| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 88th | Best |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2351 E 7th St, Charlotte, NC, 28204, US |
| Region / Metro | Charlotte |
| Year of Construction | 2013 |
| Units | 27 |
| Transaction Date | 2005-08-23 |
| Transaction Price | $125,000 |
| Buyer | ELIZABETH STATION TIC 1 LLC |
| Seller | SCG TBR VENUE OWNER LP |
2351 E 7th St, Charlotte Multifamily Investment
Urban-core renter demand and above-metro occupancy in the surrounding neighborhood suggest stable leasing performance, according to WDSuite’s CRE market data. Focus is on neighborhood metrics such as occupancy and renter concentration, not the property itself.
Situated in Charlotte’s Urban Core, the neighborhood ranks 79 out of 709 metro neighborhoods (A rating), indicating competitive fundamentals for multifamily investors. Neighborhood occupancy trends are strong and rising, and the area’s renter-occupied share is high, supporting depth of tenant demand.
Livability indicators are mixed but investor-friendly. Grocery access is a local strength (rank 41 of 709; 89th percentile nationally), and restaurants are competitive among Charlotte neighborhoods with a 72nd national percentile. Other everyday amenities like parks, pharmacies, childcare, and cafes are thinner in this immediate pocket, which may modestly shift resident expectations toward private on-site conveniences or nearby urban destinations.
The median neighborhood construction year is 1978, while the subject property was built in 2013. The newer vintage positions the asset more competitively versus older local stock and can reduce near-term capital needs, though investors should still underwrite typical mid-life system updates and potential repositioning to meet current renter preferences.
Tenure patterns favor rentals: the neighborhood has a high share of renter-occupied housing units (63.2%, above most Charlotte peers). For investors, this indicates a larger, more durable tenant base and supports occupancy stability through cycles.
Within a 3-mile radius, demographics show population growth and an expanding household base, with forecasts indicating continued increases by 2028. Smaller average household sizes suggest steady demand for multifamily units, while rising median incomes bolster the area’s capacity to absorb rent growth without significantly elevating retention risk.
Ownership costs in the neighborhood are elevated relative to incomes, which typically sustains reliance on rental housing. This dynamic can support pricing power and lease retention for well-located multifamily assets, especially those with contemporary finishes and efficient operations.
Safety indicators are mixed relative to Charlotte peers and national benchmarks. The neighborhood’s crime rank sits in a competitive range among 709 metro neighborhoods, while national measures show property offenses below mid-percentile levels but improving on a 1-year basis. Violent offense metrics are near the national middle with modest year-over-year improvement.
For investors, the key takeaway is trend direction: recent declines in estimated property offenses suggest improving conditions, though continued monitoring remains appropriate. Framing safety at the neighborhood level helps calibrate underwriting assumptions for marketing, security, and retention strategies without over-extrapolating to the property itself.
Proximity to major corporate employers supports a strong white-collar renter base and commute convenience. Notable nearby employers include Bank of America, Duke Energy, Sonic Automotive, Cisco Systems, and Nucor.
- Bank of America Corp. — corporate offices (2.1 miles) — HQ
- Duke Energy — corporate offices (2.3 miles) — HQ
- Sonic Automotive — corporate offices (2.4 miles) — HQ
- Cisco Systems — corporate offices (2.6 miles)
- Nucor — corporate offices (3.6 miles) — HQ
Built in 2013, the asset is newer than much of the neighborhood’s housing stock, offering a competitive edge versus older properties while still warranting typical mid-life capital planning. Neighborhood indicators point to stable renter demand: occupancy remains above the metro median and renter-occupied share is high, with an expanding 3-mile renter pool tied to population and household growth. According to CRE market data from WDSuite, ownership costs are elevated relative to incomes here, which tends to sustain multifamily demand and support pricing power for well-run assets.
Forward-looking fundamentals are constructive. A growing white-collar employment base nearby, rising household incomes, and continued household formation within a 3-mile radius underpin leasing stability. Amenity density varies by category, so assets that deliver on-site conveniences and professional management can differentiate and support retention.
- Newer 2013 vintage versus older neighborhood stock reduces near-term capex and improves competitive positioning.
- Above-metro neighborhood occupancy and high renter-occupied share support leasing stability.
- Expanding 3-mile population and households indicate a growing tenant base and sustained demand.
- Elevated ownership costs reinforce multifamily reliance, aiding pricing power for efficiently operated assets.
- Risks: thinner local parks/pharmacy/cafe options and mixed-but-improving safety trends require thoughtful amenity and security strategies.