| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Good |
| Demographics | 77th | Best |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9224 Kings Parade Blvd, Charlotte, NC, 28273, US |
| Region / Metro | Charlotte |
| Year of Construction | 2013 |
| Units | 51 |
| Transaction Date | 2023-02-27 |
| Transaction Price | $50,300,000 |
| Buyer | 83 CHARLESTON ROW OWNER LLC |
| Seller | LOFTS AT CHARLESTON ROW LLC |
9224 Kings Parade Blvd Charlotte Multifamily Opportunity
Neighborhood occupancy is in the mid-90s and supported by a renter-occupied share just over half of units, according to WDSuite’s CRE market data.
Located in Charlotte’s Inner Suburb, the neighborhood ranks 65 out of 709 metro neighborhoods, indicating it is competitive among Charlotte-Concord-Gastonia submarkets for multifamily fundamentals. Daily-needs access is solid with grocery and pharmacy options performing above national medians, while parks and cafes are comparatively limited — an amenity mix that favors convenience over leisure destinations.
Occupancy across the neighborhood is 94.5% and has trended upward over the past five years, placing it above the metro median (rank 259 of 709). The share of housing units that are renter-occupied is 52.1% (rank 100 of 709), signaling a deep tenant base and demand durability for professionally managed rentals.
Within a 3-mile radius, population and households have expanded meaningfully over the past five years, with additional growth projected by 2028. A rising household count alongside slightly smaller average household sizes points to a larger renter pool and supports occupancy stability for well-located assets.
The property’s 2013 vintage is newer than the neighborhood’s average construction year (1999). That positioning can help compete against older stock, though investors should still plan for typical mid-life modernization to sustain leasing velocity and retain pricing power. Median rents in the neighborhood sit near national upper-middle ranges, and a rent-to-income ratio around 0.21 suggests manageable affordability pressure that can aid retention.
Home values are moderate for the region, which can create some ownership alternatives; however, the neighborhood’s educated workforce profile and convenience-driven amenity set tend to sustain multifamily demand and lease renewal prospects in stabilized communities.
Safety indicators for the neighborhood track below national averages at present, and the area ranks 398 out of 709 within the Charlotte-Concord-Gastonia metro — below the metro midpoint. That said, both violent and property offense rates have declined over the past year, indicating improving momentum.
Investors should underwrite with prudent assumptions around security, lighting, and resident experience, while noting the recent improvement trend and evaluating how on-site operations can further support resident retention.
The immediate employment base blends industrial, healthcare distribution, and corporate services, supporting workforce and professional renter demand with short commutes to major employers including Airgas, AmerisourceBergen Healthcare Consultants, Nucor, Cisco Systems, and Duke Energy.
- Airgas — industrial gases & services (3.4 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution & services (4.5 miles)
- Nucor — steel manufacturing (5.7 miles) — HQ
- Cisco Systems — technology offices (6.6 miles)
- Duke Energy — utilities (7.6 miles) — HQ
This 51-unit, 2013-vintage asset benefits from a renter-leaning neighborhood (about half of housing units are renter-occupied) and occupancy near the mid-90s, indicating durable leasing fundamentals relative to many Charlotte submarkets. Newer construction provides a competitive edge versus the neighborhood’s older average stock, while ongoing modernization can further differentiate units and common areas. According to CRE market data from WDSuite, neighborhood rent levels sit in the upper-mid national range and the rent-to-income ratio near 0.21 supports retention and measured pricing power.
Within a 3-mile radius, population and household counts have grown and are projected to continue rising through 2028, expanding the tenant base. Strong access to groceries, pharmacies, and restaurants offsets thinner park and cafe options, reinforcing convenience for residents and supporting lease stability for well-managed properties.
- 2013 vintage offers competitive positioning versus older neighborhood stock, with value-add and modernization paths
- Neighborhood occupancy around the mid-90s and renter concentration just over 50% support steady leasing
- Expanding 3-mile population and households indicate a growing renter pool and support for absorption
- Daily-needs access (grocery, pharmacy, restaurants) enhances resident convenience and retention
- Risks: below-average safety metrics and limited parks/cafes; address via operations, security, and amenity strategy