| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 93rd | Best |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 120 New Bern St, Charlotte, NC, 28203, US |
| Region / Metro | Charlotte |
| Year of Construction | 2012 |
| Units | 117 |
| Transaction Date | 2011-06-08 |
| Transaction Price | $1,567,500 |
| Buyer | NEWBERN STATION HOLDINGS LLC |
| Seller | FOSTER NEW BERN INC |
120 New Bern St Charlotte Multifamily Investment
Neighborhood fundamentals point to durable renter demand and mid-90s neighborhood occupancy, according to WDSuite’s CRE market data, supporting stable operations for a 2012-vintage, 117-unit asset. Strong nearby employment and a high share of renter-occupied housing units reinforce depth of the tenant base.
Competitive among Charlotte neighborhoods, this Inner Suburb location holds an A neighborhood rating and ranks 38 out of 709 metro neighborhoods, placing it firmly in the top quartile. The property’s 2012 construction is newer than the neighborhood’s average vintage (1963), offering more current finishes/systems relative to older stock and a favorable position against legacy assets, while still warranting routine capital planning as the building enters its second decade.
Livability signals are mixed but investor-friendly overall. Grocery access is a relative strength (94th percentile nationally), parks density is also strong (89th percentile), and restaurant concentration is above national norms (82nd percentile). By contrast, neighborhood counts for cafes, childcare, and pharmacies are limited in the immediate area; operators may lean on the strength of core amenities and proximity to employment to sustain leasing velocity.
Tenure data indicates a very high renter concentration: 84.8% of housing units are renter-occupied in the neighborhood, which supports depth of demand for multifamily and can aid occupancy stability. Neighborhood occupancy is reported in the mid-90s, above the national median, per commercial real estate analysis from WDSuite; this refers to the neighborhood’s housing stock, not the specific property.
Within a 3-mile radius, population has expanded and is projected to keep growing, with households increasing more quickly than population, indicating smaller household sizes and continued renter pool expansion. Median incomes are high for the area, and the neighborhood’s rent-to-income ratio around 0.23 suggests manageable affordability pressure that can support retention, while elevated home values and a high value-to-income ratio point to a high-cost ownership market that tends to reinforce reliance on multifamily rentals.
Safety metrics should be contextualized at the neighborhood level. This area ranks 571 out of 709 Charlotte metro neighborhoods on crime and sits in the 23rd percentile nationally for safety, indicating higher crime incidence than many peer neighborhoods. Investors often underwrite with enhanced on-site management, lighting, and access controls to support resident experience and retention.
Property and violent offense rates have shown recent year-over-year increases in the neighborhood-level estimates. While conditions can vary block to block, the comparative data suggests monitoring trends and coordinating with security vendors and community resources to manage risk alongside leasing strategy.
Proximity to major employers underpins workforce housing demand and commute convenience, supporting leasing and retention. Key nearby corporate offices include Cisco Systems, Duke Energy, Airgas, Bank of America, and AmerisourceBergen.
- Cisco Systems — technology (1.0 miles)
- Duke Energy — utilities (2.1 miles) — HQ
- Airgas — industrial gases (2.3 miles)
- Bank of America Corp. — banking (2.5 miles) — HQ
- AmerisourceBergen Healthcare Consultants — healthcare services (2.7 miles)
- Nucor — steel (3.4 miles) — HQ
- Sonic Automotive — auto retail (4.4 miles) — HQ
The investment case centers on demand depth, location advantages, and relative vintage. Built in 2012 with 117 units, the property is newer than much of the neighborhood’s 1960s-era stock, offering competitive positioning versus older comparables while approaching a phase where targeted system upgrades and common-area refreshes can drive rent and retention. A very high share of renter-occupied housing units and neighborhood occupancy in the mid-90s support stable leasing. Within a 3-mile radius, population growth and faster household formation point to a larger tenant base over time, aiding occupancy stability and rent resilience.
Amenity access skews toward everyday needs—groceries, parks, and restaurants rank well nationally—while major employment nodes nearby deepen the prospective renter pool. According to CRE market data from WDSuite, the neighborhood’s rent-to-income ratio and elevated ownership costs suggest room for professional management to balance pricing power with retention. Key risks include neighborhood crime metrics that trail national benchmarks and the need to plan for capex as the asset advances through its second decade.
- 2012 vintage positions the asset competitively versus older local stock, with selective upgrades offering value-add potential
- High renter-occupied share and neighborhood occupancy in the mid-90s support demand stability
- 3-mile population and household growth expand the tenant base and support leasing durability
- Strong proximity to major employers and everyday amenities aids leasing and retention
- Risks: neighborhood safety metrics below national averages; plan for ongoing capex as the asset ages