| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 37th | Poor |
| Amenities | 35th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 495 Signal Hill Dr, Statesville, NC, 28625, US |
| Region / Metro | Statesville |
| Year of Construction | 1991 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
495 Signal Hill Dr, Statesville Multifamily Investment Opportunity
Neighborhood occupancy is strong versus metro peers, according to WDSuite’s commercial real estate analysis, supporting steady renter demand for well-located workforce housing. Investor focus here centers on stable leasing fundamentals and a renter base sustained by regional employment access.
Located in Statesville’s Inner Suburb, the neighborhood carries a B- rating and sits above the metro median (ranked 345 out of 709 Charlotte-area neighborhoods). Grocery access is competitive (national 77th percentile) and restaurant density is solid (66th percentile), though parks, cafes, and childcare options are sparse locally. Average school ratings are below national norms, which may influence unit mix strategies for family-oriented leasing.
Leasing conditions are a core strength: neighborhood occupancy is in the top quartile among 709 metro neighborhoods and in the 92nd percentile nationally, according to WDSuite’s CRE market data. The share of renter-occupied housing is also elevated (top quartile in the metro; 92nd percentile nationally), indicating a deep tenant base and underpinning demand for multifamily units. These metrics are measured at the neighborhood level, not the property.
Within a 3-mile radius, population has grown in recent years while households increased at a faster pace, indicating smaller household sizes and a broader renter pool. Forecasts point to additional household gains over the next five years, expanding the addressable tenant base and helping support occupancy stability and absorption for 1–2 bedroom product.
Ownership costs in the area are relatively high compared with local incomes (value-to-income ratio in the 69th percentile nationally), which can sustain reliance on rental housing. At the same time, rent-to-income sits at a lower national percentile, suggesting manageable resident affordability and potential for stronger retention. Neighborhood-level NOI per unit trails national peers, so underwriting should emphasize operational discipline and careful expense management.
Safety indicators compare favorably in national terms. WDSuite’s data places the neighborhood in the top quintile nationwide for lower violent and property offense exposure (both in the mid‑80s national percentiles), suggesting comparatively safer conditions than many U.S. neighborhoods. Year over year, estimated property offenses show a sharp improvement trend, ranking near the top decile nationally for decline, which supports perceptions of stability.
These metrics reflect neighborhood-level patterns, not block-by-block conditions, and should be paired with on-the-ground diligence and recent comparables to validate trajectory and leasing implications.
Regional employment access supports renter demand, with proximity to corporate offices spanning retail, utilities, food distribution, pharmaceuticals, and banking. Notable nearby employers include Lowe’s, Duke Energy, Sysco, Merck, and Bank of America — providing diverse job centers within commuting distance.
- Lowe's — corporate offices (17.7 miles) — HQ
- Duke Energy — corporate offices (27.2 miles)
- Sysco — corporate offices (28.3 miles)
- Merck — corporate offices (32.5 miles)
- Bank of America Corp. — corporate offices (39.4 miles) — HQ
This 36‑unit, 1991‑vintage asset with average unit sizes around 814 sf aligns with durable renter demand supported by strong neighborhood occupancy and an above-median position within the Charlotte metro. According to CRE market data from WDSuite, the surrounding neighborhood posts top-quartile occupancy and a high share of renter‑occupied units, reinforcing depth of the tenant base and supporting leasing stability.
Within a 3‑mile radius, household growth has outpaced population growth and is projected to continue, expanding the renter pool and favoring 1–2 bedroom layouts. Ownership remains comparatively costly relative to incomes, which sustains reliance on rentals, while lower rent‑to‑income levels suggest manageable affordability that can aid retention. The 1991 construction points to selective modernization and systems planning that could unlock value while keeping operating risk in check.
- Strong neighborhood fundamentals: top‑quartile occupancy and elevated renter‑occupied share support demand continuity
- 3‑mile household growth and smaller household sizes enlarge the tenant base for 1–2 bedroom product
- Ownership costs vs. incomes favor sustained rental demand; lower rent‑to‑income aids retention and lease management
- 1991 vintage offers value‑add via targeted interior updates and building systems modernization
- Risks: limited nearby parks/cafes and below‑average school ratings; neighborhood NOI per unit lags national peers, warranting disciplined underwriting