| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 72nd | Best |
| Amenities | 88th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1450 Estates Ave, Charlotte, NC, 28209, US |
| Region / Metro | Charlotte |
| Year of Construction | 1999 |
| Units | 36 |
| Transaction Date | 2018-05-24 |
| Transaction Price | $39,000,000 |
| Buyer | HUDSON CAPITAL MAGNOLIA LLC |
| Seller | ESTATES AT CHARLOTTE 1 LLC |
1450 Estates Ave Charlotte Multifamily Investment Thesis
Neighborhood fundamentals point to durable renter demand supported by strong amenities and a high share of renter-occupied housing, according to WDSuite s CRE market data. The 1999 vintage offers relatively competitive positioning versus older nearby stock while leaving room for targeted modernization.
Located in an Inner Suburb of Charlotte, the neighborhood rates A+ and ranks 14 out of 709 metro neighborhoods, placing it firmly in the top quartile among the region. Amenity access is a clear strength: pharmacies and grocery options score in the top quartile nationally, with restaurants and cafes also testing above national medians. For investors, this translates into daily convenience that can support leasing velocity and retention.
Local housing is newer than much of the metro on average, and the property s 1999 construction stands more recent than the neighborhood s typical 1977 vintage a relative competitive edge, though investors should still plan for system updates as part of long-term capital planning. Neighborhood occupancy trends sit near the national midpoint, suggesting stable but competitive leasing conditions rather than easy absorption.
Renter concentration is high: about 44.9% of housing units are renter-occupied (above the national median and competitive within the metro), indicating a sizable tenant base for multifamily product and depth for renewal and new-lease activity. Median contract rents in the neighborhood are above national norms, while rent-to-income levels indicate manageable affordability pressure, supporting pricing discipline without overextending residents.
Within a 3-mile radius, demographics show recent population growth and a faster increase in household counts, implying smaller average household sizes and a larger renter pool over time. Forward-looking estimates point to continued gains in population and households, which should bolster demand for well-located multifamily assets. Elevated home values relative to local incomes indicate a high-cost ownership market, which tends to sustain reliance on rental housing and can underpin occupancy stability.
Safety indicators are mixed and warrant monitoring. The neighborhood s crime rank is 514 out of 709 within the Charlotte-Concord-Gastonia metro, indicating higher crime relative to many local peers. Compared with neighborhoods nationwide, violent and property offense measures fall in lower national percentiles, signaling that investors should underwrite prudent security measures and operational controls.
That said, recent trends show improvement: estimated property offenses declined year over year, a constructive directional signal. Framing safety at the neighborhood level not the property helps set realistic expectations for risk management strategies, including lighting, access control, and resident engagement.
Proximity to major corporate offices supports a strong commuter renter base and can aid retention. Key nearby employers include Nucor, Airgas, Cisco Systems, Sonic Automotive, and Duke Energy.
- Nucor steel & corporate HQ operations (1.0 miles) HQ
- Airgas industrial gases & distribution offices (1.9 miles)
- Cisco Systems technology offices (3.1 miles)
- Sonic Automotive automotive retail corporate (3.1 miles) HQ
- Duke Energy utilities corporate (4.0 miles) HQ
This 36-unit asset, built in 1999, benefits from a high-performing Charlotte neighborhood with top-quartile metro positioning and strong daily amenities. Renter-occupied share is elevated compared with national norms, creating a deeper tenant pool and supporting steady leasing. According to CRE market data from WDSuite, neighborhood occupancy trends sit around the national midpoint, suggesting stable operations where asset quality and management can differentiate performance.
Home values in the area are elevated relative to incomes, reinforcing sustained reliance on rental housing and aiding pricing power, while 3-mile radius demographics point to continued population and household growth that should expand the renter pool. Given the property s newer-than-average vintage for the area, focused capital plans around interiors, building systems, and curb appeal can position the asset competitively against both older stock and newer deliveries.
- Top-quartile neighborhood within the 709-neighborhood Charlotte metro supports leasing and retention
- Elevated renter-occupied share indicates a sizeable tenant base for multifamily demand
- 1999 construction offers relative competitiveness with value-add potential via targeted upgrades
- High-cost ownership market reinforces rental demand and supports pricing discipline
- Risks: safety indicators below national norms and schools rate lower; underwrite security and resident experience