| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 34th | Poor |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2347 Eastway Dr, Charlotte, NC, 28205, US |
| Region / Metro | Charlotte |
| Year of Construction | 1973 |
| Units | 102 |
| Transaction Date | 2016-10-05 |
| Transaction Price | $4,300,000 |
| Buyer | Greenleaf Capital |
| Seller | Eastside Equities, LLC |
2347 Eastway Dr, Charlotte Multifamily Investment
Inner-suburb location with steady renter demand and competitive neighborhood occupancy supports durable income, according to WDSuite’s CRE market data. Proximity to major employers adds leasing depth while maintaining balanced pricing power.
The property sits in an Inner Suburb of Charlotte rated A- and ranked 176 out of 709 metro neighborhoods—placing it in the top quartile among Charlotte submarkets for overall fundamentals. Neighborhood occupancy is competitive among Charlotte neighborhoods (ranked 230 of 709) and strong relative to national norms, which helps underpin cash flow stability for well-managed assets.
Local livability drivers lean practical: the neighborhood ranks 40 of 709 for overall amenities, with strong access to grocery stores and pharmacies plus solid park coverage. Restaurant density is above average for the metro, while cafes are comparatively limited—suggesting everyday convenience with fewer third‑place options. School ratings in the area trend below metro and national benchmarks, an operational consideration for tenant mix and marketing.
Renter concentration is high: 64.6% of housing units are renter‑occupied (ranked 42 of 709, top quartile in the metro). For investors, this indicates a deep tenant base and supports occupancy stability across cycles. Median contract rents are mid‑market for Charlotte while rent‑to‑income levels around one‑fifth suggest manageable affordability pressure, aiding retention and reducing turnover risk.
Within a 3‑mile radius, population has grown in recent years and households increased by nearly 10%, expanding the near‑term renter pool. Forecasts in WDSuite point to continued household growth alongside smaller average household sizes, which can translate into sustained demand for rental units. Elevated home values relative to incomes in the neighborhood context reinforce reliance on multifamily housing and support pricing power without overreliance on in‑migration.
Safety outcomes in this neighborhood trail both metro and national benchmarks. The area ranks 539 out of 709 Charlotte neighborhoods for crime, and national safety percentiles are low—indicating elevated incident rates compared to many U.S. neighborhoods. That said, property offenses have eased modestly year over year, while violent‑crime trends were essentially flat, according to WDSuite’s data. Investors should incorporate enhanced on‑site security, lighting, and resident engagement into operating plans to support retention.
A concentration of nearby corporate offices provides a broad employment base and commute convenience that can support leasing and retention, notably across banking, utilities, technology, steel, and automotive retail sectors.
- Sonic Automotive — automotive retail HQ (3.5 miles) — HQ
- Bank of America Corp. — banking (3.7 miles) — HQ
- Duke Energy — utilities (4.0 miles) — HQ
- Cisco Systems — networking technology (4.8 miles)
- Nucor — steel (5.6 miles) — HQ
This 102‑unit asset benefits from an Inner Suburb location with competitive neighborhood occupancy and a high share of renter‑occupied housing, supporting a resilient tenant base. According to CRE market data from WDSuite, local rents sit in a mid‑range band for Charlotte while rent‑to‑income levels near 20% indicate manageable affordability pressure—favorable for lease retention and steady collections. Nearby Fortune‑500 employment nodes add day‑to‑day leasing depth.
Demographic trends within a 3‑mile radius show recent population growth and a faster rise in household counts, with forecasts pointing to additional household formation and smaller average household sizes—both supportive of multifamily demand. Elevated ownership costs in the neighborhood context further reinforce reliance on rental housing. Key operating considerations include below‑average school ratings and safety metrics, which call for hands‑on management, security measures, and targeted amenities.
- Competitive neighborhood occupancy and deep renter base support income durability
- Proximity to major employers (banking, utilities, tech, steel) strengthens leasing
- Mid‑market rents with rent‑to‑income near 20% aid retention and pricing power
- Household growth within 3 miles and smaller household sizes expand the renter pool
- Risks: safety and school quality require active management and capital planning