| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 80th | Best |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3510 Sterling Magnolia Ct N, Charlotte, NC, 28211, US |
| Region / Metro | Charlotte |
| Year of Construction | 2004 |
| Units | 30 |
| Transaction Date | 2002-12-13 |
| Transaction Price | $812,000 |
| Buyer | CENTER CITY II LLC |
| Seller | WENDOVER VIEW LLC |
3510 Sterling Magnolia Ct N Charlotte 30-Unit Multifamily
Positioned in a high-income suburban pocket of Charlotte, the asset benefits from a deep regional renter pool and elevated ownership costs that can reinforce lease retention, according to WDSuite’s CRE market data.
This suburban neighborhood rates A- and ranks 109 out of 709 within the Charlotte metro, placing it in the top quartile locally for overall neighborhood quality. High home values and incomes signal a high-cost ownership market, which can sustain multifamily demand and support pricing discipline for well-located assets.
The property’s 2004 construction is newer than the neighborhood’s typical vintage (early 1990s). That positioning can enhance competitiveness versus older stock, though investors should still plan for selective modernization and system upgrades typical of early-2000s buildings to maintain rentability.
Renter-occupied housing is relatively limited within the neighborhood, indicating a lower local renter concentration; however, within a 3-mile radius, the share of renter-occupied units approaches a balanced split with owners, expanding the effective tenant base for leasing and renewals. Neighborhood occupancy trends track below national norms, so marketing that draws from the broader radius should help support stability.
Amenities are mixed: grocery and pharmacy access are strengths (pharmacy density is among the highest metro-wide), while cafe and park density inside the neighborhood is thinner. For investors, this suggests the asset’s appeal leans on household conveniences and major employment access more than lifestyle clusters, which can still translate into stable demand from professionals prioritizing commute efficiency and daily services.
Within a 3-mile radius, population and household counts have grown and are projected to keep rising through the next five years, pointing to renter pool expansion that can support occupancy and absorption. Household incomes in the radius are high, and rent levels relative to income indicate manageable affordability pressure—favorable for retention and measured rent growth strategies.
Relative to Charlotte neighborhoods, this area sits below the metro median for safety (ranked 416 out of 709), and compares below the national median as well. That said, property offenses have trended down year over year, an improvement supported by WDSuite’s data, which can help temper risk perceptions if the trend persists.
Investors should frame safety as a comparative factor rather than a block-level attribute: emphasize improving trends and strong employment access while underwriting prudent security measures and tenant communication to support retention.
Proximity to major corporate employers underpins demand from professionals seeking commute convenience and stability. Key nearby nodes include Sonic Automotive, Nucor, Bank of America Corp., Cisco Systems, and Duke Energy.
- Sonic Automotive — automotive retail HQ (0.99 miles) — HQ
- Nucor — steel HQ (2.5 miles) — HQ
- Bank of America Corp. — financial services HQ (3.3 miles) — HQ
- Cisco Systems — technology offices (3.3 miles)
- Duke Energy — utilities HQ (3.35 miles) — HQ
3510 Sterling Magnolia Ct N offers a 30-unit, 2004-vintage footprint in a top-quartile Charlotte neighborhood where elevated ownership costs and strong incomes support multifamily demand. While the immediate area has a lower renter concentration and occupancy trends below national norms, the broader 3-mile radius shows population and household growth, creating a larger tenant base for leasing and renewals. According to CRE market data from WDSuite, the neighborhood’s strengths include grocery/pharmacy convenience and access to major employers—factors that can support rent stability and retention for professionally managed assets.
Vintage positioning newer than the local average suggests competitive standing versus older stock, with value-add opportunities through targeted interior updates and common-area refreshes to capture demand from well-paid renters. Investors should underwrite conservative lease-up/renewal timelines tied to the neighborhood’s softer occupancy profile, offset by strong regional employment nodes and expanding demographics within the 3-mile catchment.
- 2004 vintage offers competitive positioning versus older neighborhood stock with selective modernization upside
- High-income, high-cost ownership context supports rental demand depth and measured pricing power
- Expanding 3-mile renter pool and strong corporate employment nodes reinforce leasing stability
- Amenity mix favors daily services and commute access, aligning with professional renter preferences
- Risks: below-median neighborhood safety and softer occupancy trend require prudent underwriting and asset management