| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 64th | Good |
| Amenities | 26th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3010 Ryan Jay Dr, Charlotte, NC, 28269, US |
| Region / Metro | Charlotte |
| Year of Construction | 1998 |
| Units | 30 |
| Transaction Date | 2007-08-28 |
| Transaction Price | $24,188,500 |
| Buyer | SREIT LODGE AT MALLARD CREEK LLC |
| Seller | STRATA MALLARD LLC |
3010 Ryan Jay Dr Charlotte Multifamily Investment
Neighborhood data points to a deep renter base and steady leasing conditions; according to WDSuite’s commercial real estate analysis, this location favors durable cash flow over flashier lease-up stories.
Situated in Charlotte’s Inner Suburb with a B+ neighborhood rating, the area offers day-to-day convenience and commuter accessibility that supports workforce housing. Overall amenities rank above the metro median among 709 neighborhoods, driven by solid grocery access and strong childcare density, though sit-down dining, cafes, parks, and pharmacies are limited within the immediate blocks.
On rent and vacancies, neighborhood metrics indicate median asking rents in the top quartile nationally and meaningful five-year rent gains, while occupancy trends sit closer to national mid-range levels. For investors, that mix suggests pricing power is present but leasing remains competitive, favoring well-managed assets with effective renewal strategies, based on CRE market data from WDSuite.
Tenure data shows a high share of renter-occupied housing units (94th percentile nationally), signaling depth in the tenant pool for multifamily. Within a 3-mile radius, the population has grown in recent years and households increased by roughly 10%; projections to 2028 point to further population growth and a notably larger household count, implying more renters entering the market and support for occupancy stability even as average household sizes trend smaller.
Ownership costs sit around mid-range levels for the metro, with median home values near the national middle and a balanced value-to-income profile. Combined with a rent-to-income ratio near 0.20 at the neighborhood level, this points to manageable affordability pressure for renters and supports lease retention, while acknowledging that more accessible ownership options in parts of the metro can create some competition at renewal.
Safety indicators for the neighborhood sit below national percentiles, signaling higher reported incidents relative to many U.S. neighborhoods. That said, year-over-year trends show improvement, with notable declines in estimated violent and property offense rates. For investors, the takeaway is to underwrite security measures and resident experience carefully while recognizing the direction of change has been favorable recently.
Nearby corporate employers help anchor demand with diverse office and headquarters roles, supporting commute convenience and resident retention for workforce-oriented units. The list below reflects proximate employers most relevant to this submarket’s renter base.
- Merck — pharmaceuticals (1.5 miles)
- Bank of America Corp. — financial services (7.0 miles) — HQ
- Duke Energy — utilities (7.3 miles) — HQ
- Cisco Systems — technology (8.4 miles)
- Sonic Automotive — automotive retail (9.6 miles) — HQ
Built in 1998, this 30-unit asset is newer than the neighborhood’s average vintage and should remain competitive versus older local stock, while investors may still plan for system updates and selective modernization to reinforce positioning. A high neighborhood renter concentration and expanding 3-mile household base point to a larger tenant pool over the next several years, supporting occupancy stability and renewal performance.
Rents sit in the upper tier nationally and have advanced meaningfully over five years, while neighborhood occupancy trends are more balanced, emphasizing the importance of asset-level operations. According to CRE market data from WDSuite, these fundamentals align with steady, operations-driven returns where disciplined expense control and targeted value-add can capture rent growth without relying on outsized market appreciation.
- 1998 vintage offers competitive positioning versus older stock, with room for targeted modernization.
- High renter-occupied share and projected 3-mile household growth expand the tenant base and support steady leasing.
- Rent performance is strong relative to national benchmarks; operational focus can translate this into durable NOI.
- Proximity to major employers underpins workforce demand and aids retention.
- Risks: below-average national safety percentiles and limited nearby dining/park options; underwriting should account for security and amenity positioning.