| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Good |
| Demographics | 28th | Poor |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 232 N Cole St, Lima, OH, 45805, US |
| Region / Metro | Lima |
| Year of Construction | 1991 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
232 N Cole St Lima Multifamily Investment — 24 Units
Neighborhood occupancy is firm and has trended higher in recent years, supporting stable renter demand at the area level according to WDSuite’s CRE market data.
Located in Lima’s Inner Suburb, the neighborhood carries a B- rating and sits above the metro median (ranked 23 of 45 neighborhoods), indicating competitive fundamentals within the local context rather than top-tier positioning nationally.
Amenity access is anchored by dining and groceries: restaurant density ranks 3 of 45 in the metro (top quartile nationally), and grocery access ranks 7 of 45. However, parks, cafes, childcare, and pharmacies are limited in immediate proximity, which can temper lifestyle appeal for some renters but also keeps expectations aligned with workforce housing.
At the neighborhood level, approximately 39% of housing units are renter-occupied, providing a meaningful—though not dominant—tenant base that supports leasing depth and renewal prospects. Median contract rents in the neighborhood sit in a more accessible band and have grown over the last five years, aiding retention while leaving room for measured rent lifts tied to asset quality. Median home values are comparatively low for the region, which can create some competition from entry-level ownership; investors should calibrate pricing and finishes to maintain a clear value proposition versus owning.
Demographic statistics aggregated within a 3-mile radius show a modest population dip versus five years ago alongside a slight uptick in household count, suggesting smaller household sizes and ongoing renter turnover. Forward-looking projections indicate household growth by 2028, which would expand the local renter pool and support occupancy stability if realized, based on CRE market data from WDSuite. The average neighborhood construction vintage skews older (1943), while this asset’s 1991 construction positions it as relatively newer stock—typically more competitive against pre-war buildings—though selective updates may still be warranted to meet renter expectations and optimize rent positioning.
School ratings in the area average near the lower end of the scale, which can modestly limit family-driven demand relative to stronger-rated subareas of the metro. Even so, proximity to daily-needs retail and dining and a workforce-leaning renter profile underscore steady day-to-day livability for value-focused households.
Safety indicators show mixed positioning: the neighborhood’s crime rank is 42 out of 45 within the Lima metro, suggesting it performs better than most local neighborhoods on a relative basis, yet national percentiles place it below average for safety overall. Violent offenses are trending down year over year, while property offenses remain elevated compared with national norms. For investors, this implies marketing and operations should emphasize on-site security standards and community engagement while benefiting from the area’s comparatively stronger standing within the local metro.
Regional employment access includes energy and refining operations that contribute to commuter demand and support leasing stability at workforce-oriented properties, notably:
- Marathon Petroleum — energy & refining (32.2 miles) — HQ
Built in 1991 and totaling 24 units, 232 N Cole St competes well against the area’s older housing stock, with neighborhood-level occupancy staying firm and renter demand supported by accessible rents and daily-needs amenities. According to commercial real estate analysis from WDSuite, the surrounding neighborhood trends show stable occupancy and a renter concentration that provides a durable tenant base, while relatively low ownership costs in the area argue for careful positioning on finishes and pricing.
Within a 3-mile radius, recent population softness contrasts with a small increase in households, and projections point to household growth through 2028—factors that can expand the renter pool and support renewal rates if realized. Investors should account for below-average school ratings and nationally below-average safety metrics, balancing these with operational focus and the asset’s relative competitive edge versus older buildings in the submarket.
- 1991 vintage offers competitive positioning versus older neighborhood stock with targeted renovation upside
- Neighborhood occupancy remains firm, supporting income stability and lease retention
- Accessible rent levels and grocery/restaurant access underpin day-to-day livability for workforce renters
- 3-mile household growth projections suggest a larger tenant base over the medium term
- Risks: nationally below-average safety and school ratings, and potential competition from entry-level ownership