| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 81st | Best |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3610 Randolph Rd, Charlotte, NC, 28211, US |
| Region / Metro | Charlotte |
| Year of Construction | 1999 |
| Units | 86 |
| Transaction Date | 2009-12-01 |
| Transaction Price | $10,200,000 |
| Buyer | HCP Inc. |
| Seller | Sunrise Senior Living |
3610 Randolph Rd Charlotte Multifamily Investment
High ownership costs in the surrounding neighborhood support durable renter demand, according to WDSuite’s CRE market data, with 3-mile household growth pointing to a deepening tenant base.
Positioned in a suburban pocket of Charlotte, the property benefits from neighborhood fundamentals that are competitive among Charlotte-Concord-Gastonia neighborhoods (ranked 35 of 709). Cafes and grocery options index well above national norms (high-90s percentiles), while pharmacies are also readily accessible; park access is limited nearby. These amenity patterns support day-to-day convenience and resident retention.
Neighborhood housing metrics suggest a renter base with capacity to pay: median household income sits well above national levels and the rent-to-income ratio is moderate, which can temper affordability pressure and aid lease management. Median home values are elevated and the value-to-income ratio is in the upper national percentiles, creating a high-cost ownership market that tends to reinforce reliance on multifamily housing and can sustain pricing power.
For investors, it’s important to distinguish that occupancy figures cited here reflect the neighborhood, not the property. Neighborhood occupancy trends are below national medians today, but renter concentration is above national averages, indicating a meaningful pool of renter-occupied units to draw from. Average construction vintage in the area skews older than 1990s stock, so 1999 delivery can compete favorably versus nearby legacy assets while still warranting periodic system upgrades or light modernization to maintain positioning.
Demographics aggregated within a 3-mile radius show population growth over the last five years with faster household growth, indicating smaller average household sizes and a larger tenant pool. Forward-looking projections continue to point to additional population and household gains by 2028, which supports occupancy stability and leasing velocity for well-positioned multifamily assets.
Safety outcomes in the immediate neighborhood track below national medians, with crime levels ranking in the lower tiers compared with Charlotte’s 709 neighborhoods. Nationally, the neighborhood sits around the lower third for overall safety, signaling that risk management and on-site security practices remain relevant considerations for underwriting and operations.
Trend-wise, property-related incidents have declined year over year (double-digit decrease), which is a constructive directional signal even as violent offense measures remain below national medians. Investors should benchmark these trends against comparable Charlotte submarkets and emphasize lighting, access control, and resident engagement to support retention.
Proximity to major corporate employment nodes underpins renter demand and commute convenience, notably from Sonic Automotive, Nucor, Cisco Systems, Bank of America, and Duke Energy.
- Sonic Automotive — automotive retail HQ (1.1 miles) — HQ
- Nucor — steel manufacturing HQ (2.4 miles) — HQ
- Cisco Systems — networking & technology offices (3.1 miles)
- Bank of America Corp. — banking & financial services HQ (3.2 miles) — HQ
- Duke Energy — utilities HQ (3.2 miles) — HQ
3610 Randolph Rd offers 86 units delivered in 1999, a relatively newer vintage versus much of the neighborhood’s 1980s-era stock. This positioning can capture renters seeking modern layouts while planning for routine system updates. Elevated home values and a high value-to-income environment locally reinforce reliance on rentals, and neighborhood NOI-per-unit benchmarks are competitive versus metro peers. According to CRE market data from WDSuite, strong amenity access and a sizable renter-occupied base support tenant demand even as neighborhood occupancy rates lag national medians.
Within a 3-mile radius, recent population gains and faster household growth expand the renter pool and support leasing durability. Nearby Fortune 500 employment anchors broaden the prospective tenant base and can aid retention during market soft patches. Primary risks include neighborhood-level crime sitting below national medians, limited park access, and the need to differentiate on amenities and management where newer deliveries compete.
- 1999 vintage competes well versus older neighborhood stock while allowing for targeted upgrades
- High-cost ownership market reinforces multifamily demand and pricing power
- 3-mile population and household growth expands the tenant base and supports occupancy stability
- Proximity to major employers supports leasing velocity and retention
- Risks: below-median neighborhood safety, limited park access, and competitive lease-up conditions