| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Good |
| Demographics | 43rd | Fair |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5816 Westpark Dr, Charlotte, NC, 28217, US |
| Region / Metro | Charlotte |
| Year of Construction | 1998 |
| Units | 36 |
| Transaction Date | 2018-06-29 |
| Transaction Price | $6,250,000 |
| Buyer | SPOKE TYVOLA OWNER LP |
| Seller | WESTPARK CHARLOTFE LLC |
5816 Westpark Dr Charlotte Multifamily Opportunity
Neighborhood occupancy is strong and renter demand is deep, according to WDSuite’s CRE market data for the immediate area rather than the property itself. Positioned in an inner-suburban node with solid daily amenities, the asset benefits from stable leasing dynamics.
Located in Charlotte’s inner suburbs, the property sits in a neighborhood rated A- and ranked 179 out of 709 within the Charlotte-Concord-Gastonia metro—competitive among Charlotte-Concord-Gastonia neighborhoods. Daily needs are well covered: grocery access ranks 13 of 709 (top quartile in the metro), and restaurant density is also competitive, while cafes are relatively available. Park and pharmacy access are limited in the immediate neighborhood, which may modestly affect walk-to conveniences but is typical for some inner-suburban corridors.
For investors, the clearest signal is leasing stability: neighborhood occupancy stands in the top quartile among 709 metro neighborhoods, supporting consistent renewal potential. Renter concentration is high (a large share of housing units are renter-occupied), indicating a broad tenant base for multifamily operators; this typically supports demand depth through cycle turns.
Home values in the area are elevated relative to national norms, and the value-to-income ratio is high within metro context—conditions that tend to sustain reliance on rental housing and reinforce pricing power when managed alongside renewal risk. Median rents sit near regional norms and the rent-to-income ratio is moderate, suggesting room for disciplined revenue management with attention to retention.
Demographics aggregated within a 3-mile radius show population and household growth over the past five years, with forecasts pointing to additional gains and smaller average household sizes by 2028. This trajectory implies a larger renter pool and supports ongoing multifamily absorption, particularly for well-maintained product near employment centers.
Safety conditions are mixed and should be evaluated carefully. The neighborhood’s crime rank is 533 out of 709 within the Charlotte metro, below the metro median. Compared with neighborhoods nationwide, overall safety performance sits in a lower percentile, indicating comparatively higher reported incidents.
Within that context, both violent and property offense indicators benchmark low on national safety percentiles. Notably, recent year-over-year trends point to declines in estimated violent and property offense rates, which is a constructive direction, but investors should underwrite to the local operating environment and incorporate appropriate security, lighting, and resident engagement measures.
Proximity to diversified employers supports renter demand and commute convenience for workforce and professional tenants. Nearby employment nodes include industrial gases, steel, healthcare distribution, enterprise networking, and regulated utilities.
- Airgas — industrial gases (0.8 miles)
- Nucor — steel manufacturing (3.1 miles) — HQ
- AmerisourceBergen Healthcare Consultants — healthcare distribution/consulting (3.4 miles)
- Cisco Systems — enterprise networking (4.1 miles)
- Duke Energy — regulated utility (5.2 miles) — HQ
Built in 1998, the asset is newer than much of the surrounding housing stock, offering competitive positioning versus older properties while still benefiting from targeted modernization potential as systems age. Neighborhood fundamentals are favorable for multifamily operators: occupancy is among the metro’s stronger performers, renter concentration is high, and elevated ownership costs within the area tend to sustain reliance on rental housing. According to commercial real estate analysis from WDSuite, these dynamics have supported stable leasing in comparable inner-suburban Charlotte locations.
Within a 3-mile radius, population and households have grown and are projected to continue expanding, with smaller average household sizes indicating more renters entering the market. Combined with strong access to daily amenities and major employers, the setting supports demand durability and renewal performance when paired with disciplined expense management and selective value-add execution.
- 1998 vintage offers competitive positioning versus older stock with targeted upgrade potential
- Strong neighborhood occupancy and high renter-occupied share support demand depth and renewal stability
- Elevated ownership costs in the area reinforce reliance on multifamily housing and pricing power
- 3-mile population and household growth point to a larger tenant base and sustained absorption
- Risks: below-metro safety ranking and limited park/pharmacy access warrant underwriting for security and amenity strategies