| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 37th | Poor |
| Amenities | 35th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 138 Signal Hill Dr, Statesville, NC, 28625, US |
| Region / Metro | Statesville |
| Year of Construction | 1974 |
| Units | 122 |
| Transaction Date | 2019-05-10 |
| Transaction Price | $7,400,000 |
| Buyer | SH Apartments, LLC |
| Seller | Signal Hill Apartments, LLC |
138 Signal Hill Dr Statesville NC Multifamily Investment
Neighborhood fundamentals point to stable renter demand, with the area’s occupancy measured at the neighborhood level remaining high and renter concentration supportive of leasing durability, according to WDSuite’s CRE market data.
Statesville’s inner-suburban setting offers a practical mix of daily conveniences and value-driven rents that can underpin steady tenancy. Neighborhood median asking rents sit near the middle of national ranges, while the rent-to-income profile suggests manageable affordability pressure for lease retention. Elevated ownership costs relative to local incomes indicate a high-cost ownership market in context, which can reinforce reliance on multifamily rentals.
Amenity access is mixed. Grocery and pharmacy availability ranks in the top quartile among 709 Charlotte–Concord–Gastonia metro neighborhoods, and restaurants are also competitive at the metro level. However, limited parks and cafe density means fewer lifestyle draws within immediate proximity, which may temper premium positioning and amenity-driven rent premiums.
At the neighborhood level, occupancy is firmly above national norms and above the metro median, signaling tight conditions that can support pricing discipline and reduce downtime between turns. The share of housing units that are renter-occupied is also elevated for the neighborhood, suggesting a deeper tenant base for multifamily assets versus primarily ownership submarkets.
School ratings in the area trend below national averages, which may limit appeal to some family renters; investors can offset with unit features and service quality that target workforce and value-seeking cohorts. Demographic statistics aggregated within a 3-mile radius show recent population growth and a faster increase in households, with forecasts pointing to smaller household sizes and continued household growth even if population levels flatten. For multifamily, that pattern generally supports a broader renter pool and occupancy stability over time.
Relative safety indicators are favorable compared with many neighborhoods nationwide. Based on metro rankings, the area performs well among 709 Charlotte–Concord–Gastonia neighborhoods, translating to a position above the metro median and in the top quartile nationally for several recorded measures. This comparative standing can reduce perceived risk for residents and support retention.
Recent trend data also shows a material improvement in property-related incidents year over year at the neighborhood level, while violent-offense indicators remain comparatively favorable versus national norms. As always, conditions can vary within micro-areas, so investors should pair these directional signals with property-level diligence and management practices.
Nearby employment anchors span retail headquarters, energy, food distribution, pharmaceuticals, and banking — a mix that supports workforce housing demand and commute convenience for renters in this submarket.
- Lowe's — retail HQ (17.3 miles) — HQ
- Duke Energy — energy utility (26.9 miles)
- Sysco — food distribution (27.8 miles)
- Merck — pharmaceuticals (32.1 miles)
- Bank of America Corp. — banking & financial services (39.0 miles) — HQ
138 Signal Hill Dr is a 122-unit asset with an average unit size of 829 sq. ft., positioned in a neighborhood with tight rental conditions and a renter-occupied housing share that supports depth of demand. The 1974 vintage suggests potential value-add through interior modernization and targeted systems upgrades, which can enhance competitiveness against newer stock while planning for near- to medium-term capital needs. Neighborhood-level rents are moderate, and a rent-to-income profile indicates manageable affordability pressure for ongoing lease management.
Within a 3-mile radius, recent population growth alongside faster household formation points to a larger renter pool; forward-looking data indicates households are expected to continue increasing even if population levels flatten, which can support occupancy stability. According to CRE market data from WDSuite, the neighborhood’s occupancy outperforms both metro and national baselines, while elevated ownership costs relative to income sustain reliance on rental housing. Key watch items include below-average school ratings and limited parks/cafe amenities, which may cap premium positioning without property-led enhancements.
- Tight neighborhood occupancy supports reduced downtime and pricing discipline
- Renter-occupied share indicates depth of tenant base for multifamily
- 1974 vintage offers value-add potential via interior and systems upgrades
- Household growth within 3 miles expands the renter pool and supports retention
- Risks: weaker school ratings and limited parks/cafes may constrain premium rent capture