| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Fair |
| Demographics | 25th | Poor |
| Amenities | 18th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1450 Shaire Center Dr, Lenoir, NC, 28645, US |
| Region / Metro | Lenoir |
| Year of Construction | 1986 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1450 Shaire Center Dr, Lenoir NC — 22-Unit Value-Add Multifamily
Stabilized renter demand at the neighborhood level and a 1986 vintage point to operational upside through targeted renovations, according to WDSuite s commercial real estate analysis.
Situated in a rural pocket of Lenoir within the Hickory–Lenoir–Morganton metro, the neighborhood trends modest on overall ratings (C; rank 93 of 130 metro neighborhoods), signaling a working-class renter base rather than a premium submarket. Median contract rents track toward the lower end of the metro, which helps leasing velocity and retention, but can temper near-term pricing power.
Local amenity density is limited across parks, pharmacies, childcare, and cafes, while grocery access is competitive among Hickory–Lenoir–Morganton neighborhoods (rank 18 of 130). Average school scores sit below national norms, which may shape unit mix and marketing to workforce households rather than family-focused demand.
Neighborhood occupancy is measured for the neighborhood and not the property and trends below metro medians (rank 108 of 130), so investors should underwrite conservative lease-up and renewal assumptions. By contrast, renter concentration is measured as the share of housing units that are renter-occupied and is in the top quartile within the metro (rank 28 of 130), indicating a meaningful tenant base for small and mid-size multifamily assets.
Within a 3-mile radius, WDSuite s CRE market data shows recent population contraction and smaller household sizes. Projections point to a future increase in total households alongside further declines in average household size, which can expand the renter pool even if population is flat to down, supporting occupancy stability for well-positioned properties.
Home values in this area are lower than national averages, which can introduce some competition from ownership options; however, rent-to-income levels indicate relatively low affordability pressure, suggesting room for measured rent optimization with careful lease management.
Comparable safety data for this neighborhood is not available in WDSuite at the time of publication. Investors typically contextualize property-level risk by referencing broader city and county trends and by benchmarking against peer submarkets in the Hickory–Lenoir–Morganton region.
Given the data gap, a prudent approach is to incorporate standard diligence steps such as time-of-day site visits, resident feedback, and third-party incident trend reviews to align underwriting with observed conditions.
Regional employers within commuting distance help support workforce housing demand, notably energy and home improvement corporate offices reflected below.
- Duke Energy — energy utility offices (40.5 miles)
- Lowe's — home improvement corporate offices (44.0 miles) — HQ
Built in 1986, the property offers a straightforward value-add path: interiors and common areas can be modernized to improve competitive positioning against older neighborhood stock (average vintage 1973). Neighborhood occupancy is measured for the neighborhood and not the property and trends below the metro median, so disciplined leasing and renewals are important; however, the share of housing units that are renter-occupied sits in the metro s top quartile, indicating a durable tenant base for smaller multifamily. Based on CRE market data from WDSuite, rent levels and rent-to-income dynamics imply manageable affordability pressure, supporting calibrated rent growth tied to improvements.
Within a 3-mile radius, recent population softness contrasts with projections for more households and smaller household sizes, which can translate into a broader renter pool and steadier demand over time. Lower home values versus national norms may constrain pricing power at the high end but can also sustain steady absorption for well-managed, functional units at workforce price points.
- 1986 vintage enables targeted renovations for rent and NOI lift versus older neighborhood stock
- Renter-occupied share is high for the metro, supporting depth of tenant demand
- Rent-to-income conditions indicate manageable affordability pressure for measured increases
- Demographic shifts toward smaller households (3-mile radius) can broaden the renter pool
- Risks: neighborhood occupancy below metro median, limited amenities, and competition from accessible homeownership