| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Best |
| Demographics | 78th | Best |
| Amenities | 35th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2701 Westbury Lake Dr, Charlotte, NC, 28269, US |
| Region / Metro | Charlotte |
| Year of Construction | 1990 |
| Units | 20 |
| Transaction Date | 2024-04-30 |
| Transaction Price | $39,250,000 |
| Buyer | LION RADBOURNE LLC |
| Seller | NXRTBH RADBOURNE LAKE LLC |
2701 Westbury Lake Dr Charlotte Value‑Add Multifamily
According to WDSuite’s commercial real estate analysis, the surrounding neighborhood maintains above-metro occupancy and a sizable renter-occupied base, supporting durable rent rolls for smaller assets. These indicators describe neighborhood conditions rather than the property’s performance.
Located in an Inner Suburb of Charlotte, the neighborhood posts an A rating and ranks 97 out of 709 metro neighborhoods—top quartile within the Charlotte market—based on CRE market data from WDSuite. For investors, that positioning typically reflects steady renter demand and broad-based livability fundamentals.
Neighborhood occupancy is above the metro median (rank 232 of 709), which can help support leasing stability across nearby communities. The share of housing units that are renter-occupied is 46.6% (rank 135 of 709; high national percentile), indicating a deep tenant base for multifamily.
Amenity access is balanced: parks and grocery options are in the top quartile among 709 Charlotte neighborhoods, while restaurants are competitive among Charlotte neighborhoods. Cafés and pharmacies are limited within the immediate neighborhood, which places a premium on on-site conveniences and short drives to services.
Within a 3‑mile radius, demographics show recent population growth and an increase in households, with forecasts pointing to continued renter pool expansion over the next five years. Median incomes are healthy, and a rent-to-income profile near one-fifth supports retention and prudent pricing decisions. Elevated home values and a higher value-to-income ratio for owners suggest a high‑cost ownership market, which tends to reinforce multifamily demand rather than compete with it.
The property’s 1990 vintage is slightly older than the neighborhood’s average construction year (mid‑1990s), implying potential value‑add via interior upgrades and selective capital planning to remain competitive versus newer stock.
Safety indicators are mixed. The neighborhood’s overall crime rank sits at 482 out of 709 Charlotte neighborhoods—below the metro average and in the lower third nationally—so investors should underwrite with conservative assumptions around security, lighting, and resident experience.
Trend-wise, estimated property offenses declined year over year (improvement pace above the national midpoint), while estimated violent offenses ticked up. These are area-level readings rather than property-specific conditions, and they underscore the value of active asset management and partnerships with local community resources.
Proximity to a diversified employment base supports renter demand and commute convenience, led by life sciences, financial services, utilities, and technology offices noted below.
- Merck — life sciences (1.1 miles)
- Bank of America Corp. — financial services (8.2 miles) — HQ
- Duke Energy — utilities (8.5 miles) — HQ
- Cisco Systems — technology (9.6 miles)
- Sysco — foodservice distribution (9.6 miles)
This 20‑unit, 1990‑vintage asset sits in a top‑quartile Charlotte neighborhood with above‑median occupancy and a meaningful renter‑occupied share, supporting day‑to‑day leasing stability. The vintage is slightly older than nearby stock, creating value‑add potential through targeted renovations and systems updates while competing on location fundamentals.
Within a 3‑mile radius, recent population growth and an expected increase in households point to renter pool expansion, while a high‑cost ownership landscape reinforces reliance on multifamily; based on CRE market data from WDSuite, area rent-to-income levels are manageable, which can aid retention and disciplined rent management.
- Above‑median neighborhood occupancy and deep renter concentration support leasing stability
- 1990 vintage offers practical value‑add and CapEx repositioning opportunities
- 3‑mile demographics indicate population and household growth, expanding the tenant base
- High‑cost ownership market underpins multifamily demand and potential pricing power
- Risks: mixed safety readings, limited café/pharmacy amenities nearby, and vintage‑related capital needs