| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 79th | Best |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 19210 Carrington Club Dr, Cornelius, NC, 28031, US |
| Region / Metro | Cornelius |
| Year of Construction | 2006 |
| Units | 26 |
| Transaction Date | 2005-05-31 |
| Transaction Price | $1,967,000 |
| Buyer | COLONIAL REALTY LIMITED PARTNERSHIP |
| Seller | CORNELIUS DEVELOPMENT LLC |
19210 Carrington Club Dr, Cornelius Multifamily Opportunity
Neighborhood occupancy is above the metro median and renter concentration supports a durable tenant base, according to WDSuite s CRE market data. This inner-suburb location offers steady demand drivers that fit investors screening for stable cash flow in North Carolina.
Situated in Cornelius within the Charlotte-Concord-Gastonia metro, the neighborhood is rated A and ranks 40 out of 709 metro neighborhoods, signaling strong overall fundamentals for a small submarket cluster. Amenities are a differentiator: cafe and restaurant density rank 54 and 57 out of 709, respectively, placing the area in the upper tier locally and above many neighborhoods nationally. Grocery access is similarly competitive (rank 64 of 709). School rating data is not available in this dataset.
For investors focused on income durability, neighborhood occupancy measures 93.3% and has trended higher over the past five years; its rank of 307 out of 709 is above the metro median, indicating generally balanced supply-demand conditions rather than overheated leasing. Rent levels sit above many U.S. neighborhoods while the rent-to-income ratio near 0.19 suggests affordability pressure is relatively contained, which can aid lease retention.
Tenure signals are constructive: the neighborhood s share of renter-occupied housing units is elevated for the metro (rank 102 of 709), pointing to a deeper local renter pool. Within a 3-mile radius, households have expanded and median incomes are high, with a sizable share in upper-income brackets; together with elevated ownership costs in the area, this supports consistent multifamily demand and pricing power in professionally managed assets.
The asset s 2006 vintage is newer than the local average year built (1999). That positioning can enhance competitiveness versus older stock, though investors should still underwrite mid-life systems, common-area refreshes, and selective unit upgrades to sustain performance.
Safety metrics should be considered in underwriting. The neighborhood s crime rank is 583 out of 709 metro neighborhoods, which is below the metro average for safety, and national percentiles indicate the area performs below the middle of U.S. neighborhoods on both violent and property offenses. Recent year-over-year changes show variability, so prudent measures such as lighting, access control, and resident engagement may be warranted to support leasing and retention.
Proximity to major employers supports renter demand through short commutes and diversified job bases, including Lowe s, Duke Energy, Merck, Sysco, and Bank of America Corp. These anchors expand the potential tenant pool and can aid leasing stability.
- Lowe's home improvement (4.7 miles) HQ
- Duke Energy electric utility (9.3 miles)
- Merck pharmaceuticals (11.9 miles)
- Sysco food distribution (13.4 miles)
- Bank of America Corp. banking (17.4 miles) HQ
This 26-unit asset in Cornelius benefits from a strong inner-suburb setting where amenity access, elevated home values, and an expanding 3-mile household base underpin renter demand. According to CRE market data from WDSuite, neighborhood occupancy trends above the metro median and the share of renter-occupied housing units is comparatively high for the area, supporting a larger tenant base and income stability. The 2006 construction vintage is newer than the local average, offering an edge versus older product while still allowing scope for targeted upgrades.
Within a 3-mile radius, population and households have grown with projections for continued household expansion and smaller household sizes, which typically adds to multifamily depth and supports occupancy stability. Elevated ownership costs in the neighborhood context reinforce renter reliance on multifamily housing, aiding pricing power and lease retention in professionally managed properties.
- Occupancy above metro median with stable leasing dynamics
- 2006 vintage offers competitive positioning versus older submarket stock
- Expanding 3-mile household base and high incomes support tenant demand
- Elevated home values reinforce rental demand and potential pricing power
- Risk: Safety metrics trail metro peers; plan for security and OPEX contingencies