| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 42nd | Good |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 397 Seattle St, Shelby, NC, 28152, US |
| Region / Metro | Shelby |
| Year of Construction | 2003 |
| Units | 56 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
397 Seattle St, Shelby NC 56-Unit Multifamily Investment
Newer-vintage units in a renter-heavy neighborhood support durable demand and value-add potential, according to WDSuite’s CRE market data. Expect steady renter interest driven by local ownership costs and everyday retail access, with pricing power balanced by area affordability considerations.
Shelby’s inner-suburb location provides everyday convenience for residents, with grocery and dining options present locally and a neighborhood rating of A, placing it competitive among the 45 Shelby metro neighborhoods. The local housing stock skews older, but this property’s 2003 construction is newer than the area average and can compete effectively against mid-century product while still benefiting from targeted modernization for systems and finishes.
Neighborhood occupancy has been relatively stable, though it trails national benchmarks, and roughly half of housing units are renter-occupied. For investors, that renter concentration suggests a deep tenant base and supports leasing velocity, while management should remain attentive to renewal strategy and concessions in softer periods.
Within a 3-mile radius, recent population and household counts have inched up and are projected to grow more meaningfully over the next five years, pointing to a larger tenant base and potential renter pool expansion. Median contract rents sit at the lower end of regional norms, which can aid absorption; however, a higher rent-to-income ratio in the neighborhood indicates some affordability pressure, implying the need for disciplined lease management and amenity positioning.
Home values in the area are elevated relative to local incomes, creating a high-cost ownership market that tends to sustain rental demand and improve retention for well-managed assets. School ratings are below national averages, which may modestly limit rent premiums for family-targeted floor plans, but proximity to daily needs and workforce corridors supports consistent occupancy for value-focused units.
Safety indicators benchmark favorably on a national basis, with recent data showing stronger standing versus many U.S. neighborhoods and notable year-over-year declines in both violent and property offense estimates. At the same time, investors should underwrite with neighborhood-level nuance, as conditions can vary within small geographies and relative positioning inside the metro can differ from national comparisons.
For underwriting, the takeaways are practical: national percentile readings indicate comparatively safer conditions than much of the country, while the downward trend in estimated offense rates supports stable operations. Operators should still apply standard security, lighting, and community engagement practices to reinforce resident confidence and retention.
Regional employers within commuting reach help anchor workforce housing demand and support leasing stability. Nearby corporate offices include Parker-Hannifin, Duke Energy, AmerisourceBergen, Airgas, and Cisco Systems.
- Parker-Hannifin Tech Seal Div — manufacturing (29.9 miles)
- Duke Energy — utilities (31.7 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (36.3 miles)
- Airgas — industrial gases (38.4 miles)
- Cisco Systems — technology offices (39.5 miles)
Built in 2003 with 56 units, the asset offers a newer vintage relative to the neighborhood’s predominantly mid-century stock, creating an edge on functionality while leaving room for targeted upgrades and operational improvements. The surrounding neighborhood shows an A rating locally and a renter-occupied share near half of housing units, supporting depth of tenant demand. According to CRE market data from WDSuite, neighborhood occupancy has been steady but below national norms, suggesting that disciplined leasing and amenity strategy will matter for rent growth and retention.
Within a 3-mile radius, modest recent gains and stronger five-year projections for households and incomes point to a larger tenant base ahead, while elevated ownership costs in the area tend to sustain reliance on rental housing. Lower relative rent levels can aid absorption, but a higher rent-to-income ratio underscores the importance of affordability-aware renovations and renewal management.
- 2003 construction competes well versus older neighborhood stock, with selective value-add upside
- Renter concentration near half of units supports a deep tenant base and leasing velocity
- 3-mile projections indicate household and income growth, expanding the renter pool
- Elevated ownership costs reinforce rental demand and potential retention advantages
- Risks: neighborhood occupancy below national norms and affordability pressure require disciplined lease and CapEx planning