| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Fair |
| Demographics | 40th | Fair |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5821 Reddman Rd, Charlotte, NC, 28212, US |
| Region / Metro | Charlotte |
| Year of Construction | 1979 |
| Units | 112 |
| Transaction Date | 2016-07-25 |
| Transaction Price | $5,250,000 |
| Buyer | Parkhaven Apartments LLC |
| Seller | Lion's Head Apartments, Ltd. |
5821 Reddman Rd Charlotte Multifamily Investment
Neighborhood occupancy in the low 90s and a high renter concentration indicate steady tenant demand, according to WDSuite's CRE market data.
Located in Charlotte's inner-suburban east side, the asset is in a neighborhood rated B and ranked 335 out of 709 metro neighborhoods - above the metro median. Grocery and restaurant density are relative strengths, while immediate park and pharmacy access are limited. For investors, this mix supports daily convenience that aids leasing, though without significant park-driven appeal.
Renter-occupied housing is substantial both locally and across the 3-mile radius (56.8% of housing units renter-occupied), which, together with neighborhood occupancy around 92%, points to a large tenant base and supports stable leasing for workforce-oriented product.
Within a 3-mile radius, households have grown in recent years and are projected to expand further, with smaller average household sizes. This implies a broader renter pool and supports occupancy stability. Incomes in the 3-mile area have trended higher and are projected to continue rising, reinforcing capacity to support rents aligned with neighborhood fundamentals.
Cost dynamics are balanced: neighborhood home values sit below national norms, which can introduce some competition from ownership options, yet rent-to-income levels remain manageable for many households. Taken together, these factors suggest steady absorption potential with prudent pricing and retention strategies, based on CRE market data from WDSuite.
Safety metrics are below national medians, and the neighborhood ranks in the lower half of the Charlotte metro (520 out of 709 neighborhoods). Underwriting should consider security, lighting, and resident-experience measures.
Recent momentum is constructive: estimated property offenses declined year over year, and violent offense estimates also edged down. While the area is not among the safer parts of the metro today, the negative trend in incidents is a favorable sign to monitor alongside operational improvements.
Access to major corporate employers nearby supports renter demand and commute convenience for automotive retail, banking, steel, utilities, and technology workforces.
- Sonic Automotive - automotive retail (3.2 miles) - HQ
- Bank of America Corp. - banking (5.5 miles) - HQ
- Nucor - steel producer (5.6 miles) - HQ
- Duke Energy - utilities (5.7 miles) - HQ
- Cisco Systems - networking technology (6.2 miles)
This 112-unit asset is supported by a renter-heavy local context and neighborhood occupancy in the low 90s, pointing to steady baseline demand. Grocery and restaurant density bolster daily-life convenience, while below-national home values suggest some competition from ownership - favoring value positioning and strong resident retention strategies. According to WDSuite's commercial real estate analysis, the surrounding 3-mile area shows ongoing and forecast household growth with rising incomes, reinforcing the depth of the renter pool.
Operationally, a sizable workforce-renter base and income growth trends support disciplined rent-setting and stable absorption. Safety benchmarks remain a watch item but are moving in a favorable direction, warranting targeted capital toward resident experience and on-site operations.
- Renter-heavy area and neighborhood occupancy in the low 90s support demand stability
- 3-mile household growth and rising incomes expand the tenant base and aid retention
- Daily-life amenities (groceries, restaurants) reinforce leasing fundamentals for workforce renters
- Balanced cost context: lower home values require value positioning while rents remain manageable to income
- Risk: below-median safety indicators; consider security and resident-experience investments