| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 24th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 515 Dover St, Shelby, NC, 28150, US |
| Region / Metro | Shelby |
| Year of Construction | 2002 |
| Units | 26 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
515 Dover St, Shelby NC Multifamily with Durable Renter Base
Positioned in an inner-suburb pocket of Shelby with one of the metro’s higher renter concentrations, this 26-unit asset leans toward demand stability, according to WDSuite’s CRE market data. Neighborhood occupancy trends are softer today, but amenity access and a newer vintage provide competitive footing.
The property sits in a neighborhood rated A- and ranked 8th among 45 Shelby, NC neighborhoods, indicating competitive livability within the metro. Local retail and daily-needs access are a relative strength: pharmacies and parks rank near the top among 45 neighborhoods, with grocery and dining options also competitive. This supports everyday convenience and visibility for workforce renters without relying on destination retail.
Construction year matters here. Built in 2002, the asset is newer than the neighborhood’s average 1973 stock, which can enhance leasing competitiveness versus older comparables. Investors should still expect routine modernization over a 10–20 year horizon, but the building age reduces near-term capital intensity risk relative to older Class C peers.
Tenure patterns favor rentals: the neighborhood’s share of renter-occupied housing units is among the highest in the Shelby metro (ranked 1st of 45), pointing to a deep tenant base and practical demand for multifamily product. While the neighborhood’s occupancy level trends below the metro median today, high renter concentration can help sustain leasing velocity when pricing is aligned with local incomes.
Demographic statistics aggregated within a 3-mile radius show modest population and household growth historically, with forward-looking projections indicating a larger household count and higher incomes into the next five years. That trajectory implies a broader tenant pool and supports occupancy stability, even as unit mix and finishes will influence capture rates. Home values in the neighborhood are elevated relative to local incomes (above most Shelby neighborhoods), which reinforces reliance on rental housing and can aid lease retention and pricing power for well-managed assets.
Safety conditions should be evaluated thoughtfully. The neighborhood’s crime standing is toward the higher-crime end of the Shelby metro (ranked 7th of 45 neighborhoods, where a lower rank indicates more crime). However, recent year-over-year trends show declines in both property and violent incidents, suggesting directional improvement. Investors should plan for standard security measures and tenant communication protocols, while monitoring ongoing trend data.
Proximity to regional employers supports commuter convenience and renter retention, particularly for workforce tenants. Nearby nodes include utilities, industrial components, healthcare services, specialty gases, and technology offices.
- Duke Energy — utilities (29.1 miles)
- Parker-Hannifin Tech Seal Div — industrial components (33.3 miles)
- AmerisourceBergen Healthcare Consultants — healthcare services (35.1 miles)
- Airgas — specialty gases (37.4 miles)
- Cisco Systems — technology offices (38.2 miles)
515 Dover St offers a newer-vintage multifamily position within an inner-suburban Shelby neighborhood that ranks competitively in local livability. The 2002 construction provides an advantage versus the predominantly 1970s-era stock nearby, helping the asset compete on quality while leaving room for targeted renovations to sharpen pricing and absorption. Neighborhood renter concentration is among the highest in the metro, indicating depth of tenant demand, even as current neighborhood occupancy trends run below the metro median.
Within a 3-mile radius, historical gains in population and households, alongside forward projections for growth and rising incomes, point to a larger tenant base over the medium term. Elevated ownership costs relative to incomes in the neighborhood further support reliance on rental housing. According to CRE market data from WDSuite, amenity access for daily needs is a relative strength, while safety trends warrant continued monitoring and standard on-site measures. Overall, the setup suits a durable, operations-focused hold with selective value-add.
- Newer 2002 vintage versus older neighborhood stock enhances competitive positioning
- High renter-occupied share in the neighborhood supports tenant base depth
- 3-mile outlook shows growing households and incomes, aiding demand and retention
- Daily-needs amenities nearby bolster convenience and leasing appeal
- Risks: below-metro neighborhood occupancy and elevated crime levels require active management