| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 23rd | Poor |
| Demographics | 55th | Best |
| Amenities | 14th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6147 Lake St, Kingsville, OH, 44048, US |
| Region / Metro | Kingsville |
| Year of Construction | 1995 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
6147 Lake St Kingsville 22-Unit Multifamily Investment
Renter affordability is strong and neighborhood households are expanding, supporting steady lease-up potential according to WDSuite’s CRE market data. A 1995 vintage helps the asset compete against older local stock while leaving room for targeted upgrades.
Local dynamics and renter demand
Kingsville is a rural neighborhood within the Ashtabula, OH metro. Neighborhood occupancy sits in the mid‑80% range, and the area ranks above the metro median for overall amenities (20 out of 47 neighborhoods), though options are limited compared with national norms. Restaurants and groceries are present but sparse, and cafes, parks, and pharmacies are minimal, which aligns with a lower‑density setting.
Within a 3‑mile radius, the resident base has grown modestly over the past five years and households increased, with forecasts pointing to further household growth alongside smaller average household sizes. For multifamily owners, that mix can expand the tenant base and support occupancy stability as more one‑ and two‑person households seek rental options.
The building’s 1995 construction is newer than the neighborhood’s older housing stock (average vintage 1941), aiding competitive positioning versus legacy properties; investors should still plan for system updates typical of late‑1990s assets to maintain curb appeal and operating reliability.
Tenure patterns indicate a smaller renter pool: within a 3‑mile radius, renter‑occupied units account for a limited share of housing. That implies a thinner but potentially steady multifamily demand base; leasing strategy and product fit (functional layouts, durable finishes) matter for retention. Neighborhood rents are relatively low versus national levels while the rent‑to‑income ratio benchmarks favorably, suggesting manageable affordability pressure and measured pricing power. Home values are comparatively accessible in context, which can introduce some competition from ownership and underscores the importance of convenience and value in the rental offering.
Average school ratings are around 2.0 out of five for the neighborhood, which may be a headwind for family‑oriented demand relative to stronger school districts nearby. Even so, the area’s workforce profile and expected increase in households support durable demand for well‑maintained, functionally sized apartments.
Safety indicators are mixed but generally competitive. The neighborhood ranks 30 out of 47 Ashtabula neighborhoods for overall crime, placing it near the metro middle, while national benchmarks are comparatively favorable: violent offense levels are in a higher (safer) national percentile and property offense levels also sit in a higher national percentile. Together, these point to conditions that compare well nationally, with variation across the metro.
Recent movement is worth monitoring: property offenses rose year over year while violent offenses declined. Standard measures such as lighting, access control, and resident engagement remain prudent to support retention and protect NOI.
Commutable regional employers provide a steady workforce draw that can underpin renter demand, led by manufacturing and insurance offices noted below.
- Parker-Hannifin — manufacturing (32.6 miles)
- Erie Insurance Group — insurance (34.8 miles) — HQ
This 22‑unit, 1995‑vintage property aligns with workforce housing demand in a rural Ashtabula submarket where household counts are increasing within a 3‑mile radius and neighborhood occupancy trends in the mid‑80% range. Based on CRE market data from WDSuite, rents benchmark low versus national levels and rent‑to‑income is favorable, supporting retention while leaving room for disciplined rent growth tied to targeted upgrades.
Compared with older neighborhood stock, the asset’s vintage offers competitive positioning; investors should plan for routine modernization to sustain performance. The renter base is thinner locally, and amenities and school ratings are modest, so emphasizing functionality, maintenance, and value will be key to pricing power and lease stability.
- Favorable rent‑to‑income and relatively low rents support retention and measured rent growth
- 1995 vintage competes well versus older neighborhood stock; value‑add through selective updates
- Household growth within 3 miles expands the tenant base and supports occupancy stability
- Risks: thin renter concentration, modest amenities and school ratings require careful leasing and asset management