| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Best |
| Demographics | 91st | Best |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 517 W 8th St, Charlotte, NC, 28202, US |
| Region / Metro | Charlotte |
| Year of Construction | 1985 |
| Units | 120 |
| Transaction Date | 2015-01-30 |
| Transaction Price | $20,700,000 |
| Buyer | CCC Uptown Gardens, LLC |
| Seller | --- |
517 W 8th St, Charlotte NC Uptown Multifamily Position
Amenity density and a high renter concentration in the surrounding neighborhood point to a deep tenant base, according to WDSuite’s CRE market data, with 1985 vintage offering tangible value-add and modernization angles versus newer nearby stock.
Situated in Charlotte’s Urban Core, the property benefits from exceptional neighborhood convenience. Cafes and grocery options rank among the most concentrated in the metro (ranked 1st of 709 neighborhoods for both cafes and groceries), with restaurants also highly concentrated (2nd of 709). Park access is similarly strong (3rd of 709). These amenity concentrations translate to walkable daily needs and lifestyle appeal that support renter demand and leasing velocity.
The neighborhood’s renter-occupied share is elevated, indicating a sizable tenant pool and depth for multifamily absorption. At the same time, the area’s average occupancy level is below the metro median, so underwriting should account for competitive positioning and effective leasing strategies to capture demand.
Compared with the neighborhood’s average construction year of 1993 (ranked above metro median), the subject’s 1985 vintage is older. For investors, this typically implies capital planning for interiors, systems, and common areas—creating potential to execute targeted value-add and repositioning to compete against younger inventory while improving operational durability.
Demographic statistics aggregated within a 3-mile radius show population and household growth over the past five years, with forecasts calling for additional gains and smaller average household sizes by 2028. Rising incomes and increasing household counts expand the renter pool and support rent roll durability, while rent levels in this part of the metro have generally maintained a balanced rent-to-income relationship that can aid retention and reduce turnover risk.
Safety indicators here track below both metro and national medians. The neighborhood’s crime rank sits in the lower tier of Charlotte’s 709 neighborhoods (rank: 552 of 709), and national comparisons place the area below the median for safety. Investors should calibrate operations accordingly—enhanced on-site management, lighting, and access controls can help mitigate perception and resident risk.
Trend-wise, property offenses have eased year over year, while violent offense measures have been more mixed, based on WDSuite’s CRE market data. Underwriting should incorporate appropriate security measures and insurance assumptions, and weigh these factors against the location’s amenity access and employment proximity.
Proximity to Uptown employers underpins workforce housing demand and commute convenience, led by major anchors in finance, utilities, technology, steel, and automotive retail that support leasing depth and retention.
- Bank of America Corp. — financial services (0.5 miles) — HQ
- Duke Energy — utilities (0.8 miles) — HQ
- Cisco Systems — technology (1.8 miles)
- Sonic Automotive — automotive retail (4.8 miles) — HQ
- Nucor — steel manufacturing (5.2 miles) — HQ
517 W 8th St offers an Uptown Charlotte location with exceptional amenity access and proximity to headquarters employers, supporting a durable renter base. The neighborhood shows high renter concentration, yet overall occupancy levels run below the metro median—pointing to a market where strong operations, unit finishes, and amenities help capture demand. The 1985 vintage, older than nearby averages, suggests a clear value‑add path via interior upgrades and modernization to compete with 1990s and newer stock.
Within a 3‑mile radius, population and household counts have expanded and are projected to grow further, indicating a larger tenant base and ongoing leasing activity. Income growth trends and a balanced rent-to-income relationship support pricing power without overextending affordability, according to CRE market data from WDSuite. Together, these dynamics frame a pragmatic business plan focused on targeted capex, resident experience, and operational discipline.
- Amenity-dense Uptown location with top-tier access to cafes, groceries, parks, and restaurants driving lifestyle appeal and leasing.
- Large renter pool and strong nearby employment anchors support demand depth and tenant retention.
- 1985 vintage presents value-add and systems modernization opportunities to improve competitive positioning and NOI.
- 3-mile demographics show ongoing population and household growth, reinforcing occupancy stability over the medium term.
- Risks: below-median neighborhood safety and softer occupancy levels require enhanced operations, security, and prudent underwriting.