| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 68th | Good |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10506 Kettering Dr, Charlotte, NC, 28226, US |
| Region / Metro | Charlotte |
| Year of Construction | 1985 |
| Units | 24 |
| Transaction Date | 2013-11-26 |
| Transaction Price | $22,535,000 |
| Buyer | PINEVILLE NOAH LLC |
| Seller | PINEVILLE APARTMENTS LLC |
10506 Kettering Dr, Charlotte NC — 24-Unit Value-Add
Renter demand is reinforced by strong amenity access and a high neighborhood renter-occupied share, while occupancy has trended upward modestly over five years, according to WDSuite’s CRE market data.
Located in Charlotte’s inner suburbs, the property benefits from dense daily-needs coverage: grocery, restaurant, and pharmacy availability rank near the top among 709 metro neighborhoods, supporting resident convenience and leasing velocity. Cafés and dining are notably plentiful, while park space and formal childcare options are limited in the immediate area, a tradeoff to factor into marketing and amenity positioning.
Neighborhood occupancy is below national norms but has inched higher over the last five years, signaling gradually improving demand. At the same time, the share of housing units that are renter-occupied is very high (about three-quarters), indicating a deep tenant base and potential for steadier lease-up, especially for well-managed workforce housing. Median contract rents sit in the mid-market range for Charlotte and have grown over five years, per WDSuite’s CRE market data.
Home values are elevated relative to local incomes, which tends to sustain reliance on multifamily housing and can support retention and pricing power for competitively positioned assets. Still, a higher rent-to-income ratio in the neighborhood suggests pockets of affordability pressure; disciplined renewals and unit mix alignment remain important for stability.
Construction in the surrounding neighborhood skews newer on average (mid-1990s). With a 1985 vintage, this asset trails newer stock, implying potential renovation and capital planning needs but also offering value-add upside to narrow the competitive gap. Within a 3-mile radius, population and household counts have grown slightly and are projected to expand further over the next five years, pointing to a gradually larger renter pool that supports occupancy stability.
Safety trends are comparatively favorable for the metro. The neighborhood ranks in the top quartile for lower crime among 709 Charlotte-area neighborhoods, and national benchmarking places it above the U.S. average. According to WDSuite’s CRE market data, both property and violent offense rates have moved down year over year, reinforcing a trend investors often associate with leasing stability and lower operational friction.
As always, conditions vary by block and over time. Investors should evaluate on-site security design, lighting, and property management practices alongside these broader neighborhood indicators.
Proximity to major employers supports a broad commuter tenant base and can aid retention for workforce-oriented units. Notable nearby employers include Nucor, Airgas, Sonic Automotive, AmerisourceBergen, and Cisco Systems.
- Nucor — steel manufacturing HQ (4.9 miles) — HQ
- Airgas — industrial gases offices (5.4 miles)
- Sonic Automotive — automotive retail HQ (7.0 miles) — HQ
- AmerisourceBergen Healthcare Consultants — healthcare services (8.2 miles)
- Cisco Systems — technology offices (8.2 miles)
This 24-unit, 1985-vintage asset sits in an inner-suburb location with top-tier access to daily-needs amenities and a very high neighborhood renter concentration, supporting a deep tenant base. While neighborhood occupancy runs below national levels, five-year improvement, projected household growth within a 3-mile radius, and proximity to diversified employment point to demand resilience with targeted upgrades and disciplined operations.
According to commercial real estate analysis from WDSuite, rents have advanced over five years and home values remain elevated relative to local incomes, conditions that can reinforce multifamily reliance and pricing power for renovated product. The vintage suggests value-add potential through unit and systems modernization to better compete with the area’s newer stock, while mindful lease management can mitigate affordability pressure signals.
- High renter-occupied share supports depth of tenant demand and steadier leasing.
- Amenity-rich corridor (groceries, dining, pharmacies) enhances resident convenience and retention.
- 1985 vintage offers clear value-add path to close the gap with 1990s+ competitors.
- Employment proximity across manufacturing, tech, healthcare, and corporate HQs supports diversified renter base.
- Risk: Neighborhood occupancy is comparatively soft and rent-to-income signals affordability pressure—requires disciplined renewals and expense control.