| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 16th | Poor |
| Demographics | 41st | Good |
| Amenities | 37th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 185 E Main St, Andover, OH, 44003, US |
| Region / Metro | Andover |
| Year of Construction | 1982 |
| Units | 82 |
| Transaction Date | 2000-01-18 |
| Transaction Price | $1,100,000 |
| Buyer | O'RWELL VILLAGE APARTMENTS LLC |
| Seller | HERBERT LUXENBERG TRST |
185 E Main St, Andover OH Multifamily Investment
Positioned in a rural submarket with relatively low neighborhood rents and a moderate renter base, this 1982 asset offers durable workforce appeal, according to WDSuite’s CRE market data. The area’s pricing dynamics suggest stable tenancy potential with measured upside rather than rapid rent growth.
The property sits in a Rural neighborhood of Ashtabula, placing it competitive among Ashtabula neighborhoods (ranked 18 out of 47). Local amenities are limited, but daily needs are serviceable with grocery access present and pharmacies testing stronger than many rural peers. Cafés and childcare options are sparse, aligning with the area’s low-density profile.
Neighborhood occupancy is measured for the neighborhood—not the property—and currently tracks on the softer side for the metro, with recent improvement over the past five years. For investors, this points to prudent underwriting on lease-up velocity and retention, with demand supported by lower contract rents versus many metros.
Within a 3-mile radius, approximately 26% of housing units are renter-occupied, indicating a moderate renter concentration that supports depth for multifamily demand. Population has been roughly flat in recent years, while forward-looking indicators suggest potential household growth by 2028, which would widen the local tenant base and support occupancy stability if realized.
The property’s 1982 vintage is newer than the neighborhood’s older average housing stock (1940s era), which can offer a relative competitive edge versus legacy units; that said, investors should still consider targeted modernization and system updates to strengthen positioning and reduce near-term capex uncertainty.
Affordability stands out: neighborhood contract rents are low and the rent-to-income ratio is favorable, which can support retention and steady cash flows while limiting near-term pricing power. Home values are comparatively accessible in this county context, suggesting some competition from ownership; lease management and amenity upgrades can help sustain demand and reduce move-outs to for-sale options.
Safety indicators compare favorably at the national level: the neighborhood profiles in the top quartile nationally for both lower property and violent offense exposure, based on WDSuite’s dataset. That said, safety can vary by street and over time; investors typically benchmark conditions against nearby Ashtabula neighborhoods and monitor trend direction alongside local management feedback.
Recent data shows a notable year-over-year decline in estimated property offenses, while violent offense measures have been more mixed. These trends are best viewed alongside portfolio-level risk practices such as lighting, access control, and community engagement to sustain leasing and retention.
Commuter access ties residents to a regional employment base anchored by rail transportation, industrial manufacturing, and insurance services—supporting workforce housing demand and lease retention for nearby multifamily.
- Norfolk Southern — rail transportation (34.6 miles)
- Parker-Hannifin — industrial manufacturing (39.1 miles)
- Erie Insurance Group — insurance (43.9 miles) — HQ
This 82-unit, 1982-vintage property offers a relative quality advantage versus older neighborhood stock while tapping a moderate renter base in a rural setting. Affordability metrics are supportive—low neighborhood contract rents and a favorable rent-to-income ratio point to stable tenancy and manageable turnover, according to CRE market data from WDSuite. Given softer neighborhood occupancy, investors should underwrite conservative lease-up and focus on operational execution and light value-add to enhance competitiveness.
Strategically, pricing discipline and targeted upgrades can capture steady demand from regional employers while acknowledging some competition from ownership given accessible home values. Forward-looking household growth within 3 miles would expand the tenant pool and support occupancy stability if realized, but business plans should remain grounded in current leasing conditions.
- Newer 1982 vintage versus older local stock, offering a competitive edge with targeted modernization
- Affordability supports retention and steady cash flow; low rent-to-income ratios reduce payment pressure
- Regional employers provide workforce-driven demand that supports occupancy and lease stability
- Risk: neighborhood occupancy is softer; plan for conservative lease-up and competitive amenity positioning