| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 34th | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1217 E Sunset Dr, Monroe, NC, 28112, US |
| Region / Metro | Monroe |
| Year of Construction | 1975 |
| Units | 50 |
| Transaction Date | 2018-03-29 |
| Transaction Price | $3,459,000 |
| Buyer | SUNSET APARTMENTS TIC 1 LLC |
| Seller | SUNSET APTS LLC |
1217 E Sunset Dr Monroe NC Multifamily Investment
Neighborhood multifamily occupancy trends are solid and above the metro median, supporting income stability according to WDSuite’s CRE market data. Renter concentration is elevated locally, indicating a deep tenant base for a 50-unit asset.
Monroe’s inner-suburb setting provides balanced cost-to-demand dynamics for workforce-oriented rentals. The neighborhood’s occupancy ranks 233 out of 709 within the Charlotte-Concord-Gastonia metro — competitive among Charlotte-Concord-Gastonia neighborhoods and above the national median (71st percentile) — which supports steady leasing and renewal prospects for a stabilized asset.
Renter-occupied share ranks 110 of 709 (top quartile among 709 metro neighborhoods; 88th percentile nationally), pointing to durable multifamily demand and a broad tenant pool. Median contract rents in the neighborhood sit near the national midpoint, while the rent-to-income profile indicates manageable affordability pressure — a backdrop that can help sustain occupancy while allowing measured rent optimization.
Ownership costs are relatively elevated in the neighborhood (home values around the upper third nationally and a value-to-income ratio in the top quartile), which tends to reinforce reliance on rental housing and can support pricing power and lease retention in professionally managed communities. By contrast, amenity depth is mixed: grocery and pharmacy access track around national medians, while cafés, parks, and childcare density rank near the bottom of the metro, suggesting residents rely on nearby corridors for lifestyle needs. Average school ratings are low versus national peers (bottom decile), which may modestly temper family-driven demand but is often less decisive for workforce renters.
Within a 3-mile radius, population and households have grown over the last five years, with further gains projected by 2028. A larger household base and slightly smaller average household sizes together point to incremental renter pool expansion, which can support occupancy stability and leasing velocity for well-managed properties.
Safety metrics trend below metro and national medians. The neighborhood’s overall crime rank sits in the lower tier of the Charlotte-Concord-Gastonia metro (566 out of 709), and national comparisons place the area in the lower third for safety. Violent offense indicators are below the national median, while property offense measures are weaker and have shown recent deterioration. Investors typically address this with pragmatic measures such as lighting, access controls, and active management to support resident retention and asset performance.
Proximity to Charlotte’s diversified employment base underpins renter demand, with access to headquarters and major employers along key corridors. Notable nearby employers include Sonic Automotive, Nucor, Airgas, Cisco Systems, and Bank of America.
- Sonic Automotive — automotive retail (20.8 miles) — HQ
- Nucor — steel manufacturing (21.6 miles) — HQ
- Airgas — industrial gases (24.3 miles)
- Cisco Systems — technology (25.0 miles)
- Bank of America Corp. — financial services (25.0 miles) — HQ
This Monroe asset is positioned to benefit from a renter-heavy neighborhood profile and above-median occupancy that is competitive within the Charlotte-Concord-Gastonia metro. According to CRE market data from WDSuite, the area’s renter-occupied share ranks in the top quartile locally and well above national norms, indicating depth in the tenant base. Neighborhood rent levels and rent-to-income dynamics suggest manageable affordability pressure, supporting retention while allowing disciplined rent management.
Households within a 3-mile radius have increased and are projected to grow further, implying continued renter pool expansion and support for occupancy stability. Ownership costs skew elevated relative to incomes, which can reinforce reliance on multifamily options. Execution should account for softer school ratings, limited on-the-doorstep amenities, and below-median safety readings, making property-level operations and resident experience initiatives important to sustain leasing and reduce turnover.
- Above-median neighborhood occupancy and strong renter concentration support stable leasing
- Rent levels near national midpoint with manageable affordability pressure enable measured pricing power
- Growing 3-mile household base points to ongoing renter pool expansion and occupancy support
- Elevated ownership costs relative to incomes reinforce reliance on multifamily housing
- Risks: below-median safety, limited immediate amenities, and weaker school ratings require active management