| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Fair |
| Demographics | 51st | Good |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 501 Russell St, Statesville, NC, 28677, US |
| Region / Metro | Statesville |
| Year of Construction | 1976 |
| Units | 100 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
501 Russell St Statesville Multifamily Investment
Neighborhood occupancy trends sit in the low 90s and the renter-occupied share is in the low–mid 40s, supporting a stable tenant base according to WDSuite s CRE market data. The 100-unit scale in Statesville positions this asset to capture steady regional renter demand with prudent lease management.
Located in Statesville within the Charlotte Concord Gastonia metro, the neighborhood is competitive among metro neighborhoods (ranked 215 out of 709), indicating balanced fundamentals for workforce housing. Daily-needs access outperforms national midpoints for groceries and pharmacies, while restaurants are reasonably available; parks and cafes are thinner, suggesting lifestyle amenities are serviceable but not a primary draw.
Rents benchmark below national medians in this area, and the rent-to-income profile indicates relatively manageable affordability pressure for residents a backdrop that can aid retention and occupancy. At the same time, the value-to-income ratio is elevated versus national norms, signaling a higher-cost ownership market locally that tends to sustain rental demand. These dynamics align with a renter concentration around the low mid 40% of housing units (renter-occupied), implying a meaningful tenant base for multifamily.
Within a 3-mile radius, population has grown recently and households expanded at a faster clip, with forecasts calling for further household growth over the next five years. This points to renter pool expansion and supports lease-up durability. School ratings sit near national midpoints, suitable for broad demand, while household sizes trend a bit larger than the U.S. average, which can influence unit mix performance and renewal behavior.
Occupancy at the neighborhood level has held in the low 90s with slight improvement over five years, consistent with steady leasing conditions. Based on WDSuite s commercial real estate analysis, amenity coverage for groceries, pharmacies, childcare, and restaurants ranks above national midpoints, while parks and cafes lag; operators may wish to emphasize onsite features and convenience retail in marketing.
Neighborhood safety indicators compare favorably to national norms. Overall crime sits above the national midpoint for safety, and violent-offense measures trend in the top quartile nationally, which generally supports resident retention and leasing stability. Property-offense readings also track in stronger national percentiles. As always, investors should evaluate submarket and property-level patterns over time rather than relying on a single period snapshot.
Regional employment anchors within commuting range include retail headquarters, energy utilities, food distribution, pharmaceuticals, and banking a diversified base that can underpin renter demand and renewal stability. The list below highlights nearby employers relevant to workforce housing demand.
- Lowe's retail HQ and corporate (17.6 miles) HQ
- Duke Energy energy utility offices (26.9 miles)
- Sysco foodservice distribution (28.4 miles)
- Merck pharmaceuticals (32.5 miles)
- Bank of America Corp. banking headquarters and corporate (39.3 miles) HQ
This 100-unit asset built in 1976 offers scale in a neighborhood with stable, low-90s occupancy and a renter-occupied share in the low mid 40% of housing units. Rents track below national levels while ownership costs are comparatively high relative to incomes, which tends to reinforce reliance on multifamily and supports ongoing demand. Within a 3-mile radius, recent population growth and a faster rise in households point to a larger tenant base ahead, aiding occupancy stability and renewal outcomes, according to CRE market data from WDSuite.
The 1976 vintage suggests capital planning and selective renovations can unlock value particularly around interiors, building systems, and amenities to compete against newer product. Operators can also lean into proximity to diversified regional employers and emphasize convenience retail over destination amenities, given local amenity patterns.
- Neighborhood occupancy in the low 90s and below-national rent levels support leasing durability.
- Elevated ownership cost-to-income ratios sustain renter reliance on multifamily housing.
- 3-mile radius shows population and household growth, expanding the tenant base.
- 1976 vintage provides value-add potential via targeted renovations and system upgrades.
- Risks: thinner park/cafe amenities and an older physical plant require asset management focus.