| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Best |
| Demographics | 91st | Best |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 705 W 5th St, Charlotte, NC, 28202, US |
| Region / Metro | Charlotte |
| Year of Construction | 2000 |
| Units | 45 |
| Transaction Date | 2000-02-22 |
| Transaction Price | $845,000 |
| Buyer | GATEWAY WW LLC |
| Seller | CHARLOTTE GATEWAY VILLAGE LLC |
705 W 5th St Charlotte Multifamily Investment
Urban-core positioning near major employers and dense amenities supports durable renter demand, according to WDSuite’s CRE market data. Neighborhood-level occupancy runs softer than metro norms, so lease management and product positioning are important to capture demand strength.
Located in Charlotte’s Urban Core, the property benefits from a high-amenity environment. The neighborhood ranks 14 out of 709 metro neighborhoods for overall amenities, placing it competitive among Charlotte-Concord-Gastonia neighborhoods and in the top quartile nationally. Food-and-beverage options are especially dense, with neighborhood cafe and restaurant concentrations ranked near the top of the metro and among the strongest nationwide, while grocery access also scores near the top. These fundamentals typically translate to strong convenience value for renters and support for leasing velocity.
Median contract rents in the neighborhood benchmark above many U.S. areas, reflecting the core location and amenity access. At the same time, the neighborhood’s reported occupancy is lower than much of the metro (ranked 667 of 709), which suggests attention to unit finishes, pricing, and concessions may be needed to maintain absorption. Investors should view this as an execution factor rather than a market weakness: the renter base is deep, with a renter-occupied share of housing units above 50%, indicating meaningful tenant depth for multifamily properties in this part of the city.
Home values in the surrounding neighborhood trend on the higher side for the region, reinforcing renter reliance on multifamily housing and helping sustain pricing power when product is well positioned. Average household sizes are smaller than typical nationally, which often aligns with demand for studio and one-bedroom product. School ratings are not a primary driver here, and no average rating is available in the neighborhood dataset; investors should emphasize urban lifestyle, proximity to employers, and convenience in marketing and unit-mix strategy.
Demographic statistics aggregated within a 3-mile radius show population and household growth over recent periods and a projected increase in both population and households over the next five years. A growing and increasingly high-income renter pool supports occupancy stability and renewal capture for well-managed assets. Vintage matters too: constructed in 2000, the property is newer than the neighborhood’s average vintage (1993), offering relative competitiveness versus older stock while still warranting targeted modernization and systems planning to meet today’s renter expectations.
Safety indicators for this neighborhood trend below metro and national benchmarks. The neighborhood’s overall crime rank is 552 out of 709 Charlotte-Concord-Gastonia neighborhoods, indicating higher reported crime than many parts of the metro. Nationally, the area sits in lower percentiles for both property and violent offenses. Investors should underwrite enhanced on-site security measures, lighting, access control, and resident engagement to support retention and operational stability.
Recent directionality offers a modest positive: estimated property offense rates improved over the most recent year in the neighborhood dataset. While single-year moves don’t establish a trend, it suggests stakeholders are seeing some progress. As always, safety should be contextualized at the neighborhood level rather than the property itself, and owners can mitigate risk through design, technology, and partnerships with local resources.
The Downtown Charlotte employment base anchors demand, with proximity to Bank of America, Duke Energy, Cisco Systems, AmerisourceBergen, and Sonic Automotive supporting commute convenience and weekday foot traffic that benefits leasing and retention.
- Bank of America Corp. — financial services (0.5 miles) — HQ
- Duke Energy — utilities (0.6 miles) — HQ
- Cisco Systems — technology offices (1.6 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (4.5 miles)
- Sonic Automotive — automotive retail HQ functions (4.8 miles) — HQ
This 45-unit asset at 705 W 5th St is positioned in Charlotte’s Urban Core, where dense amenities and blue-chip employers create a durable renter base. The neighborhood scores competitively for amenities (14 of 709 metro neighborhoods) and shows strong grocery, cafe, and restaurant density, supporting leasing velocity. While neighborhood occupancy measures run below metro medians, the renter-occupied share is high, and ownership costs in the core reinforce reliance on multifamily housing — favoring assets with thoughtful pricing and upgrades. According to CRE market data from WDSuite, newer-vintage buildings like this 2000 construction typically compete well against older stock, though selective modernization can strengthen absorption and retention.
Looking ahead, demographic statistics aggregated within a 3-mile radius point to continued population and household growth, with rising incomes that expand the pool of qualified renters. Execution focus should include security, amenity programming, and unit finish alignment to capture demand in a neighborhood with elevated reported crime and softer occupancy readings.
- Urban-core location with top-tier amenity access supporting leasing velocity
- Proximity to major employers (Bank of America, Duke Energy, Cisco) drives commuter convenience and tenant depth
- 2000 vintage offers competitive positioning versus older neighborhood stock with targeted value-add potential
- 3-mile radius projections indicate growing, higher-income renter pool supporting occupancy and rent growth management
- Risks: below-metro neighborhood occupancy and elevated crime call for disciplined pricing, security, and asset management