for multifamily demand depth and day to day leasing velocity. Neighborhood occupancy trends have been softer than metro norms recently, which suggests the need for hands on leasing and renewal management to maintain stability. Median contract rents remain comparatively accessible, and the rent to income profile indicates manageable affordability pressure factors that can support tenant retention.
Within a 3 mile radius, demographics show modest population softness in recent years but an increase in households, pointing to smaller household sizes and a gradually expanding renter pool. Forward looking projections indicate population growth and a meaningful increase in households over the next five years, which would enlarge the local tenant base and support occupancy. These trends, based on CRE market data from WDSuite, align with steady renter demand rather than outsized volatility.
The property s 1984 vintage is older than the neighborhood s average construction year, creating clear value add and capital planning angles. Targeted interior upgrades and systems modernization can improve competitive positioning versus newer stock. Home values in the area are moderate by national standards, which may introduce some competition from ownership options; however, accessible rents and a strong renter occupied share help sustain multifamily relevance and leasing traction.
Safety indicators are mixed. The neighborhood s crime rank is near the middle of 216 metro neighborhoods, suggesting conditions that are neither among the best nor the worst in Winston Salem. Compared with neighborhoods nationwide, safety percentiles are on the lower side, so prudent onsite management, lighting, and access controls remain important to support resident satisfaction and retention.
Recent trend data from WDSuite shows a notable year over year decline in violent offenses (a positive directional signal), alongside less favorable movement in property offenses. For investors, the takeaway is to underwrite to current conditions, emphasize operational controls, and monitor trend direction rather than assuming rapid improvement.
Proximity to major employers anchors local renter demand, with strong corporate presences offering diverse white collar and operations roles. Nearby employers include Hanesbrands, Reynolds American, BB&T Corp., and VF, providing commute convenient options that can support leasing and retention.
- Hanesbrands apparel HQ (0.9 miles) HQ
- Reynolds American tobacco HQ (6.7 miles) HQ
- BB&T Corp. financial services HQ (6.9 miles) HQ
- VF apparel & lifestyle brands HQ (27.3 miles) HQ
This 58 unit, 1984 vintage asset offers scale in an inner suburban location with a high renter occupied share and strong daily needs access. Neighborhood occupancy has trailed metro norms, but accessible rents and a broad tenant base point to manageable leasing risk with active operations. The older vintage creates value add potential through targeted renovations and system upgrades to enhance competitive standing.
Within a 3 mile radius, household counts are rising and are projected to grow further, supporting a larger tenant base and steadier absorption. Anchor employers nearby deepen demand for workforce and white collar renters, while moderate home values imply some ownership competition that can be offset by prudent pricing and renewal strategies. According to CRE market data from WDSuite, local fundamentals support a focus on occupancy stability and incremental rent growth tied to improvements rather than aggressive underwriting.
- High renter occupied share and accessible rents support depth of demand and renewal stability
- 1984 vintage provides clear value add and CapEx levers to improve positioning
- Proximity to major employers (Hanesbrands, Reynolds American, BB&T) underpins leasing and retention
- Forecast household growth within 3 miles expands the tenant base and supports occupancy
- Risks: below metro neighborhood occupancy, limited parks/childcare amenities, and mixed crime trends require active management