| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 42nd | Good |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1635 S Dekalb St, Shelby, NC, 28152, US |
| Region / Metro | Shelby |
| Year of Construction | 2003 |
| Units | 120 |
| Transaction Date | 2017-07-31 |
| Transaction Price | $6,300,000 |
| Buyer | PC NC CROWN RIDGE LLC |
| Seller | THRESHOLD C5 LP |
1635 S Dekalb St, Shelby NC Multifamily Opportunity
Renter demand is supported by a high-cost ownership landscape and a sizable renter-occupied base in the surrounding neighborhood, according to WDSuite’s CRE market data. Stability will hinge on lease management and positioning against nearby workforce employers.
This Inner Suburb location in Shelby ranks 5th out of 45 metro neighborhoods (top quartile locally) on WDSuite’s neighborhood rating, indicating competitive fundamentals among Shelby submarkets for multifamily investors. Cafes and groceries are well represented for the area (cafe density ranks 4th of 45; grocery density 3rd of 45), translating to everyday convenience without relying on long commutes for basic needs. Restaurant density also performs above the national median, suggesting consistent local foot traffic that can support renter livability.
The building’s 2003 vintage is materially newer than the neighborhood’s older housing stock (average vintage 1961). That age gap can enhance competitive positioning versus legacy assets, while still warranting targeted capital planning for systems modernization and light value-add where appropriate.
Neighborhood-level occupancy is measured for the neighborhood rather than this property and sits below national medians; however, renter-occupied share is elevated at the neighborhood level (48% with a high national percentile), which points to a deeper tenant base for multifamily. Median home values are elevated for local incomes (high national value-to-income percentile), which tends to sustain reliance on rentals and can support pricing power when lease management stays disciplined.
Within a 3-mile radius, recent population and household counts show incremental growth, and WDSuite’s projections point to additional population growth and an increase in households by 2028. That trend implies a larger tenant base and supports occupancy stability. At the same time, the neighborhood rent-to-income ratio indicates some affordability pressure, so renewal strategies and unit mix optimization remain important to retention.
Amenities present a mixed picture: food and daily-needs access score competitively in the metro, while school ratings track below national medians. Investors should underwrite to demand from workforce households and proximity to employment, while recognizing that parks and pharmacies are limited in the immediate neighborhood rankings (both 45th of 45), which may temper certain lifestyle-driven premiums.
Safety indicators for the neighborhood compare favorably in national context, with overall and violent offense measures landing in higher national safety percentiles. Year over year, WDSuite data show notable declines in violent incident estimates and a measurable reduction in property offenses, suggesting an improving trend rather than a one-off fluctuation.
Interpreted comparatively, the area is competitive among Shelby neighborhoods and tracks in the top quartile nationally on several safety dimensions. As always, investors should consider property-level security practices and insurance assumptions alongside neighborhood trends.
Nearby employers span industrial, utilities, healthcare distribution, industrial gases, and technology—supporting workforce renter demand and commute convenience to the subject neighborhood. The following employers reflect realistic commute sheds that can aid leasing and retention.
- Parker-Hannifin Tech Seal Div — manufacturing (30.1 miles)
- Duke Energy — utilities (31.6 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution/consulting (36.3 miles)
- Airgas — industrial gases (38.5 miles)
- Cisco Systems — networking & IT (39.5 miles)
Built in 2003 with 120 units, 1635 S Dekalb St offers a newer-vintage asset relative to an older neighborhood baseline, creating room for selective value-add while maintaining competitive positioning versus legacy stock. Neighborhood data indicate a sizable renter-occupied share and elevated ownership costs relative to local incomes, both of which reinforce rental demand; according to CRE market data from WDSuite, nearby amenities are strong for daily needs, while schools underperform—suggesting a focus on workforce households and practical livability.
Forward-looking demographics within a 3-mile radius point to population growth and an increase in households, supporting a larger tenant base and potential occupancy stability. Investors should underwrite conservatively to neighborhood-level occupancy, manage affordability pressure through unit mix and renewals, and plan for mid-cycle systems updates consistent with a 2003 vintage.
- Newer 2003 vintage versus local stock supports competitive positioning and selective value-add
- Elevated ownership costs and strong renter concentration deepen the tenant base for multifamily
- Daily-needs amenities are competitive in the metro, aiding lease retention
- 3-mile population and household growth outlook supports occupancy stability
- Risks: below-national neighborhood occupancy, modest school ratings, and affordability pressure requiring disciplined lease management