| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 25th | Poor |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 205 S Main St, Wingate, NC, 28174, US |
| Region / Metro | Wingate |
| Year of Construction | 1983 |
| Units | 49 |
| Transaction Date | 2013-10-30 |
| Transaction Price | $2,100,000 |
| Buyer | UNION STATION LP |
| Seller | WINGATE MANOR ASSOCIATES |
205 S Main St Wingate NC Multifamily Investment
Neighborhood occupancy is above the Charlotte metro median and value-to-income ratios indicate a high-cost ownership market that supports renter reliance, according to WDSuite’s CRE market data.
Wingate sits within the Charlotte-Concord-Gastonia metro and functions as a suburban node with modest day-to-day amenities. Grocery access compares slightly better than national norms, while parks, pharmacies, and cafes are limited nearby, which places local convenience below the metro median. For family considerations, average school ratings in the neighborhood track below national norms, an operational factor to weigh for tenant profiles.
From an income-rent lens, neighborhood contract rents benchmark below national medians, helping ease affordability pressure and supporting lease retention. At the same time, median home values and a higher value-to-income ratio signal a relatively high-cost ownership market, which tends to sustain multifamily demand and reduce move-outs to homeownership.
Operationally, neighborhood multifamily occupancy is above the metro median among 709 Charlotte-area neighborhoods, and the share of renter-occupied housing units is competitive among Charlotte neighborhoods. Together these conditions point to an existing tenant base deep enough to support leasing stability, with pricing power calibrated to attainable rents rather than premium positioning.
The property’s 1983 vintage is slightly older than the neighborhood’s average construction year (mid-1980s). For investors, that often translates to targeted capital planning and potential value-add through unit modernization and systems upgrades, which can enhance competitiveness versus newer stock while maintaining rent attainability.
Demographic statistics aggregated within a 3-mile radius show recent softness in population and household counts, but forward-looking projections indicate growth in both population and households through the mid-term. This projected expansion broadens the renter pool and can support occupancy stability and absorption, especially for well-managed workforce housing.
Safety indicators for the neighborhood track below national averages, with national percentiles placing it on the less-safe end of the spectrum. Within the Charlotte metro, the neighborhood’s crime standing ranks in the lower half among 709 neighborhoods, signaling a relative weakness that warrants prudent property management practices and coordination with local resources.
Recent year-over-year readings suggest increases in both property and violent offenses for the neighborhood. For investors, this underscores the importance of security-conscious operations (lighting, access control, tenant screening) and underwriting assumptions that reflect potential volatility in safety trends rather than block-level conclusions.
Proximity to Charlotte’s diversified employment base supports workforce housing demand and commute convenience. Key nearby employers include Sonic Automotive, Nucor, Airgas, Bank of America, and Cisco Systems, which collectively broaden the potential renter pool drawn to the submarket.
- Sonic Automotive — automotive retail & services (23.9 miles) — HQ
- Nucor — steel manufacturing (25.1 miles) — HQ
- Airgas — industrial gases & distribution (27.9 miles)
- Bank of America Corp. — financial services (28.0 miles) — HQ
- Cisco Systems — networking & technology (28.2 miles)
205 S Main St offers a suburban Charlotte workforce housing profile: neighborhood occupancy runs above the metro median, rents are relatively attainable versus national benchmarks, and ownership costs are elevated enough to reinforce renter reliance. Based on CRE market data from WDSuite, the renter-occupied share is competitive among Charlotte neighborhoods, supporting demand depth for a 49-unit asset.
Built in 1983, the asset may benefit from strategic value-add, particularly unit interiors and building systems, to sharpen its positioning against newer stock while preserving affordability-driven retention. Demographic statistics aggregated within a 3-mile radius point to recent softness but forecast growth in population and households, which can aid absorption and stabilize occupancy over the hold.
- Above-metro neighborhood occupancy supports leasing stability
- Attainable rent levels relative to incomes bolster retention
- Elevated ownership costs sustain renter demand and reduce move-outs to ownership
- 1983 vintage creates targeted value-add and systems-upgrade potential
- Risks: below-median neighborhood safety and limited nearby amenities may require tighter operations and marketing