| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 88th | Best |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 523 Ridgeway Ave, Charlotte, NC, 28204, US |
| Region / Metro | Charlotte |
| Year of Construction | 2011 |
| Units | 32 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
523 Ridgeway Ave Charlotte Multifamily Investment
Renter demand is well supported by a high renter-occupied share and solid neighborhood occupancy, according to WDSuite’s CRE market data. Newer construction at this address positions the asset competitively versus older local stock.
523 Ridgeway Ave sits in Charlotte’s Urban Core, a neighborhood rated A and ranked 79th among 709 metro neighborhoods. The area’s renter-occupied share is high (63.2% of units), indicating a deep tenant base that supports multifamily leasing. Neighborhood occupancy is 95.3% with positive momentum over the last five years, pointing to demand stability for professionally managed apartments.
Daily-needs access is a strength: grocery store density ranks 41st of 709 locally and is in the 89th percentile nationally, which helps with resident convenience and retention. Restaurant density is also above national norms (72nd percentile). Other amenity categories inside the neighborhood boundary show thinner coverage (parks, cafes, childcare, and pharmacies register low), so residents typically rely on nearby districts for those uses; this is common in compact Urban Core tracts and can be mitigated by short commutes to Uptown.
Demographic quality is a differentiator. The neighborhood’s demographic profile ranks 22nd of 709 in the metro and in the 88th percentile nationally, with small average household sizes (1.8, 98th percentile nationally) that often align with studio and one-bedroom demand. Median contract rent levels sit in the 81st national percentile, while the rent-to-income ratio of 0.21 (24th percentile nationally) suggests comparatively manageable rent burdens that can support pricing power and lease durability.
Home values in the area are elevated relative to incomes (value-to-income ratio in the 84th national percentile), creating a high-cost ownership market that tends to reinforce reliance on rental housing. For investors, this backdrop supports steady renter demand and reduces the likelihood of outsized move-outs to ownership during typical lease cycles.
Safety indicators for the neighborhood track close to the national middle overall (around the 50th percentile). Property incidents are higher than national norms (approximately the 33rd percentile for safety) but have improved meaningfully year over year, with downward trends in estimated property offense rates. Violent incident levels are nearer the national midpoint (around the 42nd percentile for safety) with modest improvement over the past year. For investors, the takeaway is a mixed but improving picture that warrants standard operating diligence on lighting, access controls, and resident screening.
Proximity to major Uptown employers supports a strong commuter renter base and can aid leasing stability. Key nearby employers include Bank of America, Duke Energy, Cisco Systems, Sonic Automotive, and Nucor.
- Bank of America Corp. — financial services (1.9 miles) — HQ
- Duke Energy — utilities (2.1 miles) — HQ
- Cisco Systems — technology offices (2.5 miles)
- Sonic Automotive — automotive retail HQ (2.6 miles) — HQ
- Nucor — steel producer offices (3.8 miles) — HQ
Built in 2011, this 32-unit asset is materially newer than the neighborhood’s average vintage, offering competitive positioning versus older Charlotte stock while still allowing targeted updates over the hold for modernization and renter expectations. The surrounding Urban Core shows a high renter-occupied share and a neighborhood occupancy rate of 95.3%, supporting lease-up and renewal stability. Elevated home values relative to incomes point to a high-cost ownership market, which tends to sustain multifamily demand. According to CRE market data from WDSuite, rent levels are above national norms while rent-to-income remains comparatively manageable, suggesting measured pricing power with attention to retention.
Within a 3-mile radius, population and household counts have increased and are forecast to continue rising, expanding the renter pool and underpinning longer-term demand. Access to major Uptown employers within a short commute further supports weekday occupancy and renewals.
- 2011 vintage offers competitive positioning versus older neighborhood stock with selective value-add potential
- High renter concentration and 95%+ neighborhood occupancy support demand depth and leasing stability
- Elevated ownership costs reinforce reliance on rentals, aiding retention and pricing power
- Expanding 3-mile population and households indicate a growing tenant base over the next five years
- Risks: thinner park/cafe/childcare coverage inside the tract and mixed property-crime trends warrant active management