| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 85th | Best |
| Amenities | 42nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 120 W Kingston Ave, Charlotte, NC, 28203, US |
| Region / Metro | Charlotte |
| Year of Construction | 2013 |
| Units | 62 |
| Transaction Date | 2015-03-16 |
| Transaction Price | $27,850,000 |
| Buyer | RG PARK & KINGSTON LLC |
| Seller | BR PARK KINGSTON CHARLOTTE LLC |
120 W Kingston Ave Charlotte Multifamily Opportunity
Positioned in an Inner Suburb pocket with strong renter concentration and a high-cost ownership landscape, this asset benefits from durable demand and pricing discipline, according to WDSuite’s CRE market data.
The property sits within an A-rated Charlotte neighborhood (ranked 54 of 709 metro neighborhoods), signaling competitive fundamentals versus much of the metro. Local amenities skew toward lifestyle convenience: restaurants are in the top quartile nationally and parks access also ranks in the top quartile, while grocery access trends above the national median. School ratings are not available in this dataset.
Renter-occupied housing accounts for a high share in the neighborhood (ranked 61 of 709 in the metro; top decile nationally), indicating a deep tenant base that supports leasing velocity and renewal potential. Neighborhood occupancy is near the metro middle and has improved over the last five years, a constructive backdrop for stabilizing cash flows rather than outsized lease-up risk.
Within a 3-mile radius, demographics show population and household growth over the last five years, with projections pointing to further increases in households. A rising number of higher-income households and a shrinking average household size suggest a larger pool of renters entering the market, supporting occupancy stability and unit absorption for professionally managed properties.
Ownership remains comparatively expensive for the area (value-to-income in the top decile nationally), which reinforces reliance on multifamily rentals. At the same time, rent-to-income sits at a relatively favorable level locally, a mix that can aid resident retention and measured rent growth management. The neighborhood’s average construction year trends older, and this 2013 vintage asset is newer than much of the competitive stock—supporting positioning versus older properties—while still warranting typical mid-life capital planning.
Safety indicators in this neighborhood trend below metro averages, with ranks in the lower tiers among 709 Charlotte-area neighborhoods and national percentiles indicating higher-than-average offense rates. That said, recent data shows property offenses declining year over year, a constructive directional trend investors may monitor alongside standard risk management measures.
In national context, the neighborhood sits below the median for safety, while locally it is below the metro median. For underwriting, prudent assumptions on security, lighting, and resident engagement programs are appropriate, balanced against the improving trend in property-related incidents reported in the most recent year.
Proximity to major employers anchors demand for workforce and professional renters, with large corporate offices concentrated within a short commute. The nearby base includes Cisco Systems, Duke Energy, Bank of America, AmerisourceBergen, and Airgas.
- Cisco Systems — technology offices (0.24 miles)
- Duke Energy — utilities HQ and corporate (0.89 miles) — HQ
- Bank of America Corp. — banking HQ and corporate (1.29 miles) — HQ
- AmerisourceBergen Healthcare Consultants — healthcare services (3.45 miles)
- Airgas — industrial gases (3.50 miles)
This 2013-vintage, 62-unit asset is positioned in an A-rated Charlotte neighborhood with a high renter concentration and an ownership market that is costly relative to incomes—factors that typically support a durable multifamily tenant base. Neighborhood occupancy trends near the metro middle but has improved over five years, while within a 3-mile radius the outlook points to continued growth in households and a deeper pool of renters, aiding retention and steady absorption.
Lifestyle access is a differentiator, with dining and park access in the top quartile nationally. The asset’s newer vintage versus the area’s older average stock enhances competitive positioning, though mid-life systems planning remains prudent. According to CRE market data from WDSuite, rent levels compare favorably to local incomes, which can support renewal rates and measured rent increases without outsized affordability pressure.
- High renter concentration and costly ownership bolster multifamily demand
- 2013 construction offers competitive positioning versus older neighborhood stock
- Household growth within 3 miles supports a larger tenant base and occupancy stability
- Amenity access (parks, dining) strengthens leasing appeal and retention
- Risk: Safety metrics lag metro averages; budget for security and community programming