| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 11th | Poor |
| Demographics | 17th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 Gates St, Andover, OH, 44003, US |
| Region / Metro | Andover |
| Year of Construction | 1981 |
| Units | 62 |
| Transaction Date | 2015-12-06 |
| Transaction Price | $372,285 |
| Buyer | ANDOVER APARTMENTS LP |
| Seller | HARRY LEV AND ASSOCIATES |
500 Gates St, Andover OH 62-Unit Multifamily
Positioned in a rural submarket with newer-than-local-average vintage, the asset offers a cost-conscious renter profile and steady safety indicators, according to WDSuite’s CRE market data. Investor focus centers on value-add potential and lease management in a low-amenity, lower-rent neighborhood.
The property sits in a Rural neighborhood of Ashtabula, OH with limited neighborhood-serving retail and services nearby; amenity metrics (cafes, groceries, restaurants, parks, pharmacies) rank at the bottom of the metro’s 47 neighborhoods, signaling drive-to conveniences rather than walkable options. Average school ratings are above the national median (3.0 average, 61st percentile), which can support family-oriented renter retention even where amenities are sparse.
Median neighborhood rents trend on the lower end of the national distribution (15th percentile), while the rent-to-income ratio sits around the middle nationally, suggesting manageable affordability pressure and potential for disciplined rent growth with attention to renewal risk, based on CRE market data from WDSuite. Neighborhood occupancy (for housing units) tracks below national norms, which may require targeted leasing strategies and careful underwriting for absorption pacing.
Construction stock in the area skews older (average year 1930). With a 1981 vintage, this property is materially newer than the neighborhood norm—supporting competitive positioning versus legacy assets while still warranting planning for system upgrades and modernization to sustain renter appeal.
Within a 3-mile radius, demographics indicate a broad age mix and a renter-occupied share around one-quarter of housing units, providing a workable tenant base for multifamily. Forward-looking 3-mile projections anticipate population growth alongside smaller average household sizes, which can expand the renter pool and support occupancy stability for smaller-format units when paired with prudent marketing and unit finishes.
Safety indicators compare favorably versus neighborhoods nationwide: overall crime measures sit in higher national percentiles (safer relative standing), and recent data show year-over-year declines in both property and violent offenses. According to WDSuite’s CRE market data, this translates into a supportive backdrop for tenant retention and leasing consistency, while still warranting ongoing monitoring of local trends at the neighborhood—not block—level.
Regional employers accessible by car underpin workforce housing demand and commuting convenience, including rail transportation, industrial manufacturing, and insurance operations listed below.
- Norfolk Southern — rail transportation (34.7 miles)
- Parker-Hannifin — industrial motion/control manufacturing (39.1 miles)
- Erie Insurance Group — insurance (43.9 miles) — HQ
This 62-unit, 1981-vintage asset offers a relative age advantage in a submarket dominated by older housing stock, with the opportunity to capture renters seeking cost-conscious options and dependable safety metrics. Neighborhood rent levels sit at the lower end nationally, and, according to CRE market data from WDSuite, the mid-range rent-to-income profile suggests room for thoughtful revenue management while maintaining renewal prospects.
The rural setting implies car-dependent living and fewer nearby amenities, but a 3-mile view points to a workable tenant base today and projections for population growth with smaller average household sizes—conditions that can favor smaller-format units when paired with light value-add. Key risks include below-average neighborhood occupancy, thinner local amenities, and the need to plan capital for systems and common-area improvements typical of early-1980s construction.
- 1981 vintage is newer than local stock, supporting competitive positioning with targeted modernization
- Lower national rent positioning with mid-range rent-to-income profile supports disciplined revenue management
- 3-mile projections point to population growth and smaller households, expanding the renter pool for smaller units
- Car-accessible regional employers provide a commuting renter base that can aid leasing stability
- Risks: below-average neighborhood occupancy, limited local amenities, and capex needs typical for early-1980s systems