| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Best |
| Demographics | 58th | Best |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 120 W Erie St, Jefferson, OH, 44047, US |
| Region / Metro | Jefferson |
| Year of Construction | 1972 |
| Units | 82 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
120 W Erie St, Jefferson OH Value-Add Multifamily
Neighborhood occupancy is in the mid-90% range and above the metro median, supporting stable tenancy according to WDSuite’s CRE market data.
Rated A+ and ranked 1st of 47 neighborhoods in the Ashtabula, OH metro, the area around 120 W Erie St offers investors a small-town, Rural setting with steady renter demand and a pragmatic cost basis. Neighborhood occupancy is 93.9%, competitive among Ashtabula neighborhoods, which supports income stability for well-managed assets.
Livability is serviceable for a rural location: national amenity percentiles indicate modest access to everyday needs (grocery and pharmacy near the low-to-mid range), while cafes track around the upper-mid range nationally. Average school ratings are around 3.0 out of 5 and sit above the national median, which can aid family retention.
Tenure patterns point to a defined but not saturated renter base. Within a 3-mile radius, approximately 30% of housing units are renter-occupied, signaling a measurable tenant pool without excessive concentration. Median contract rents remain accessible relative to local incomes (rent-to-income around 15%), which can support lease retention while limiting near-term pricing power. Median home values in the area are moderate by national standards, implying some competition from ownership but also the potential to position clean, well-managed rentals as a more accessible option.
Demographics within a 3-mile radius show a slight population decline over the last five years alongside a notable increase in household count and smaller average household size. This shift suggests more, smaller households entering the market — a setup that can broaden the renter base and support occupancy stability. Looking ahead, forecasts indicate population and household growth by 2028 with rents projected to rise, according to WDSuite’s CRE market data, which may reinforce long-term demand for professionally managed multifamily units.
Vintage context matters for competitiveness. The property’s 1972 construction is newer than the neighborhood’s average vintage (1961), suggesting relative appeal versus older stock; however, capital plans should account for aging systems and selective modernization to capture value-add upside and sustain performance against both local ownership alternatives and nearby rentals.
Safety signals are mixed and should be evaluated in context. Overall crime levels track below the national median (lower national percentile), yet both violent and property offense rates sit modestly above the national median (higher national percentiles), indicating comparatively better outcomes on those specific measures versus many U.S. neighborhoods. Among 47 Ashtabula metro neighborhoods, recent rankings place the area closer to the metro average than the top tier.
Year-over-year volatility in reported offense estimates has been elevated, so investors should underwrite with conservative assumptions and confirm trends with current, property-level data and professional due diligence. As always, block-level conditions can vary within rural communities; comparative and trend analysis at the neighborhood and submarket levels is recommended.
Regional employment is anchored by insurance, manufacturing, rail, and distribution within commuting range, which can support workforce housing demand and retention for Jefferson-based renters. The list below highlights nearby offices and headquarters relevant to the tenant base.
- Progressive Greens Building — insurance (36.5 miles)
- Progressive Discovery Building — insurance (36.8 miles)
- Progressive — insurance (37.5 miles) — HQ
- Parker-Hannifin — industrial manufacturing (38.8 miles) — HQ
- Norfolk Southern — rail & logistics offices (40.0 miles)
This 82-unit asset built in 1972 offers a value-add path in a rural A+–rated neighborhood that ranks 1st of 47 within the Ashtabula metro. Neighborhood occupancy is above the metro median and sits in the mid-90% range, supporting income durability for well-run operations. The property’s vintage is newer than the local average, suggesting relative competitiveness versus older stock; targeted renovations and systems updates can further differentiate units without overcapitalizing.
Within a 3-mile radius, renter-occupied housing accounts for roughly one-third of units, indicating a meaningful tenant base. Household counts are rising despite a slight population dip, pointing to smaller households and a broader leasing funnel. Rents remain accessible versus incomes (rent-to-income near 15%), aiding retention. Forecasts call for growth in households and rents into 2028, and, based on CRE market data from WDSuite, these demand drivers align with sustained occupancy for workforce-oriented apartments.
- Top-ranked A+ neighborhood among 47 in the metro supports leasing fundamentals
- Occupancy in the mid-90% range with renter pool expansion from smaller households
- 1972 vintage offers value-add and modernization potential versus older local stock
- Rents accessible relative to incomes support retention and steady cash flow management
- Risks: mixed safety signals, modest amenity depth, and some competition from ownership options