| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 80th | Best |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 740 N Wendover Rd, Charlotte, NC, 28211, US |
| Region / Metro | Charlotte |
| Year of Construction | 1984 |
| Units | 91 |
| Transaction Date | 2013-05-01 |
| Transaction Price | $5,910,000 |
| Buyer | MACC Properties, LLC and |
| Seller | Wendover Glen Investment, LLC |
740 N Wendover Rd Charlotte Multifamily Investment
Positioned in a high-income pocket of Charlotte where elevated home values sustain rental reliance, this asset benefits from a deep commuter tenant base and steady household growth, according to WDSuite’s CRE market data. The core takeaway for investors is resilient renter demand supported by proximity to major employers and strong 3-mile fundamentals.
The property sits in a suburban Charlotte location rated A- by WDSuite, ranking 109 out of 709 metro neighborhoods. Within a 3-mile radius, population and households have expanded and are projected to continue growing, indicating a larger tenant base and supportive leasing backdrop for multifamily. Median household incomes in the 3-mile area are high, which, combined with a modest rent-to-income ratio at the neighborhood level, points to manageable affordability pressure and potential for stable retention.
Local convenience is anchored by strong pharmacy access (Top percentile nationally) and solid grocery coverage (upper national quartiles), while restaurant density is competitive. Parks and cafes are less prevalent nearby, so on-site amenities and design features can play an outsized role in appeal and lease-up. Neighborhood contract rents sit in the upper national percentiles, reflecting quality-of-life drivers and income depth rather than discount positioning.
The neighborhood’s renter-occupied housing share is above the national median, signaling a meaningful base of multifamily demand without overexposure to transient turnover. However, neighborhood occupancy is below the metro median among 709 Charlotte-area neighborhoods; operators should emphasize differentiated finishes, amenity upgrades, and disciplined lease management to support performance.
Vintage matters for competitiveness: the asset was built in 1984, while the average construction year in the neighborhood skews newer. For investors, that typically implies capital planning for systems, interiors, and common areas to capture value-add upside and better position against newer stock.
Safety metrics for this neighborhood trend below both the metro median (ranked 416 among 709 Charlotte neighborhoods) and national averages, per WDSuite. Nationally, the area falls into lower safety percentiles for both violent and property offenses compared with neighborhoods across the country. That said, property offenses show an improving trajectory year over year, which is a constructive directional signal to monitor.
For risk assessment, investors should underwrite with conservative assumptions, emphasize lighting and access controls, and consider security-forward property operations that align with the submarket context rather than relying on block-level interpretations.
Proximity to major corporate employers supports weekday traffic, commute convenience, and depth of the renter pool. Notable nearby anchors include Sonic Automotive, Nucor, Bank of America, Duke Energy, and Cisco Systems.
- Sonic Automotive — automotive retail HQ (0.86 miles) — HQ
- Nucor — steel manufacturing HQ (2.88 miles) — HQ
- Bank of America Corp. — banking HQ (3.57 miles) — HQ
- Duke Energy — utilities HQ (3.66 miles) — HQ
- Cisco Systems — technology offices (3.72 miles)
This 91-unit asset combines strong 3-mile demand drivers with institutional employment anchors and a high-cost ownership landscape that reinforces reliance on rentals. Based on CRE market data from WDSuite, household growth is set to expand further over the next five years, supporting a larger tenant base and aiding occupancy stability. Neighborhood rents are positioned in higher national percentiles while the rent-to-income relationship remains manageable, which can support retention and measured pricing power.
Constructed in 1984, the property is older than the neighborhood’s average vintage, suggesting clear value-add angles through unit renovations and system upgrades to compete with newer supply. Key watch items include neighborhood safety that trails national averages and occupancy that sits below the metro median; disciplined operations, amenity-led differentiation, and targeted capex planning can mitigate these risks.
- Deep 3-mile renter pool growth and high incomes support tenant demand and leasing durability.
- High-cost ownership market sustains rental reliance and aids retention and pricing power.
- 1984 vintage offers value-add potential via interior upgrades and building systems improvements.
- Proximity to major employers (Sonic Automotive, Nucor, Bank of America, Duke Energy) underpins weekday demand.
- Risks: below-median neighborhood occupancy and safety metrics require conservative underwriting and active management.