| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Fair |
| Demographics | 27th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3146 Baroda Ln, Charlotte, NC, 28269, US |
| Region / Metro | Charlotte |
| Year of Construction | 1998 |
| Units | 55 |
| Transaction Date | 2019-11-05 |
| Transaction Price | $5,375,000 |
| Buyer | Nevin Place LCP, LLC |
| Seller | --- |
3146 Baroda Ln, Charlotte NC Multifamily Value-Add
Neighborhood occupancy trends remain resilient and above many peers, and the area shows a mid-30s renter-occupied share, according to WDSuite’s CRE market data. For investors, this points to a stable tenant base with pricing set by local demand rather than discretionary turnover.
Located in an inner-suburban pocket of Charlotte, the property benefits from neighborhood occupancy that ranks in the top quartile among 709 metro neighborhoods and sits in the top quartile nationally, per WDSuite’s CRE market data. That backdrop supports day-one leasing stability and reduces exposure to outsized vacancy swings compared with softer submarkets.
The asset’s 1998 vintage is newer than the neighborhood’s average construction year (late 1970s), which generally improves competitive positioning versus older stock. Investors should still plan for targeted modernization and system refreshes typical of late-90s buildings to sustain rentability and reduce near-term CapEx surprises.
Renter concentration varies by lens: within the immediate neighborhood, roughly one-third of housing units are renter-occupied, while within a 3-mile radius renters account for just over half of units. This mix signals a broad tenant pool for workforce-oriented product and supports steady absorption, particularly for well-managed, practical floor plans around the neighborhood’s prevailing rent levels.
Local convenience is limited inside the neighborhood boundary (few marked cafes, parks, or groceries), so residents typically rely on short drives to retail and services. This car-oriented setting places a premium on on-site livability features and operational consistency, while the area’s median home values remain modest relative to many Sun Belt metros—conditions that tend to reinforce sustained reliance on multifamily housing rather than rapid move-outs to ownership.
Within a 3-mile radius, demographics indicate population growth over the past five years with households up about 6%, and WDSuite’s 2028 outlook points to further increases in both households and incomes. For investors, that implies a larger tenant base and support for rent growth management over a multi-year hold, provided asset quality and service levels match evolving expectations.
Safety conditions here trend mixed relative to the Charlotte metro and the nation. The neighborhood’s crime rank sits on the less favorable side of the metro distribution (302 out of 709), and national comparisons point to below-average safety, particularly for violent incidents (lower national percentile).
That said, recent momentum shows improvement: property offenses have declined materially year over year and sit in a stronger improvement percentile nationally, according to WDSuite’s CRE market data. For investors, this trend suggests monitoring remains prudent, but recent directional gains may aid resident retention and leasing stability if sustained.
Nearby corporate offices span pharmaceuticals, banking, utilities, networking, and automotive retail—diverse employment nodes that help underpin renter demand through commute convenience and a steady white-collar and operations workforce.
- Merck — pharmaceuticals (3.3 miles)
- Bank of America Corp. — banking (5.4 miles) — HQ
- Duke Energy — utilities (5.7 miles) — HQ
- Cisco Systems — networking (6.8 miles)
- Sonic Automotive — automotive retail (8.5 miles) — HQ
This 55-unit, late-1990s asset is positioned in a Charlotte inner-suburb where neighborhood occupancy ranks in the top quartile locally and nationally, indicating durable leasing fundamentals. The 1998 construction year provides a relative edge versus older area stock while still offering practical value-add levers through selective interior upgrades and systems updates. Within 3 miles, population and household counts have grown and are projected to rise further by 2028, enlarging the tenant base and supporting occupancy stability. Median home values and a moderate rent-to-income backdrop suggest multifamily remains a pragmatic housing option, limiting competitive pressure from entry-level ownership.
According to CRE market data from WDSuite, renter concentration is substantial within a 3-mile radius and neighborhood crime trends show recent improvement, both supportive of retention when paired with consistent operations. Key risks include limited walkable amenities within the immediate neighborhood and below-average nearby school ratings, which place additional importance on on-site features, management quality, and thoughtful renewal strategies.
- Occupancy backdrop: top-quartile neighborhood stability supports steady leasing and minimizes vacancy volatility.
- 1998 vintage: competitive versus older area stock with targeted value-add and systems modernization potential.
- Demand drivers: 3-mile population and household growth expand the renter pool through the forecast horizon.
- Pricing resilience: moderate rent-to-income dynamics and accessible ownership costs reinforce multifamily reliance.
- Risks: car-oriented setting and low school ratings; maintain amenity strategy and resident services to support retention.