| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 54th | Good |
| Amenities | 51st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2700 Eastway Dr, Charlotte, NC, 28205, US |
| Region / Metro | Charlotte |
| Year of Construction | 1974 |
| Units | 22 |
| Transaction Date | 2021-02-05 |
| Transaction Price | $13,480,000 |
| Buyer | BUENA VIDA APARTMENTS LLC |
| Seller | OLSON PORTFOLIO 3 LLC |
2700 Eastway Dr Charlotte Multifamily Investment
Inner-suburban location with a sizable renter base supports stable leasing, according to WDSuite s CRE market data. Elevated ownership costs in the surrounding area reinforce demand for professionally managed apartments.
The property sits in an Inner Suburb of Charlotte with an A- neighborhood rating (ranked 172 of 709 metro neighborhoods), placing it in the top quartile among Charlotte submarkets for overall fundamentals. Restaurant density trends strong (around the 80th percentile nationally) and park access is better than average, while cafes and pharmacies are thinner locally, pointing to a service mix that favors dining and open-space access over specialty retail.
Renter-occupied share in the immediate neighborhood is high compared with national patterns (above the 85th percentile), which signals a deeper tenant base and typically more resilient multifamily demand through cycles. Neighborhood occupancy sits near the national middle, suggesting room to capture demand through targeted operations and positioning rather than relying solely on market tightness.
Within a 3-mile radius, population and household counts have been expanding, with households growing faster than population a pattern consistent with smaller household sizes and a larger renter pool. This dynamic tends to support absorption and renewal velocity for well-run assets.
Home values in the neighborhood test well above national norms (around the 90th percentile), and the value-to-income ratio is similarly elevated. In investor terms, this is a high-cost ownership market that can sustain rental demand and support pricing power, while still requiring thoughtful lease management where rent-to-income pressure emerges.
Vintage context matters: the asset s 1974 construction is newer than the neighborhood s average vintage (1964). That positioning can be competitively advantageous versus older stock, though investors should plan for modernization of building systems and common areas to meet current renter expectations and drive rent trade-outs.
Neighborhood safety indicators trend below national medians, with both violent and property offense measures weaker than typical U.S. neighborhoods. That said, recent year-over-year trends show improvement, and the pace of decline in estimated offense rates is better than the majority of U.S. neighborhoods, indicating a constructive direction rather than deterioration.
Investors should factor safety perceptions and operational strategies into underwriting for example, lighting, access control, and community engagement to support retention and leasing while monitoring ongoing trendlines at the neighborhood level rather than block-specific assumptions.
Proximity to major corporate employers underpins renter demand through short commutes and diverse white-collar job bases, including automotive retail, banking, utilities, technology, and steel. The following nearby employers are most relevant by distance.
- Sonic Automotive automotive retail HQ (3.2 miles) HQ
- Bank of America Corp. banking & financial services (3.5 miles) HQ
- Duke Energy utilities (3.8 miles) HQ
- Cisco Systems technology offices (4.5 miles)
- Nucor steel producer (5.3 miles) HQ
This 22-unit, 1974-vintage asset in Charlotte s inner suburbs benefits from a deep renter base and proximity to major employment hubs. Neighborhood fundamentals rank in the top quartile among 709 metro neighborhoods, and elevated ownership costs locally tend to reinforce reliance on multifamily housing. According to CRE market data from WDSuite, neighborhood occupancy trends near the national midpoint while renter concentration is high, framing an opportunity to drive performance through targeted upgrades, leasing, and management execution rather than relying solely on market tightness.
The vintage presents a straightforward value-add path: systems and finishes may trail newer competitors, but the asset is newer than the neighborhood s average stock, which can help competitive positioning once renovations address modernization and operational efficiencies. Population and household expansion within a 3-mile radius supports a growing tenant base that can aid lease-up velocity and renewal capture when paired with disciplined affordability and retention strategies.
- High renter-occupied concentration supports demand depth and renewal stability.
- Elevated ownership costs in the neighborhood sustain multifamily demand and pricing power.
- 1974 vintage allows value-add through system and interior modernization to compete with newer stock.
- Household growth within 3 miles enlarges the prospective tenant base for leasing and retention.
- Risks: below-median safety indicators and amenity gaps (cafes/pharmacies) require active management and underwriting discipline.