| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 42nd | Good |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 820 Earl Rd, Shelby, NC, 28152, US |
| Region / Metro | Shelby |
| Year of Construction | 1989 |
| Units | 32 |
| Transaction Date | 2017-06-29 |
| Transaction Price | $960,000 |
| Buyer | SOUTHWOOD REALTY COMPANY |
| Seller | COLONIAL MANOR APARTMENTS LTD LIMITED PA |
820 Earl Rd Shelby NC Multifamily Opportunity
Investor positioning centers on steady neighborhood occupancy and a growing 3-mile renter base, according to WDSuite’s CRE market data. The submarket’s owner-leaning housing stock suggests durable demand for quality rentals as household counts expand.
The property sits in a neighborhood rated A and ranked 7th among 45 metro neighborhoods, placing it in the top quartile locally based on WDSuite’s CRE market data. Neighborhood occupancy is reported at 90.9% and sits near the national midpoint, which points to generally stable leasing conditions rather than late-cycle overheating.
Daily-needs access is a relative strength: grocery and restaurant density are competitive among Shelby, NC neighborhoods (ranks 2 and 4 of 45, respectively), while cafes are also comparatively available. Childcare and pharmacies are thinner in the immediate area, which may modestly influence family-oriented renter preferences. Average school ratings in the neighborhood trail national norms, signaling that properties targeting family renters may need to emphasize on-site features and convenience over school-driven decision-making.
Within a 3-mile radius, recent trends show population and household growth, with forecasts calling for notable expansion through 2028. This trajectory supports a larger tenant base and helps underpin occupancy stability, especially for well-managed assets. The neighborhood’s renter-occupied share is 27.8%, indicating an owner-tilted housing stock; for multifamily owners, that often translates to less direct rental supply nearby and a tenant pool that values convenience and attainable monthly payments.
Ownership costs in the area are lower than large coastal metros, and the neighborhood rent-to-income ratio of 0.12 suggests manageable affordability, which can aid lease retention. Median home values are comparatively modest for investors evaluating price-to-rent dynamics; however, more accessible ownership options can create competition at certain rent levels, making product differentiation and amenity positioning important.
Neighborhood-level crime metrics are not available in WDSuite for this location, so comparative safety benchmarking to the metro and national set is limited in this profile. Investors typically supplement market screening with local law enforcement resources and property-level incident histories to evaluate trend direction and potential operational implications.
Regional employment access draws from Charlotte-area corporate nodes, supporting renter demand via commutable jobs in energy, industrials, distribution, and technology. The employers below reflect the closest major corporate offices that can influence leasing stability through proximity.
- Duke Energy — energy (29.8 miles)
- Parker-Hannifin Tech Seal Div — industrial manufacturing (31.6 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution (34.7 miles)
- Airgas — industrial gases (36.9 miles)
- Cisco Systems — technology (37.9 miles)
Built in 1989, the asset is slightly older than the neighborhood’s average vintage and may benefit from targeted capital plans (common-area refresh, systems, and light interiors) to enhance competitiveness. The neighborhood ranks in the top quartile among 45 metro neighborhoods and posts occupancy near the national midpoint, indicating stable but not overheated leasing—competitive among Shelby submarkets, according to CRE market data from WDSuite.
Demand fundamentals are reinforced by 3-mile population and household growth projections through 2028, supporting a larger tenant base and potential for steady absorption. With a renter-occupied share of 27.8% locally, multifamily supply is not ubiquitous; combined with manageable rent-to-income levels, well-positioned properties can focus on retention and disciplined rent management. Key watch items include family-renter sensitivity to school ratings and the potential for ownership alternatives to compete at certain price points.
- Top-quartile neighborhood rank locally with stable occupancy supports consistent leasing performance.
- 3-mile population and household growth expands the tenant base and supports occupancy stability.
- 1989 vintage presents value-add potential via targeted systems and interior upgrades.
- Manageable rent-to-income dynamics favor retention and disciplined pricing power.
- Risks: owner-leaning tenure, school ratings below national norms, and competition from accessible ownership options.