| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 58th | Good |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 12624 Sabal Park Dr, Pineville, NC, 28134, US |
| Region / Metro | Pineville |
| Year of Construction | 1989 |
| Units | 24 |
| Transaction Date | 1997-12-31 |
| Transaction Price | $9,420,500 |
| Buyer | WESTDALE INTERSTATE PROPERTIES LTD |
| Seller | GLENBOROUGH FUND VI LLC |
12624 Sabal Park Dr Pineville NC Multifamily Investment
Neighborhood-level renter demand is supported by a higher renter concentration and steady occupancy, according to WDSuite’s CRE market data, positioning this 1989-vintage asset for durable leasing in Pineville’s inner-suburban corridor.
Pineville’s Inner Suburb setting offers a practical balance of convenience and stability. The neighborhood is competitive among Charlotte-Concord-Gastonia neighborhoods (ranked 217 of 709), with occupancy around the neighborhood level indicating performance near national norms and a renter-occupied share that is elevated versus the U.S., signaling a deeper tenant base for multifamily investors.
Amenity access trends favor daily-life convenience: parks density sits in the top quartile nationally, and cafe availability also trends in the top quartile. Grocery access tracks above the national median, while on-plot restaurant and childcare options are thinner within the neighborhood footprint, suggesting residents likely draw from adjacent corridors for dining and services. Average school ratings are above the national median (about 3.0 out of five), supporting family-oriented renter retention considerations.
Tenure and pricing dynamics support rental demand. The neighborhood’s renter-occupied share is higher than most U.S. areas, pointing to a broad leasing pool and demand stability. Median home values and value-to-income ratios are elevated relative to national benchmarks, indicating a high-cost ownership market that can reinforce reliance on rental housing and support pricing power. At the same time, the neighborhood’s rent-to-income ratio trends low nationally, which can reduce affordability pressure and aid lease renewals.
Demographics within a 3-mile radius show recent population and household growth, with forecasts calling for further increases over the next five years. A rising income profile and continued household growth imply a larger tenant base and support for occupancy stability, based on CRE market data from WDSuite. NOI per unit benchmarks sit near the national midpoint, suggesting operations that can be competitive with disciplined expense management.
Vintage matters for positioning: the area’s average construction year is 1973, while the subject was built in 1989. This newer-than-average vintage can offer a competitive edge versus older local stock; investors should still plan for selective system updates and modernization to meet current renter expectations.
Neighborhood safety indicators compare favorably at the national level. According to WDSuite’s CRE market data, the area registers in a higher national safety percentile, and recent trends show a notable year-over-year decline in estimated violent offenses, positioning the neighborhood in a strong improvement percentile nationally. These signals suggest comparatively lower risk exposure than many U.S. neighborhoods, though safety conditions can vary across the Charlotte metro and should be evaluated at the submarket and corridor level.
Investors should review property-level measures (lighting, access control, and visibility) and monitor local trendlines. The recent downward movement in violent offenses is constructive, while property crime metrics warrant routine, common-sense mitigation and coordination with local management practices.
Proximity to diversified corporate employers underpins renter demand, with convenient commutes to manufacturing, distribution, and headquarters operations that can support leasing stability and renewals.
- Airgas — industrial gases & supplies (6.5 miles)
- Nucor — steel manufacturing (6.5 miles) — HQ
- Sonic Automotive — auto retail & services (8.6 miles) — HQ
- AmerisourceBergen Healthcare Consultants — healthcare services (9.0 miles)
- Cisco Systems — technology offices (9.5 miles)
This 24-unit, 1989-vintage asset benefits from Pineville’s inner-suburban fundamentals: a renter-occupied share that is high relative to the nation, occupancy near national norms, and a local ownership cost profile that sustains reliance on rental housing. Within a 3-mile radius, population and households have expanded with further growth forecast, pointing to a larger tenant base and support for occupancy stability. According to commercial real estate analysis from WDSuite, amenity access for parks and cafes trends in the national top quartile, while schools sit above the national median—factors that can aid retention.
Relative to older neighborhood stock (average 1973), the 1989 vintage can be competitive, though investors should plan for targeted system updates and modernization to protect positioning. Rent-to-income metrics trend low nationally, which can moderate affordability pressure and support renewals, while elevated home value-to-income ratios in the neighborhood signal durable rental demand and potential pricing power, subject to disciplined lease management.
- Inner-suburban location with above-median occupancy and elevated renter concentration supports a deeper tenant base.
- Stronger national standing for parks and cafe access plus above-median school ratings can aid leasing and retention.
- Ownership costs are relatively high for the area, reinforcing reliance on rentals and potential pricing power with careful lease management.
- 1989 vintage is newer than local average, offering competitive positioning with planned updates to major systems as needed.
- Risks: thinner on-neighborhood restaurants/childcare, routine property-crime mitigation, and capex for modernization could affect near-term NOI.