| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 25th | Poor |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 209 S Main St, Wingate, NC, 28174, US |
| Region / Metro | Wingate |
| Year of Construction | 1998 |
| Units | 33 |
| Transaction Date | 2006-09-01 |
| Transaction Price | $66,000 |
| Buyer | MANOR RIDGE ESSENTIAL HOUSING LLC |
| Seller | MANOR RIDGE HARMONY HOUSING LLC |
209 S Main St, Wingate NC Multifamily Investment
Neighborhood occupancy trends are above the metro median and paired with a moderate renter base, indicating potential for steady leasing performance, according to WDSuite’s CRE market data.
Wingate sits within the Charlotte-Concord-Gastonia metro and profiles as a suburban pocket with stable renter demand drivers. The neighborhood’s occupancy rate is above the metro median among 709 neighborhoods, suggesting comparatively resilient lease-up and retention versus similar suburban locations. Renter-occupied housing accounts for roughly a third of units in the neighborhood, which supports a consistent tenant base for smaller multifamily assets.
The property’s 1998 vintage is newer than the neighborhood’s average construction year (1986). That younger profile can help competitiveness against older stock, though investors should still underwrite typical system updates and selective unit renovations to sustain rents and reduce near-term capital friction.
Within a 3-mile radius, recent years show population and household contraction, yet forecasts point to a rebound by 2028 with population and household growth. This projected renter pool expansion, together with increasing household incomes, can support occupancy stability and future pricing power if realized. Median contract rents in the neighborhood remain relatively accessible versus income levels, which can aid renewal performance and limit turnover.
Livability is mixed. Amenities index near the 15th percentile nationally, with limited cafes and parks but reasonable grocery access around the metro median. Average school ratings sit near the lower end nationally, which can be a consideration for family-oriented renters. Home values reflect a higher-cost ownership market (value-to-income ratio around the 76th percentile nationally), a backdrop that tends to reinforce reliance on rental housing and can support multifamily demand.
Safety indicators point to elevated crime relative to both the metro and national benchmarks. The neighborhood ranks 564 out of 709 Charlotte-area neighborhoods, and its national safety standing is in the lower quartiles, indicating higher reported crime than many peer locations. Recent estimates also signal a year-over-year uptick in property and violent offenses.
For investors, this warrants conservative underwriting on security, insurance, and operating expenses, along with practical measures such as lighting, access control, and community engagement to support resident retention. It’s prudent to evaluate micro-location nuances and recent trendlines during site diligence.
Regional employment is anchored by major corporate offices within commuting distance, supporting workforce housing demand and lease retention for properties serving commuters to Sonic Automotive, Nucor, Airgas, Bank of America, and Cisco Systems.
- Sonic Automotive — automotive retail (24.0 miles) — HQ
- Nucor — steel (25.2 miles) — HQ
- Airgas — industrial gases (28.0 miles)
- Bank of America Corp. — banking (28.1 miles) — HQ
- Cisco Systems — networking & technology (28.2 miles)
This 33-unit asset at 209 S Main St benefits from neighborhood occupancy that sits above the metro median, a renter-occupied share that supports a steady tenant base, and a 1998 vintage that competes well versus older stock in the area. According to CRE market data from WDSuite, the neighborhood’s rent levels remain manageable relative to incomes, which can aid renewal capture and moderate turnover costs.
Forward-looking 3-mile demographics indicate potential renter pool expansion by 2028 alongside rising household incomes, which, if realized, would support occupancy stability and measured rent growth. Key risks include a thinner amenity set, lower average school ratings, and safety metrics that trail metro and national benchmarks, all of which argue for disciplined operations, targeted capex, and resident experience investments.
- Above-metro neighborhood occupancy supports leasing stability and renewal capture
- 1998 vintage offers competitive positioning with selective value-add potential
- 3-mile forecasts point to renter pool expansion and income growth by 2028
- Higher-cost ownership context reinforces reliance on rental housing and pricing power
- Risks: safety metrics below metro/national norms and limited amenities require proactive management