| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 84th | Best |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 19503 Waverunner Ln, Cornelius, NC, 28031, US |
| Region / Metro | Cornelius |
| Year of Construction | 1994 |
| Units | 22 |
| Transaction Date | 2002-09-18 |
| Transaction Price | $193,000 |
| Buyer | BNP/HARBOUR LLC |
| Seller | THE PRUDENTIAL INSURANCE CO OF AMERICA |
19503 Waverunner Ln Cornelius, NC Multifamily Investment
Positioned in a high-income, ownership-heavy neighborhood where elevated home values sustain renter reliance on multifamily housing, this asset benefits from a stable demand backdrop according to WDSuite s CRE market data. Neighborhood metrics reflect the surrounding area, not the property, and point to resilient occupancy drivers supported by amenity access and strong household incomes.
Cornelius s A+ rated neighborhood ranks 18th of 709 in the Charlotte metro, placing it firmly in the top quartile and signaling competitive fundamentals for multifamily investors. Amenity access is a clear strength: cafes and restaurants score in the mid- to upper-national percentiles, with grocery, parks, and pharmacies also above national medians, which helps leasing and retention.
Within a 3-mile radius, the population and household counts have expanded over the last five years, and households are projected to rise further by 2028, indicating renter pool expansion that can support occupancy stability. The average household size is trending lower, which typically increases demand for smaller units and professionally managed rentals.
Tenure patterns vary by geography. Immediately around the property, the neighborhood shows a lower renter concentration, while the 3-mile area includes a meaningful share of renter-occupied units a useful indicator of tenant base depth for a 22-unit community. Neighborhood occupancy is around the national midpoint, suggesting normal competitive conditions without clear overbuilding signals.
Ownership costs are elevated locally (home values benchmark near the top nationally), which tends to reinforce reliance on rental options and can support lease retention. At the same time, a low rent-to-income ratio in the neighborhood indicates limited affordability pressure, giving operators room to prioritize retention-focused rent management rather than heavy concessions during typical turnover cycles.
Safety indicators for the neighborhood trend below national averages, with crime benchmarks placing the area in a lower national percentile compared with neighborhoods across the U.S. Within the Charlotte metro, the crime rank is in the weaker half of 709 neighborhoods, indicating a comparatively softer safety profile than many nearby areas.
Recent year-over-year estimates suggest volatility in both property and violent offense rates at the neighborhood level. For investors, this warrants routine monitoring, thoughtful site-level lighting and access controls, and clear communications in leasing to sustain demand and retention. These figures describe neighborhood conditions, not the property itself, and should be weighed alongside the area s suburban context and strong household fundamentals.
The location draws from a diverse employment base anchored by regional headquarters and major corporate operations, supporting leasing from professionals seeking short, predictable commutes. The list below highlights key nearby employers relevant to renter demand at this asset.
- Lowe s home improvement retail (4.2 miles) HQ
- Merck pharmaceuticals (12.5 miles)
- Sysco foodservice distribution (13.8 miles)
- Bank of America Corp. banking (18.0 miles) HQ
- Duke Energy utilities (18.2 miles) HQ
Built in 1994, the property is slightly newer than the neighborhood s average vintage, offering relative competitiveness versus older stock while still allowing for targeted value-add or systems modernization as part of capital planning. The surrounding area combines high household incomes with elevated ownership costs, which typically sustains multifamily demand and supports retention. According to CRE market data from WDSuite, neighborhood rents benchmark well against incomes, implying manageable affordability pressure and room for disciplined revenue management. Near-term leasing should benefit from amenity access and proximity to diverse white-collar employers, while 3-mile household growth points to a larger tenant base over the medium term.
Key considerations include monitoring neighborhood safety trends and recognizing the immediate area s lower renter concentration; operators may need to market across the broader 3-mile radius where the renter base is deeper. Overall, fundamentals suggest steady demand drivers with selective value-add opportunity rather than a heavy repositioning requirement.
- 1994 vintage offers competitive positioning with targeted renovation upside
- High-cost ownership market supports renter reliance and lease retention
- Healthy 3-mile household growth expands the tenant base and supports occupancy stability
- Proximity to major employers underpins steady professional renter demand
- Risk: neighborhood safety metrics lag metro averages; requires attentive operations and monitoring