| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Best |
| Demographics | 33rd | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 445 W Beech St, Jefferson, OH, 44047, US |
| Region / Metro | Jefferson |
| Year of Construction | 1978 |
| Units | 42 |
| Transaction Date | 2004-10-08 |
| Transaction Price | $865,000 |
| Buyer | PECKOL JOSEPH M |
| Seller | SMCH ENTERPRISE LLC |
445 W Beech St, Jefferson OH Multifamily Value-Add
Neighborhood occupancy trends are steady and sit above the metro median, according to WDSuite’s CRE market data, suggesting durable renter demand for a well-managed 42-unit asset. Built in 1978, the property offers operational upside through targeted renovations aligned to a rural tenant base.
Jefferson’s rural setting delivers a quieter living environment with limited retail and service density nearby, which can help properties compete on basics like parking, space, and predictable commutes. Amenity counts rank near the bottom of the Ashtabula metro’s 47 neighborhoods, so resident value often comes from on-site convenience and reliable management rather than walkable options.
Based on CRE market data from WDSuite, the neighborhood’s occupancy rate is above the metro median among 47 Ashtabula neighborhoods and has trended modestly higher over the last five years, supporting income stability. Median contract rents in the neighborhood benchmark below national levels, and the rent-to-income profile indicates relatively low affordability pressure, which typically aids retention even if it moderates near-term pricing power.
Tenure dynamics point to a smaller renter-occupied share at the neighborhood level, while within a 3-mile radius renters account for roughly one-third of occupied housing units. For investors, that mix suggests a defined but targeted renter pool where leasing strategies emphasizing value and reliability can capture demand from residents who prefer multifamily over more dispersed single-family options.
The typical construction year in the neighborhood skews to the late 1960s. With a 1978 vintage, this asset is somewhat newer than local averages but may still benefit from modernization of interiors and building systems to maintain competitive positioning versus older stock and support long-term NOI performance.
Safety indicators for the neighborhood are generally around the national median overall, with violent and property offense metrics comparing in the top quartile nationally for safer outcomes. Within the Ashtabula metro’s 47 neighborhoods, the area compares favorably rather than at the high-crime end of the spectrum.
Recent data also show a short-term uptick in property offenses. Investors should underwrite to prudent security measures and monitor trend direction, incorporating lighting, access control, and resident engagement to help sustain performance.
Employment access is oriented to regional commuters, with large corporate campuses to the west and along the I-90 corridor. These employers support a steady workforce renter base that values predictable drive-times over walkability, including Progressive, Parker-Hannifin, Norfolk Southern, and Erie Insurance Group.
- Progressive Greens Building — insurance operations (37.0 miles)
- Progressive Discovery Building — insurance operations (37.4 miles)
- Progressive — insurance (38.1 miles) — HQ
- Parker-Hannifin — industrial manufacturing (39.4 miles) — HQ
- Norfolk Southern — rail & logistics offices (41.0 miles)
This 42-unit, 1978-vintage asset in Jefferson positions as a practical workforce rental in a rural submarket where neighborhood occupancy trends sit above the metro median. According to CRE market data from WDSuite, rents benchmark below national levels and rent-to-income readings indicate modest affordability pressure, supporting retention and stable lease rolls. Given limited nearby amenities, on-site improvements and dependable operations are primary levers to differentiate and sustain occupancy.
Vintage and location together point to a value-add plan centered on unit refreshes, common-area updates, and targeted system replacements to extend useful life and drive rent premiums without overshooting local willingness to pay. Household counts within a 3-mile radius have expanded even as average household size declined, creating a larger base of smaller households that can support multifamily demand and occupancy stability over time.
- Above-metro-median neighborhood occupancy supports stable cash flow potential
- 1978 vintage offers clear value-add via interiors, common areas, and systems
- Rural fundamentals favor properties delivering space, parking, and reliable operations
- Expanding household counts within 3 miles enlarge the tenant base for sustained leasing
- Risk: limited nearby amenities and a recent uptick in property offenses warrant conservative underwriting and active asset management