| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Poor |
| Demographics | 46th | Fair |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3105 Patrick Henry Dr NW, Concord, NC, 28027, US |
| Region / Metro | Concord |
| Year of Construction | 1997 |
| Units | 21 |
| Transaction Date | 2021-04-30 |
| Transaction Price | $22,882,000 |
| Buyer | CONCORD HOLDINGS 162 LLC |
| Seller | CONCORD W99 LAP LLC |
3105 Patrick Henry Dr NW Concord Multifamily Opportunity
1997 vintage in an inner-suburban pocket where newer stock is scarce positions this 21-unit asset for competitive leasing, according to WDSuite’s CRE market data. The neighborhood’s amenity access and small-unit profile support steady renter interest, with pricing power tied to effective operations and retention.
The property sits in Concord’s inner suburbs within the Charlotte-Concord-Gastonia metro, where the neighborhood carries a B+ rating and ranks 246 out of 709 neighborhoods — competitive among Charlotte neighborhoods. Local retail and daily-needs access are a relative strength: overall amenities rank in the top quartile among 709 metro neighborhoods, with cafes and restaurants also in the top quartile, while grocery access is competitive among Charlotte neighborhoods. Average school ratings trend above the national median and rank in the top quartile locally, supporting family-oriented housing demand.
Construction year matters for competitive positioning. With a 1997 build against a neighborhood average vintage from 1976, this asset is newer than much of the local stock. That can reduce near-term capital exposure versus older comparables and offers a clearer light value-add path focused on interiors, common areas, and systems modernization as needed to widen the rent spread.
Neighborhood occupancy is below both metro and national medians, reflecting softness that requires disciplined leasing and renewals. However, within a 3-mile radius, households have grown over the past five years and are projected to expand meaningfully through 2028, pointing to a larger tenant base and potential renter pool expansion. Median contract rent in the 3-mile area has risen over the last five years and is forecast to continue increasing, which can support revenue growth if operations sustain absorption.
Tenure patterns are favorable for multifamily demand. Within a 3-mile radius, a material share of housing units are renter-occupied, providing depth for smaller-format units (average 544 sf) that cater to singles and downsizers. Home values in the neighborhood are lower than high-cost coastal markets, which means some competition from entry-level ownership; nonetheless, measured rent-to-income levels suggest manageable affordability pressure, aiding retention when paired with prudent lease management.
Safety indicators for the immediate neighborhood trend below metro and national medians. The area’s crime rank sits in the lower tier among 709 Charlotte-area neighborhoods and in a low national percentile, signaling comparatively higher reported incidents than many peer neighborhoods nationwide.
Investors should underwrite with a focus on property-level controls and resident experience. Recent year-over-year shifts show volatility in estimated offense rates; trend reviews over multiple years and comparison to adjacent neighborhoods are prudent steps to contextualize risk and mitigation costs.
Employment nodes near the property span food distribution, pharmaceuticals, home improvement retail headquarters, and diversified financial and utility corporate offices — a profile that supports commuter convenience and broad renter demand in the submarket.
- Sysco — food distribution (1.35 miles)
- Merck — pharmaceuticals (10.28 miles)
- Lowe's — home improvement retail (14.51 miles) — HQ
- Bank of America Corp. — diversified financial services (18.56 miles) — HQ
- Duke Energy — utilities (18.94 miles) — HQ
This 1997-built, 21-unit asset offers a relative vintage advantage versus older neighborhood stock, allowing investors to compete on functionality while targeting selective value-add to capture rent premiums. Within a 3-mile radius, household counts have increased and are projected to grow substantially, indicating renter pool expansion that can support occupancy stability as operations focus on leasing discipline and renewals. According to CRE market data from WDSuite, neighborhood amenities and school ratings compare well within the metro, though current neighborhood occupancy trends warrant conservative absorption assumptions.
Small average unit sizes (544 sf) align with demand from singles, young professionals, and downsizers, and rising area rents support revenue potential if positioned correctly. At the same time, a relatively accessible ownership landscape suggests monitoring competition from entry-level for-sale housing, and safety indicators below metro norms call for active management and community-building initiatives.
- Newer 1997 vintage versus local average offers competitive positioning with targeted value-add upside
- 3-mile household growth and projected renter pool expansion support leasing and renewal strategy
- Amenity access and top-quartile local school rankings bolster family and workforce renter appeal
- Smaller unit formats align with attainable rents and broaden the demand base
- Risks: softer neighborhood occupancy and below-median safety metrics require disciplined operations and underwriting