| 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 | 2018-01-31 |
| Transaction Price | $1,764,000 |
| Buyer | EAGLEVIEW WASHINTON SQUARE LLC |
| Seller | WASHINGTON SQUARE LLC |
397 Seattle St, Shelby NC Multifamily Opportunity
Neighborhood data point to durable renter demand supported by a high-cost ownership market and manageable rent-to-income levels, according to WDSuite s CRE market data. This commercial real estate analysis suggests steady tenant depth with some occupancy variability to underwrite conservatively.
Shelby s inner-suburb location provides everyday convenience, with neighborhood amenities competitive among 45 metro neighborhoods: cafes and groceries sit around the national 70th-plus percentiles, while parks and pharmacies are limited. For investors, this mix supports daily-life appeal without relying on destination retail, based on CRE market data from WDSuite.
The neighborhood ranks in the top quartile among 45 metro neighborhoods overall (A rating). Renter-occupied housing is substantial at roughly 48% of units in the neighborhood (above most areas nationally), indicating a deep tenant base for multifamily. At the same time, the neighborhood s occupancy level is below the national median, so lease-up and renewal strategies should emphasize retention and targeted concessions where warranted.
Ownership costs are elevated relative to local incomes (value-to-income near the national 96th percentile), which tends to reinforce reliance on rental options and can bolster pricing power and lease stability for well-positioned assets. Yet reported rent-to-income is low versus national norms, which can mitigate affordability pressure and support retention.
Within a 3-mile radius, recent data show modest population and household growth, with forward-looking projections indicating notable increases in households and incomes by 2028. This points to a larger tenant base and potential renter pool expansion that can support occupancy stability and measured rent growth over time.
Vintage matters: the subject s 2003 construction is newer than the neighborhood s older housing stock (average 1961). That positioning typically reduces immediate capital needs versus pre-1980 assets and can attract renters seeking more modern layouts, while investors should still assess aging systems for mid-life updates or light value-add to remain competitive.
School ratings trail national averages, which may modestly limit appeal for family renters; investor strategies can focus on unit finishes, on-site services, and commute convenience to offset this factor. Overall, the submarket profile is above the metro median with pragmatic strengths for workforce-oriented leasing.
Neighborhood safety indicators are comparatively favorable: the area ranks near the top among 45 metro neighborhoods for lower crime, and national comparisons place it in the top quartile for overall and violent safety metrics. According to CRE market data from WDSuite, year-over-year trends show improvement across several measures. As with any micro-location, investors should evaluate property-level security features and recent local trends alongside these neighborhood benchmarks.
Regional employment nodes within commuting range include manufacturing, energy, healthcare distribution, industrial gases, and technology offices the mix supports workforce housing demand and lease retention for residents prioritizing drive-time access to jobs.
- Parker-Hannifin Tech Seal Div manufacturing & engineering (30.0 miles)
- Duke Energy energy utility offices (31.6 miles)
- AmerisourceBergen Healthcare Consultants healthcare services (36.3 miles)
- Airgas industrial gases (38.4 miles)
- Cisco Systems technology offices (39.5 miles)
397 Seattle St offers a 56-unit, 2003-vintage asset positioned against an older local stock, which can enhance competitiveness and lower near-term capital intensity versus pre-1980 alternatives. Neighborhood fundamentals show a sizable renter concentration and an ownership market that is high-cost relative to incomes, supporting multifamily demand and lease retention. While neighborhood occupancy runs below national medians, rent-to-income appears manageable, creating room for disciplined revenue management and selective value-add.
Within a 3-mile radius, historical growth has been modest, but projections call for meaningful increases in households and incomes through 2028 a setup that can expand the tenant base and support occupancy stability. According to WDSuite s CRE market data, safety indicators compare favorably both within the metro (top-tier rank among 45 neighborhoods) and nationally, which can help sustain leasing. Key risks to underwrite include softer school performance and variability in submarket occupancy.
- 2003 vintage versus older local stock supports competitive positioning with moderate capital planning needs
- Elevated ownership costs and sizable renter concentration point to durable multifamily demand
- Manageable rent-to-income metrics support retention and disciplined pricing strategy
- 3-mile projections indicate renter pool expansion and income gains that can aid occupancy stability
- Risks: below-median neighborhood occupancy, weaker school ratings, and commute-dependent employer access