| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 23rd | Poor |
| Demographics | 22nd | Poor |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 449 S Main St, Lima, OH, 45804, US |
| Region / Metro | Lima |
| Year of Construction | 1981 |
| Units | 36 |
| Transaction Date | 1980-02-01 |
| Transaction Price | $59,000 |
| Buyer | LIMA ECUMENICAL HOUSING |
| Seller | --- |
449 S Main St Lima Multifamily Value-Add Opportunity
High renter-occupied share in the neighborhood supports a deeper tenant base, while occupancy has trended up modestly, according to WDSuite’s CRE market data.
Located in Lima’s inner-suburb fabric, the property sits in a neighborhood rated C where renter-occupied housing is elevated (measured at the neighborhood level), signaling durable multifamily demand. Neighborhood occupancy is reported at 86% with a recent upward trend, which can support lease stability even as the submarket remains value-oriented.
Everyday conveniences are accessible: grocery presence is competitive among Lima neighborhoods (ranked within the better tier of 45 metro neighborhoods), and restaurant density is top quartile locally. In contrast, parks, pharmacies, and cafes are limited at the neighborhood level, so on-site amenities and unit finishes can play a larger role in retention.
Rent levels in the neighborhood sit well below national norms and the neighborhood rent-to-income ratio is moderate, which can reduce affordability pressure and support steady collections. Median school ratings in the area are low, which tends to align the asset with workforce renters less sensitive to school performance rather than family-driven move decisions.
The property’s 1981 vintage is newer than the neighborhood’s older housing stock and can be positioned as relatively competitive versus prewar buildings. However, systems are no longer new, so capital planning for unit refreshes and common-area upgrades may unlock value and support rent growth in line with investor-focused multifamily property research.
Demographic trends within a 3-mile radius show population roughly flat over the past five years with households holding steady and projected to increase, pointing to a stable or expanding renter pool. In a low home value context, ownership remains more accessible than in major metros, which can create some competition with entry-level ownership; still, elevated neighborhood renter concentration supports near-term multifamily demand.
Neighborhood safety metrics trail national averages (national percentiles for both violent and property offenses are on the lower end), but recent year-over-year declines in violent incidents indicate improvement momentum. Within the Lima metro context, crime sits above the metro median in relative terms, suggesting conditions that are comparatively stronger than several peer neighborhoods among the 45 measured.
Investors should underwrite with pragmatic assumptions—emphasizing lighting, access control, and resident engagement—while noting that the directional trend has been favorable over the last year.
Regional employment centers help anchor renter demand, with commute-accessible roles in energy and corporate services relevant to workforce housing.
- Marathon Petroleum — corporate offices (31.5 miles) — HQ
This 36-unit, 1981-vintage asset offers value-add potential in a renter-heavy neighborhood where occupancy has improved and rents remain below national norms. According to CRE market data from WDSuite, the area’s renter concentration supports tenant demand, while moderate rent-to-income levels point to manageable affordability pressure and potential for upgrades to translate into improved pricing and retention.
Relative to the neighborhood’s older housing stock, the property’s vintage is competitively positioned, though investors should plan for targeted renovations and system updates. Demographics within a 3-mile radius show a stable base with households projected to increase, supporting occupancy stability over the hold period, with risks tied to safety metrics below national averages and a lower-cost ownership market that can compete with rentals.
- Elevated neighborhood renter concentration supports a deeper tenant base and steadier leasing
- 1981 vintage is newer than much of the area stock, enabling competitive positioning post-renovation
- Below-national rent levels and moderate rent-to-income support collections and targeted rent growth
- Households within 3 miles are projected to grow, reinforcing occupancy stability and leasing velocity
- Risks: safety metrics trail national norms and lower-cost ownership can compete with rentals