| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 18th | Poor |
| Amenities | 21st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15577 State Route 691, Nelsonville, OH, 45764, US |
| Region / Metro | Nelsonville |
| Year of Construction | 2005 |
| Units | 24 |
| Transaction Date | 2003-05-23 |
| Transaction Price | $370,000 |
| Buyer | ACT DEVELOPMENT LTD |
| Seller | --- |
15577 State Route 691 Nelsonville 24‑Unit Multifamily
Renter-occupied housing sits in the metro’s higher tier, supporting a stable tenant base and consistent leasing, according to WDSuite’s CRE market data. Built in 2005, the asset is newer than much of the local stock, offering competitive positioning with manageable modernization needs.
Location and livability: The property is in a suburban part of Nelsonville within the Athens, OH metro. Amenity density is modest by national standards (amenities score near the lower quintiles), with limited cafes, pharmacies, and parks nearby; investors should underwrite convenience more to regional retail nodes and driving access than to walkable options.
Rents, occupancy, and positioning: Neighborhood rents trend toward the lower end nationally, which supports affordability and can aid retention and lease management. Neighborhood occupancy is around the metro middle and has improved over the last five years, suggesting steady demand that should help stabilize cash flows through cycles.
Vintage and competitive set: With an average neighborhood construction year around 1970, this 2005 property is materially newer than surrounding stock. That vintage profile can reduce near-term capital expenditures while leaving room for targeted value-add—focused on interiors, common areas, and energy systems—to sharpen competitive appeal against older comparables.
Tenure and renter demand: The neighborhood’s renter-occupied share is in the top quartile among 31 Athens metro neighborhoods, indicating a comparatively deep renter pool for a 24‑unit asset and supporting leasing resilience.
Demographics (3-mile radius): Recent data show population contraction alongside a projected increase in household counts and smaller average household sizes. For multifamily investors, this mix points to a larger number of households relative to residents and a steady flow of renters entering the market, which can support occupancy stability even as demographics shift.
Schools and family appeal: Average school ratings track below national norms. For family-focused unit mixes, plan marketing and amenity strategy accordingly, while emphasizing the property’s relative value and commute convenience within the region.
Neighborhood safety benchmarks trend better than national averages, with crime indicators placing the area in stronger percentiles nationwide. Within the Athens metro, the neighborhood sits closer to the middle of the pack, so property-level security and lighting remain prudent operational focus areas.
Recent data also indicate a notable decline in property offenses year over year, which, if sustained, can support resident retention and reduce non-rent expense volatility. As always, investors should evaluate multi-year trends and compare submarket peers to calibrate underwriting assumptions.
Employment access draws from regional logistics and manufacturing, supporting workforce housing demand and commute convenience to General Mills and the Autozone Distribution Center.
- General Mills — food manufacturing (29.2 miles)
- Autozone Distribution Center — distribution & logistics (41.3 miles)
This 24‑unit, 2005-vintage property offers a durable workforce housing profile in a suburban Nelsonville location. The asset benefits from a renter-occupied share that ranks among the metro’s higher concentrations, lower relative rents that support retention, and a vintage advantage versus an older neighborhood peer set. According to CRE market data from WDSuite, neighborhood occupancy trends have improved over the last five years and sit near the metro middle, suggesting steady absorption even with limited on-foot amenities.
Forward-looking demand is shaped by shifting demographics within a 3‑mile radius: population is expected to contract while household counts rise and average household size declines. For investors, that dynamic can sustain a broad tenant base and support stable leasing, while the region’s more accessible ownership costs warrant disciplined rent growth assumptions and attention to value-add execution to maintain pricing power.
- 2005 vintage versus older local stock reduces near-term capex and supports competitive positioning
- Renter-occupied share in the metro’s higher tier provides depth of tenant demand for a 24‑unit asset
- Lower relative rents and steady neighborhood occupancy support retention and cash flow stability
- Value-add path via targeted interior/common-area upgrades to reinforce pricing power
- Risks: population decline, sparse walkable amenities, below-average school ratings, and competition from comparatively accessible ownership