| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 60th | Good |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1215 Heathers Mist Ave, Charlotte, NC, 28213, US |
| Region / Metro | Charlotte |
| Year of Construction | 2005 |
| Units | 24 |
| Transaction Date | 2004-03-04 |
| Transaction Price | $1,700,000 |
| Buyer | HEATHER RIDGE APARTMENTS LLC |
| Seller | HT & B LLC |
1215 Heathers Mist Ave, Charlotte NC — 24-Unit Investment
Renter concentration is high in this inner-suburban pocket, supporting a deep tenant base and steady leasing, according to WDSuite’s CRE market data. The 2005 vintage positions the asset competitively against older neighborhood stock while leaving room for selective upgrades.
Location context: The property sits in an Inner Suburb of Charlotte with an A neighborhood rating and a neighborhood rank of 86 out of 709, which is competitive among Charlotte neighborhoods. Local occupancy at the neighborhood level trends below the metro median, but a large renter-occupied share indicates durable multifamily demand.
Livability and amenities: Restaurant, grocery, and pharmacy access test above national norms for density (restaurants and daily-needs retail are strengths), while parks and cafes are limited in the immediate area. For investors, this mix points to convenience for everyday essentials, though lifestyle amenities may require slightly longer trips.
Renter demand and tenure: The share of housing units that are renter-occupied in the neighborhood is elevated (ranked 21 out of 709; competitive locally and 98th percentile nationally). This depth of renter households supports leasing velocity and renewals, even when occupancy moderates.
Demographics within 3 miles: The surrounding 3-mile area shows population growth over the last five years with an even faster increase in households and a smaller average household size, which expands the renter pool and supports occupancy stability. Median and mean household incomes have risen, and the renter share is expected to edge higher by 2028, reinforcing multifamily demand. Median contract rents have advanced and are forecast to continue rising, which can aid revenue growth with prudent lease management.
Affordability and home values: Neighborhood home values sit around the low-60s national percentile with a high value-to-income ratio (91st percentile nationally). In practice, this high-cost ownership backdrop can sustain renter reliance on multifamily housing, although neighborhood rent-to-income metrics (0.34, low national percentile) suggest affordability pressure that warrants careful pricing and retention strategies.
Asset vintage and competitiveness: Built in 2005 versus a local average vintage near 1998, the asset is newer than much of the nearby housing stock. That can support competitive positioning versus older properties, while investors should still plan for mid-life system refreshes and targeted renovations to drive rent premiums.
Safety indicators for the neighborhood are below national norms, with violent and property offense measures tracking in lower national percentiles. From an underwriting perspective, that argues for attentive operations and resident screening to support retention and collections.
Trend-wise, estimated property offenses declined meaningfully year over year (a stronger improvement relative to many U.S. neighborhoods), a constructive sign to watch alongside broader submarket trends and management practices.
Proximity to major employers underpins workforce housing demand and commute convenience, led by Merck and a cluster of headquarters functions from Bank of America, Duke Energy, and Sonic Automotive, plus regional offices for Cisco.
- Merck — pharmaceuticals (3.1 miles)
- Bank of America Corp. — financial services (7.6 miles) — HQ
- Duke Energy — utilities (8.0 miles) — HQ
- Sonic Automotive — auto retail (8.8 miles) — HQ
- Cisco Systems — networking & technology (9.0 miles)
This 24-unit, 2005-vintage asset benefits from a renter-heavy neighborhood and access to a diversified employment base. The property is newer than the area’s average vintage, which supports competitive positioning versus older stock, while the elevated neighborhood renter-occupied share indicates a deep tenant pool that can aid leasing continuity. Although neighborhood occupancy trends below the metro median, nearby household and population growth within a 3-mile radius point to continued renter pool expansion, supporting long-run demand. According to WDSuite’s commercial real estate analysis, these dynamics have coincided with rising neighborhood and area rents, suggesting potential for revenue growth with disciplined operations.
Key considerations include affordability pressure signaled by a higher neighborhood rent-to-income ratio and safety metrics that trail national norms—both manageable with conservative underwriting, targeted capital plans, and active management. Given the property’s mid-2000s vintage, investors should anticipate selective system updates and value-add renovations to capture rent premiums while balancing retention.
- Renter-heavy neighborhood (top end locally) supports depth of tenant demand and leasing stability
- 2005 vintage offers competitive positioning versus older stock with targeted value-add potential
- 3-mile population and household growth expands the renter pool, supporting occupancy over time
- Nearby headquarters and regional employers bolster workforce-housing demand and retention
- Risks: below-metro neighborhood occupancy, affordability pressure, and below-average safety metrics require proactive management