| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 60th | Good |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3214 Central Ave, Charlotte, NC, 28205, US |
| Region / Metro | Charlotte |
| Year of Construction | 2008 |
| Units | 98 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3214 Central Ave Charlotte Multifamily Investment
Renter concentration is high and neighborhood occupancy remains competitive among Charlotte submarkets, according to WDSuite’s CRE market data. This positioning supports stable demand for a 2008-vintage, 98-unit asset in an inner-suburban corridor.
This Inner Suburb neighborhood in Charlotte scores A- and ranks 138th among 709 metro neighborhoods, indicating performance above the metro median across several investor-relevant factors. Grocery access is a standout with one of the highest store densities in the metro (ranked 2 of 709) and a national percentile of 99, while restaurants also index well nationally. In contrast, parks and pharmacies are limited within the immediate area, suggesting residents rely on nearby districts for some daily needs.
For multifamily operations, neighborhood occupancy is 94.7% and has trended upward over five years; this level is competitive among Charlotte neighborhoods and sits in the 69th percentile nationally. The share of housing units that are renter-occupied is high at 75.4% (top quartile among 709 metro neighborhoods), pointing to a deep tenant base and steady leasing velocity. Median contract rent in the neighborhood benchmarks mid-range nationally, and the rent-to-income ratio of 0.23 implies manageable affordability pressure that can support retention and disciplined rent movements.
Demographic statistics aggregated within a 3-mile radius show population growth of roughly 6.5% over five years, with households up about 13%. Forecasts to 2028 indicate further population and household expansion alongside smaller average household sizes, which typically supports renter pool expansion and occupancy stability. Income growth has been strong, and the mix skews toward working-age cohorts, reinforcing ongoing demand for professionally managed rental housing.
Home values in the neighborhood are elevated relative to incomes (value-to-income ratio in the 88th percentile nationally). In investor terms, this high-cost ownership market tends to sustain rental demand and can bolster lease retention and pricing power for well-maintained properties.
Safety indicators for the neighborhood trend below both national and metro norms. The area ranks 487 out of 709 Charlotte metro neighborhoods for crime, signaling higher-than-metro-average incident levels, and national percentiles for safety are low. Investors should underwrite prudent property-level security and resident experience measures as part of operations.
Recent movement is mixed but notable: estimated property offense rates declined approximately 23% year over year, an improvement that is above national trends, while violent offense indicators remain comparatively weak nationally. Framing this at the neighborhood level helps calibrate expectations and highlights the importance of on-site management, lighting, and access controls to support resident retention.
Proximity to major employers underpins workforce demand and commute convenience for renters. Nearby corporate offices include Sonic Automotive, Bank of America, Duke Energy, Cisco Systems, and Nucor, supporting diversified white-collar and operations employment.
- Sonic Automotive — automotive retail HQ (2.8 miles) — HQ
- Bank of America Corp. — banking HQ (3.0 miles) — HQ
- Duke Energy — utilities HQ (3.3 miles) — HQ
- Cisco Systems — technology offices (3.9 miles)
- Nucor — steel HQ (4.7 miles) — HQ
3214 Central Ave offers a 2008-vintage, 98-unit multifamily asset positioned in an inner-suburban Charlotte neighborhood with competitive occupancy and a deep renter base. The neighborhood’s renter-occupied share is among the highest in the metro, and occupancy has inched higher over the past five years, supporting income durability. Elevated ownership costs locally reinforce reliance on rental housing, while 3-mile radius demographics point to ongoing population and household expansion that enlarges the tenant base. According to CRE market data from WDSuite, local amenities skew strongly toward grocery and dining access, which can aid leasing, though limited parks and pharmacies nearby should be considered in marketing and resident services.
Construction year 2008 is newer than the neighborhood’s average stock, offering relative competitiveness versus older assets; investors should still plan for mid-life capital items and targeted repositioning to protect rents. Safety metrics trail metro and national norms, so underwriting should include property-level security and community engagement to support retention.
- Competitive neighborhood occupancy and deep renter concentration support stable leasing
- 3-mile population and household growth expand the tenant base and support retention
- Elevated ownership costs sustain rental demand and pricing power for well-maintained units
- 2008 vintage offers competitive positioning versus older stock, with scope for value-add upgrades
- Risks: neighborhood safety below metro norms and limited nearby parks/pharmacies warrant active management and capex planning