| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 51st | Best |
| Amenities | 27th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 905 Airport Rd, Shelby, NC, 28150, US |
| Region / Metro | Shelby |
| Year of Construction | 2007 |
| Units | 47 |
| Transaction Date | 2024-10-31 |
| Transaction Price | $1,260,000 |
| Buyer | ONC24 CYPRESS OWNER LLC |
| Seller | CYPRESS GLENN LLC |
905 Airport Rd Shelby NC Multifamily Investment
Neighborhood occupancy near the low-90s and a newer 2007 vintage support stable operations and competitive positioning, according to WDSuite’s CRE market data.
The property at 905 Airport Rd sits in a Shelby neighborhood rated A- and ranked 11 out of 45 within the metro—top quartile among Shelby neighborhoods. Local occupancy is 90.5% (11 of 45 in the metro; around the national median), indicating a stable baseline for lease-up and retention. Median contract rents in the neighborhood are on the lower side relative to national peers, which can support tenant retention while making revenue growth more dependent on unit quality and management execution.
At the neighborhood level, renter concentration is about one-quarter of housing units, suggesting a primarily owner-occupied area with a thinner but durable renter base. For multifamily investors, that typically points to steadier collections and less turnover, though it may cap near-term pricing power without targeted upgrades or differentiated amenities.
Amenity access is limited for dining and pharmacies, while childcare and park access are comparatively better within the local context. Grocery options are present but not dense. These dynamics may favor properties that provide on-site conveniences and practical unit finishes over highly amenitized offerings—an important nuance for commercial real estate analysis focused on operational efficiency.
The building’s 2007 construction is newer than the neighborhood’s average vintage (1989). That generally enhances competitive positioning versus older stock and may reduce near-term capital expenditures, though planning for mid-life system updates and potential light value-add remains prudent.
Within a 3-mile radius, recent years show slight population contraction alongside growth in household counts, signaling smaller household sizes and a steadying tenant base. Forward-looking projections indicate population and household expansion over the next five years, which would enlarge the renter pool and support occupancy stability if realized.
Comparable crime metrics for this neighborhood were not available in WDSuite’s dataset. Investors often gauge safety context by benchmarking neighborhood trends against city and county reporting and by tracking property-level incident patterns over time. Consider layering third-party data and management reports to round out risk assessment and insurance planning.
Regional employment access is driven by major corporate offices within commuting range, supporting workforce housing demand and lease retention for renters tied to energy, industrial, healthcare distribution, and technology roles. The list below highlights nearby employers most relevant to this location.
- Duke Energy — energy/utilities (28.5 miles)
- Parker-Hannifin Tech Seal Div — industrial manufacturing (34.3 miles)
- AmerisourceBergen Healthcare Consultants — healthcare distribution (34.9 miles)
- Airgas — industrial gases (37.3 miles)
- Cisco Systems — technology (38.0 miles)
This 2007-vintage, 47-unit property offers a durable operating profile in a top-quartile Shelby neighborhood, with neighborhood occupancy around 90% supporting steady collections. Lower neighborhood rent levels paired with a low rent-to-income ratio suggest solid retention; revenue gains are more likely to come from targeted renovations, service differentiation, and operational execution than from pure market lift. According to CRE market data from WDSuite, the area skews more owner-occupied, which typically translates into a stable but shallower renter pool—reliable for workforce-oriented housing when positioned correctly.
Demographic figures aggregated within a 3-mile radius show recent household growth and forecasts for population and household expansion over the next five years, which would enlarge the renter pool and help sustain occupancy. The asset’s newer construction versus local averages positions it competitively against older stock, while mid-life system planning and selective value-add can support long-run returns.
- Newer 2007 vintage versus area average supports competitive positioning and moderates near-term capital needs.
- Neighborhood occupancy near the low-90s underpins cash flow stability and lease retention.
- Household growth and projected population gains within 3 miles expand the renter pool and support absorption.
- Lower neighborhood rents and a favorable rent-to-income ratio aid retention; upside tied to targeted renovations and management.
- Risk: thinner renter concentration in a largely owner-occupied area may temper pricing power without clear unit differentiation.