| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 42nd | Good |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 110 Philbeck St, Shelby, NC, 28150, US |
| Region / Metro | Shelby |
| Year of Construction | 2000 |
| Units | 38 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
110 Philbeck St Shelby Multifamily Opportunity
Built in 2000, this 38-unit asset competes well against older neighborhood stock while the area’s high share of renter-occupied housing supports tenant depth, according to WDSuite’s CRE market data.
Shelby’s inner-suburban setting offers everyday convenience for renters: grocery access and dining density are competitive among Shelby, NC neighborhoods (ranks 3–5 of 45), while cafes and childcare options are also comparatively strong. Park and pharmacy access are limited in the immediate area, which may temper some lifestyle appeal, but the core retail and service mix remains practical for workforce households.
Neighborhood occupancy trends sit near the metro middle, while renter concentration is high (renter-occupied share ranks 3 of 45 and sits in a high national percentile). For investors, that indicates a deeper tenant base and supports leasing velocity, even if day-to-day operations should continue to emphasize resident retention and service quality to stabilize occupancy.
Relative to the neighborhood’s older housing stock (average vintage 1961), the property’s 2000 construction provides a competitive edge versus legacy assets. Investors should still plan for system modernization and targeted updates typical of a ~25-year-old building to sustain positioning against newer deliveries.
Within a 3-mile radius, recent population and household counts have inched upward and are projected to expand further, signaling a larger tenant base ahead and supporting occupancy stability. Median household income has risen, and rents remain comparatively accessible in the local context, though a rent-to-income ratio near 0.29 at the neighborhood level warrants proactive lease management to mitigate affordability pressure. Elevated ownership costs relative to incomes locally tend to reinforce reliance on rental housing, which can aid retention and pricing power in well-managed communities.
School ratings in the neighborhood trend below national norms, which may matter for some family renters; however, the area’s amenity and service balance, along with steady renter demand fundamentals, keeps the investment narrative oriented toward workforce housing.
Safety indicators for the neighborhood compare favorably at the national level: overall crime trends fall into higher safety percentiles nationwide, with property offenses near the strongest safety position and violent offenses also comparatively safer than many neighborhoods. Recent year-over-year declines in both categories point to improving conditions.
At the metro scale, this places the neighborhood competitive among Shelby, NC areas. As always, investors should underwrite with current local reports and property-level measures, but the broader trend context is constructive rather than sensational.
Regional employers within commuting range support workforce housing demand, including utilities, advanced manufacturing, healthcare services, industrial gases, and technology offices noted below.
- Duke Energy — utilities (31.1 miles)
- Parker-Hannifin Tech Seal Div — manufacturing (31.7 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (36.9 miles)
- Airgas — industrial gases (39.1 miles)
- Cisco Systems — technology (40.0 miles)
This 38-unit property, built in 2000, offers a relative quality advantage versus the neighborhood’s older housing stock while tapping into a renter-heavy area that underpins tenant depth. According to CRE market data from WDSuite, occupancy trends are around the metro middle, but the neighborhood’s high renter concentration and improving national-comparable safety profile support leasing stability when paired with disciplined operations.
Local ownership costs skew high relative to incomes, which tends to sustain demand for multifamily rentals and can support pricing power in well-maintained assets. Within a 3-mile radius, recent gains and forward projections for population and households point to renter pool expansion, while everyday amenities are competitive even as park and pharmacy access lag. Targeted capital planning should focus on modernization and light value-add to maintain an edge over older comparables.
- 2000 vintage competes well against older neighborhood stock; plan selective updates for continued positioning.
- High renter-occupied share signals depth of tenant demand and supports leasing velocity.
- Elevated ownership costs versus incomes reinforce reliance on rental housing, aiding retention and pricing power.
- 3-mile demographic projections indicate a larger renter pool, supportive of occupancy stability.
- Risks: occupancy near metro median, limited parks/pharmacy access, and below-average school ratings require attentive management and resident services.