| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 24th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 240 W Grover St, Shelby, NC, 28150, US |
| Region / Metro | Shelby |
| Year of Construction | 1975 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
240 W Grover St Shelby Multifamily Investment
Renter demand is supported by a high renter-occupied share in the surrounding neighborhood and steady 3-mile household growth, according to WDSuite’s CRE market data. The property’s in-town Shelby location provides day-to-day convenience that can aid retention even if leasing velocity moderates.
Shelby’s in-town neighborhood around 240 W Grover St carries an A- rating and ranks 8th among 45 metro neighborhoods, placing it in the top quartile locally based on WDSuite’s CRE market data. Amenity access is a core strength: pharmacies and parks each rank 1st of 45 in the metro, with national placement in higher percentiles, while grocery (6th/45) and cafes (3rd/45) contribute to daily-living convenience compared to many Shelby subareas.
For multifamily investors, the local renter concentration stands out: an estimated 51.7% of housing units are renter-occupied, ranking 1st among 45 Shelby neighborhoods. This depth of the tenant base can support demand and reduce leasing volatility relative to more owner-heavy areas. Neighborhood-level rents trend below national norms with a moderate rent-to-income profile, which can aid lease retention and broaden the prospect pool.
Within a 3-mile radius, demographics show recent population and household expansion, with forecasts indicating further growth through the medium term. A larger household base and projected renter pool expansion support occupancy stability and absorption for well-positioned assets.
Ownership remains a higher-cost path relative to area incomes (value-to-income ratio places the neighborhood in a high national percentile), which tends to reinforce reliance on multifamily housing. That said, neighborhood occupancy currently trails typical metro levels, so operators should emphasize unit readiness and competitive positioning to capture demand.
Safety indicators present a mixed but manageable picture. Nationally, the neighborhood sits in the safer half, with several metrics landing above the U.S. median and some approaching the top quartile. Within the Shelby metro, the area ranks 7th of 45 on crime, indicating higher relative exposure than many nearby neighborhoods, though year-over-year estimates point to improving trends.
Investors should frame risk in comparative terms: national standing is favorable, while local placement suggests attention to lighting, access control, and community engagement can support leasing and retention. WDSuite’s data also indicates recent declines in estimated property and violent offense rates, a constructive sign for long-term operations.
Nearby regional employers provide a diversified employment base that supports renter demand and commute convenience, including Duke Energy, Parker-Hannifin, AmerisourceBergen, Airgas, and Cisco. These nodes can aid leasing durability for workforce and professional renters.
- Duke Energy — utilities (30.0 miles)
- Parker-Hannifin Tech Seal Div — manufacturing (32.8 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution (36.0 miles)
- Airgas — industrial gases (38.3 miles)
- Cisco Systems — technology (39.2 miles)
This Shelby infill location combines day-to-day convenience with a deep renter base. The neighborhood ranks in the top quartile among 45 Shelby neighborhoods and leads the metro in renter-occupied share, supporting a larger pool of prospective tenants. While neighborhood occupancy runs below typical metro levels, amenity access and a moderate rent-to-income profile can underpin leasing and retention for well-maintained units. According to CRE market data from WDSuite, national safety positioning is favorable, and recent offense-rate estimates have been easing, which supports longer-term operations.
Forward-looking demographics within a 3-mile radius indicate continued population and household growth, which can translate into renter pool expansion. With ownership costs relatively elevated versus incomes in the neighborhood, multifamily options remain a practical alternative, reinforcing demand depth over the holding period.
- Top-quartile neighborhood standing in Shelby and strong amenity access
- Metro-leading renter-occupied share supports a deeper tenant base
- 3-mile population and household growth point to renter pool expansion
- Moderate rent-to-income dynamics can aid pricing power and retention
- Risk: neighborhood occupancy runs below metro norms; active leasing and competitive unit finishes remain important