| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 85th | Best |
| Amenities | 24th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10424 Grobie Way, Charlotte, NC, 28216, US |
| Region / Metro | Charlotte |
| Year of Construction | 2012 |
| Units | 24 |
| Transaction Date | 2007-11-15 |
| Transaction Price | $9,460,000 |
| Buyer | BR ASHTON LIMITED PARTNERSHIP |
| Seller | BR ASHTON I OWNER LLC |
10424 Grobie Way Charlotte 24-Unit Multifamily Opportunity
Neighborhood-level data indicate a solid renter base and steady leasing potential, according to WDSuite’s CRE market data. Investor focus: the surrounding area’s renter concentration supports demand depth even as occupancy varies with the local cycle.
Located in Charlotte’s inner suburbs, the property sits in a neighborhood rated A- and ranked 133 out of 709 metro neighborhoods — competitive among Charlotte areas for investors screening income assets. Amenity access skews practical rather than lifestyle-heavy: grocery availability is relatively strong (rank 46 of 709), while parks, pharmacies, and cafes are limited locally. Median asking rents in the neighborhood benchmark above many areas nationally (77th percentile), which can support revenue, though it raises the bar on value delivery and lease management.
Renter-occupied housing represents a meaningful share of units in the neighborhood (45.2%; 85th percentile nationally), indicating depth in the tenant base. Neighborhood occupancy is below the national midpoint, so operators should prioritize marketing efficiency and renewals to stabilize cash flow. For broader context, these are neighborhood-level metrics rather than property performance and reflect market positioning rather than unit-level operations.
Within a 3-mile radius, demographics show population growth of roughly 14% since the prior period and households up about 23%, with projections pointing to continued renter pool expansion over the next five years. Median household income in the 3-mile area has risen, and rent-to-income near 0.19 suggests manageable affordability pressure that can aid retention when renewal strategies remain disciplined. For investors prioritizing multifamily property research, this context frames demand drivers and pricing power.
The asset’s 2012 construction is relatively modern, though the neighborhood’s average construction year trends newer (2016; rank 20 of 709 — top quartile nationally). Competitive positioning may benefit from selective updates and amenity refreshes to keep pace with newer stock while maintaining operating efficiency.
Safety signals are mixed relative to the Charlotte metro. The neighborhood’s crime rank is 528 out of 709 metro neighborhoods, indicating conditions that are below metro average. Nationally, safety percentiles for both violent and property offenses are on the lower end, so underwriting should assume prudent security measures and resident communication.
Recent momentum shows improvement in property-related incidents, with a one-year decline of about 15% in estimated property offenses. Framed at the neighborhood level rather than the block, investors can plan standard risk controls and emphasize lighting, access management, and coordination with local resources as part of operations.
Nearby employment centers span pharmaceuticals, banking, utilities, technology, and retail headquarters, supporting commuter convenience and a diversified renter base. The list below highlights major employers within a typical renter commute radius that can contribute to leasing stability.
- Merck — pharmaceuticals (5.6 miles)
- Bank of America Corp. — banking & financial services (9.5 miles) — HQ
- Duke Energy — utilities (9.69 miles) — HQ
- Cisco Systems — technology & networking (10.58 miles)
- Lowe's — retail & home improvement (12.19 miles) — HQ
This 24-unit, 2012-vintage asset benefits from a renter-heavy neighborhood profile that supports demand depth, with local rents benchmarking above many areas nationally and a commuter-friendly employer base. Based on CRE market data from WDSuite, neighborhood occupancy runs below the national midpoint, so value creation will rely on efficient leasing, renewals, and selective capital to maintain competitiveness against newer nearby product (neighborhood average construction year is 2016).
Within a 3-mile radius, population and households have expanded and are projected to continue growing, signaling a larger tenant base over the next five years. Income growth and a moderate rent-to-income backdrop support retention when paired with disciplined rent setting and amenity refreshes, while safety indicators warrant standard operating controls rather than aggressive assumptions.
- Renter concentration and above-average neighborhood rents support demand and revenue potential
- 2012 construction with room for targeted updates to compete with newer stock
- Expanding 3-mile population and households indicate a growing tenant base
- Proximity to major employers supports leasing stability and commute convenience
- Risk: neighborhood occupancy below national midpoint and safety metrics below metro average require proactive operations