| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 92nd | Best |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3600 Park Rd, Charlotte, NC, 28209, US |
| Region / Metro | Charlotte |
| Year of Construction | 1989 |
| Units | 60 |
| Transaction Date | 2025-02-13 |
| Transaction Price | $59,908,000 |
| Buyer | MSLA MERRYWOOD HOLDINGS LLC |
| Seller | CHARLOTTE NC SENIOR PROPERTY LLC |
3600 Park Rd Charlotte Multifamily Investment Opportunity
Neighborhood occupancy runs above the Charlotte metro median, supporting stable rent rolls according to WDSuite s CRE market data. High-income households nearby reinforce demand durability for well-managed units.
Located in an inner-suburb pocket of Charlotte, the area surrounding 3600 Park Rd scores well for daily needs and convenience. Caf e9, grocery, restaurant, and pharmacy density sits in the upper national percentiles, indicating walkable access to essentials and dining that can aid leasing and retention. While park access is limited within the immediate neighborhood, private on-site amenities and proximity to other recreation nodes in the metro can help offset this for residents.
On fundamentals, the neighborhood b4s occupancy is above the metro median among 709 Charlotte-area neighborhoods, a constructive signal for stabilized operations at professionally managed assets. Median contract rents in the neighborhood benchmark in the upper quartile nationally, supported by strong household incomes; this tends to sustain pricing power while keeping lease-up cycles manageable.
Tenure patterns indicate a balanced mix, with the share of housing units that are renter-occupied below half at the neighborhood level, suggesting multifamily demand is concentrated in select assets rather than uniformly spread. In contrast, demographics aggregated within a 3-mile radius show a larger renter base today and significant growth in households over the past five years, with forecasts pointing to continued increases mdynamics that generally expand the tenant pool and support occupancy stability.
Home values in the neighborhood are elevated relative to both the metro and the nation, a high-cost ownership context that often reinforces reliance on multifamily housing. For investors, this backdrop can underpin rent collections and renewal probability, provided unit quality and management remain competitive with the broader Charlotte market.
Safety indicators are mixed but trending better. The neighborhood b4s overall crime rank sits around the metro midpoint (rank 245 out of 709 neighborhoods), translating to roughly average conditions versus Charlotte peers. Nationally, the area trends around the middle of the pack for violent incidents and somewhat weaker for property incidents, but recent year-over-year data shows improvement, with both violent and property offense rates declining.
For underwriting, this suggests risk management should assume typical urban-suburban precautions, while acknowledging recent positive momentum. Comparisons to competitive Charlotte neighborhoods indicate conditions are neither an outlier risk nor a standout advantage, and monitoring trend direction remains prudent.
Proximity to major corporate offices supports a deep employment base and convenient commutes for renters, led by manufacturing, energy, and financial services anchors including Nucor, Cisco Systems, Airgas, Duke Energy, and Bank of America.
- Nucor d steel & industrial (1.9 miles) d HQ
- Cisco Systems d networking & technology (2.0 miles)
- Airgas d industrial gases (2.0 miles)
- Duke Energy d utilities (2.9 miles) d HQ
- Bank of America Corp. d financial services (3.2 miles) d HQ
3600 Park Rd sits in a convenience-rich inner suburb where neighborhood occupancy trends above the metro median and median rents benchmark in the upper national quartile csignals of demand resilience for well-run assets. According to CRE market data from WDSuite, the immediate area benefits from strong household incomes and elevated home values, factors that typically sustain rental demand and support renewal velocity when unit quality is competitive.
Built in 1989, the property presents a classic value-add profile: interiors and building systems may benefit from targeted modernization to sharpen positioning against newer Charlotte stock while managing near-term capital needs. Demographics aggregated within a 3-mile radius indicate a growing renter pool and rising household counts, reinforcing long-run occupancy stability; however, local NOI per unit trends trail national medians, underscoring the importance of disciplined expense control and thoughtful renovation scope.
- Above-metro neighborhood occupancy and upper-quartile rent benchmarks support stabilized operations
- High-cost ownership context and strong incomes bolster pricing power and renewals
- 1989 vintage offers value-add potential through selective interior and systems upgrades
- 3-mile radius shows expanding households and renter pool, aiding leasing and retention
- Risks: limited nearby park access and local NOI per unit below national norms call for careful underwriting