| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Fair |
| Demographics | 56th | Best |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 418B E Warren St, Shelby, NC, 28150, US |
| Region / Metro | Shelby |
| Year of Construction | 1982 |
| Units | 46 |
| Transaction Date | 2016-06-22 |
| Transaction Price | $1,290,000 |
| Buyer | HICKORY CREEK AFFORDABLE LLC |
| Seller | HICKORY CREEK APARTMENTS LTD |
418B E Warren St, Shelby NC — 46-Unit Multifamily
1982 vintage offers competitive positioning versus older neighborhood stock while leaving room for modernization. According to WDSuite’s CRE market data, low rent-to-income levels in the area support retention and steady leasing.
Shelby s neighborhood surrounding 418B E Warren St carries an A rating and ranks 3 out of 45 metro neighborhoods, placing it in the top quartile locally for overall fundamentals. Restaurants are dense for the area, with grocery and pharmacy access also strong, while parks and cafes are limited—suggesting daily conveniences nearby but fewer leisure greenspaces.
Schools average around 3.0 out of 5 and are competitive among Shelby neighborhoods (rank 7 of 45). Household incomes and educational attainment sit near national midranges, and rent-to-income levels are low for the neighborhood, which can support pricing power and lease stability for multifamily operators.
The property s 1982 construction is newer than the neighborhood s older average stock (1960s), which helps competitiveness versus legacy assets, though investors should still plan for selective system upgrades and common-area refreshes to meet today s renter expectations.
Demographic statistics aggregated within a 3-mile radius point to recent population and household growth, with projections indicating further expansion—implying a larger tenant base and support for occupancy stability. Owner- vs. renter-occupied patterns suggest a meaningful renter pool (around two-fifths renter-occupied within 3 miles) even as nearby blocks skew more owner-occupied; for investors, this indicates depth of demand without excessive concentration risk.
Home values in the neighborhood are relatively moderate in the national context. In practice, that means some households may weigh ownership alternatives, yet modest rents relative to incomes reduce affordability pressure and can aid retention. Based on CRE market data from WDSuite, neighborhood occupancy has improved over the past five years, reinforcing demand resilience even as overall occupancy levels remain below many national benchmarks.
Safety signals are mixed and should be contextualized carefully. Compared with the 45 neighborhoods in the Shelby metro, this area s crime rank indicates relatively higher incident levels (rank 8 of 45). However, when viewed against neighborhoods nationwide, WDSuite s metrics place the area in higher safety percentiles—violent and property offense indicators compare favorably at the national level.
Recent trend data show property incidents easing year over year while violent incidents increased. For underwriting, investors may consider standard security measures, lighting, and coordination with property management practices, recognizing that safety dynamics can vary by block and over time.
Proximity to regional employers supports workforce housing demand and commute convenience. Notable nearby employers include Duke Energy, Parker-Hannifin Tech Seal Div, AmerisourceBergen Healthcare Consultants, Airgas, and Bank of America Corp., which can help underpin leasing and retention.
- Duke Energy — utilities (29.8 miles)
- Parker-Hannifin Tech Seal Div — manufacturing (32.4 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (35.4 miles)
- Airgas — industrial gases (37.6 miles)
- Bank of America Corp. — financial services (39.4 miles) — HQ
This 46-unit asset built in 1982 is newer than much of the surrounding housing stock and should compete well against older properties while benefiting from targeted updates. Low rent-to-income levels and steady neighborhood demand drivers suggest supportive leasing fundamentals, and, according to CRE market data from WDSuite, the area has seen occupancy improvement over the past five years, aligning with a growing renter pool.
Three-mile radius demographics point to population growth and a projected increase in households—tailwinds for tenant-base expansion and occupancy stability. Amenity access favors daily needs (restaurants, groceries, pharmacies), though limited parks and cafes mean lifestyle positioning should focus on value, convenience, and refreshed interiors rather than experiential amenities.
- Newer 1982 vintage versus neighborhood average supports competitive positioning with light modernization potential
- Low rent-to-income dynamics support retention and measured pricing power
- Expanding 3-mile population and households indicate a larger renter base ahead
- Daily-need amenities nearby (restaurants, groceries, pharmacies) align with workforce demand
- Risks: mixed safety signals relative to the metro; some competition from ownership options and limited park/cafe amenities