| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 42nd | Good |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 211 N Morgan St, Shelby, NC, 28150, US |
| Region / Metro | Shelby |
| Year of Construction | 1986 |
| Units | 41 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
211 N Morgan St Shelby NC Value-Add Multifamily
Renter demand is supported by a high neighborhood renter concentration and a high-cost ownership market, according to WDSuite’s CRE market data; this positioning can aid pricing power while warranting disciplined lease management. Neighborhood metrics cited below reflect the surrounding area, not the property’s in-place operations.
The property sits in an Inner Suburb location within Shelby where everyday amenities are reasonably accessible. Grocery access is competitive among Shelby neighborhoods (ranked 3rd of 45), and restaurants and cafes also compare favorably locally (both within the top five ranks). Childcare density ranks 2nd of 45, which can support family-oriented renter demand. School quality in the area trends below national norms, so leasing strategy may rely more on value, convenience, and unit features than on school draw.
Neighborhood occupancy is below national norms but roughly around the metro middle, suggesting moderate competition for stabilized assets. By contrast, the share of housing units that are renter-occupied is high for the metro (ranked 3rd of 45 and in the 87th percentile nationally), indicating a deep tenant base that can support multifamily absorption and retention through cycles.
Construction vintage for the asset is 1986, newer than the area’s average housing stock from the early 1960s. That relative youth can be an operating advantage versus older comparables, while investors should still plan for system updates and targeted modernization to meet today’s renter expectations.
Within a 3-mile radius, recent trends show a larger renter pool: population grew modestly over the last five years and households increased by about 7%, with projections through 2028 pointing to strong gains in both population and households. Rising median incomes in the radius, paired with forecast rent growth, point to ongoing demand, while revenue management should account for affordability pressure where rent-to-income ratios and local incomes intersect.
Home values in the neighborhood are elevated relative to incomes (a high value-to-income ratio within the metro and upper national percentiles). This high-cost ownership market tends to reinforce reliance on rental options, supporting lease retention and occupancy stability for well-operated multifamily assets.
Safety indicators are mixed when viewed across geographies. Compared with the 45 neighborhoods in the Shelby metro, the area ranks toward the higher-incident end on several measures, so operators should maintain robust onsite safety and lighting protocols. At the same time, national percentiles are relatively high, indicating the area compares safer than many neighborhoods nationwide. One-year trend data also shows improvement, with notable declines in both violent and property offense estimates, which can support resident retention and reputation over time. All figures reference neighborhood-level data, not property-specific conditions.
Regional employment anchors within commuting range support workforce housing demand and leasing stability, including Duke Energy, Parker-Hannifin Tech Seal Division, AmerisourceBergen Healthcare Consultants, Airgas, and Cisco Systems.
- Duke Energy — utilities (30.1 miles)
- Parker-Hannifin Tech Seal Div — manufacturing (32.4 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (35.9 miles)
- Airgas — industrial gases (38.2 miles)
- Cisco Systems — technology offices (39.0 miles)
This 41-unit, 1986-vintage asset offers a pragmatic value-add path in a renter-dense neighborhood where ownership costs are comparatively high. The area’s renter concentration supports a deeper tenant base, while regional amenities and steady 3-mile household growth point to ongoing demand. According to CRE market data from WDSuite, neighborhood occupancy trends sit below national norms, suggesting the importance of focused asset management, but the combination of renter reliance and improving safety trends can underpin stable leasing for well-positioned product.
Relative to older local stock, the vintage provides competitive positioning with room for targeted upgrades to capture rent premiums. Revenue strategy should balance pricing power from ownership-cost dynamics with rent-to-income considerations and school-quality sensitivities, while marketing can leverage commute access to diversified regional employers.
- Renter-dense neighborhood supports demand depth and lease retention
- 1986 vintage outpositions older comparables with modernization upside
- Household growth within 3 miles and amenity access aid absorption
- High-cost ownership market can reinforce multifamily pricing power
- Risks: subpar school ratings, below-national occupancy, and affordability pressure require disciplined operations