| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 45th | Good |
| Amenities | 16th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1911 Midwood Dr, Albemarle, NC, 28001, US |
| Region / Metro | Albemarle |
| Year of Construction | 1988 |
| Units | 32 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1911 Midwood Dr Albemarle NC Multifamily Investment
Positioned in a rural Albemarle neighborhood that is competitive among 33 metro neighborhoods, the asset benefits from a renter base with low rent-to-income ratios, according to WDSuite’s CRE market data, supporting retention and measured rent growth.
The property sits in a Rural neighborhood of Albemarle rated B and competitive among Albemarle neighborhoods (rank 13 of 33). Local retail and daily-needs amenities are limited, though there is modest café density; investors should expect convenience by car rather than walkable access to groceries, parks, or pharmacies.
Tenure data aggregated within a 3-mile radius indicates a renter-occupied share around the mid-40% range today, with forecasts pointing toward a roughly even renter/owner split in the next five years. This suggests a deepening tenant base and supports multifamily leasing stability as more households participate in the rental market.
Within a 3-mile radius, recent population trends were soft while household counts increased, implying smaller household sizes and a broader pool of potential renters. Forecasts point to growth in both population and households, which would expand the renter pool and support occupancy. Median contract rents in this radius are projected to rise while household incomes are expected to grow more quickly, reinforcing headroom for rent without overextending residents.
Home values in the neighborhood sit in a high-cost ownership context relative to local incomes (value-to-income above national median), which can sustain reliance on rental housing and aid lease retention. At the same time, very low neighborhood rent-to-income ratios (top percentile nationally) indicate limited affordability pressure today, offering pricing power while maintaining competitive positioning for renters, based on commercial real estate analysis from WDSuite.
Vintage matters: built in 1988 versus a neighborhood average around 1990, the asset is slightly older than nearby stock. That age profile often benefits from targeted capital planning or light renovations to modernize interiors and systems, creating potential value-add upside and improved competitive positioning against newer supply.
Neighborhood-level safety benchmarks are not available in WDSuite for this location. Investors typically compare neighborhood trends with metro and county data and validate perceptions through local sources and property-level incident histories to gauge tenant retention and leasing risk.
A commutable radius to the Charlotte economy anchors renter demand, with proximity to food distribution, pharmaceuticals, automotive retail, banking, and utilities employers supporting workforce housing dynamics.
- Sysco — food distribution (28.1 miles)
- Merck — pharmaceuticals (34.2 miles)
- Sonic Automotive — auto retail (38.0 miles) — HQ
- Bank of America Corp. — banking (39.5 miles) — HQ
- Duke Energy — utilities (39.9 miles) — HQ
This 32-unit, 1988-vintage asset offers exposure to a B-rated, Rural Albemarle neighborhood that is competitive among metro peers, with a renter base showing low rent-to-income ratios and an ownership market that remains relatively costly versus incomes. Household growth within a 3-mile radius is projected to outpace recent population trends, indicating a larger tenant base and supporting occupancy stability. According to CRE market data from WDSuite, neighborhood amenities are limited but workable by car, suggesting demand is primarily driven by value, commute patterns, and regional employment access.
The property’s slightly older vintage creates practical value-add scope through selective unit and system upgrades to enhance positioning against nearby stock. Key underwriting considerations include current neighborhood occupancy trending below metro norms and limited walkable amenities; however, rising household incomes and projected renter participation provide a constructive backdrop for steady leasing and measured rent growth.
- Competitive B-rated Rural location within Albemarle that supports workforce housing demand
- Low rent-to-income ratios and comparatively costly ownership reinforce tenant retention and pricing flexibility
- 1988 vintage offers value-add potential via targeted interior and system upgrades
- 3-mile forecasts show increasing households and renter participation, expanding the tenant base
- Risks: neighborhood occupancy below metro averages and limited walkable amenities; plan for realistic lease-up and amenity-light positioning