| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 22nd | Poor |
| Demographics | 23rd | Poor |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 560 W Franklin St, Nelsonville, OH, 45764, US |
| Region / Metro | Nelsonville |
| Year of Construction | 1992 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
560 W Franklin St Nelsonville OH Multifamily Opportunity
Neighborhood renter concentration is comparatively high, while neighborhood occupancy trails regional benchmarks, according to WDSuite’s CRE market data—pointing to tenant depth but the need for active lease management.
The property sits in a Rural neighborhood within Athens, OH that rates B and is competitive among Athens neighborhoods (rank 15 of 31). Local amenities score in the top quartile metro-wide (rank 5 of 31), though amenity density is modest compared with neighborhoods nationally. Restaurants are reasonably accessible relative to the metro, while groceries and pharmacies show decent coverage, supporting daily needs without urban-level variety.
Vintage is a differentiator: the average neighborhood construction year is 1944, while this asset was built in 1992. Newer construction versus the local stock can improve competitive positioning with residents seeking more contemporary layouts; investors should still plan for selective system upgrades and common-area refreshes given the asset’s age.
Tenure patterns indicate a meaningful renter-occupied share at the neighborhood level (nationally high, 77th percentile), signaling a sizable tenant base and potential demand stability for multifamily. Within a 3-mile radius, demographics show population contraction over the last five years with households trending smaller; forward projections indicate households could increase even as population declines, which typically reflects smaller household sizes and can favor smaller-unit leasing strategies.
Affordability looks workable for renters: neighborhood rent-to-income sits near mid-range nationally, and local home values are comparatively low for owners, which can introduce competition from ownership options. For multifamily operators, this tends to support retention via value-oriented positioning rather than premium pricing. Based on CRE market data from WDSuite, neighborhood occupancy is below metro norms, so underwriting should assume more conservative lease-up velocity and an emphasis on renewals.
Safety indicators point to a mixed but improving profile. Compared with neighborhoods nationwide, the area trends above average for safety (around the 69th percentile nationally), yet it is not among the top tier within the Athens metro (ranked in the lower half of 31 neighborhoods). Recent data shows notable year-over-year improvements in both violent and property offense rates, suggesting a favorable direction rather than a guarantee.
Regional employment is supported by commutable hubs, with food manufacturing, auto parts distribution, and technology services within roughly 30–45 miles. These job centers can help anchor renter demand and support retention among workforce households.
- General Mills — food manufacturing offices (30.0 miles)
- Autozone Distribution Center — auto parts distribution (40.1 miles)
- Avnet Services — technology services (44.5 miles)
This 44-unit property built in 1992 offers relative competitiveness versus an older local housing base, with unit sizes suited to smaller households observed within a 3-mile radius. The surrounding neighborhood shows a nationally high renter concentration that can provide tenant depth, though neighborhood occupancy trends below metro norms imply a focus on renewals, targeted concessions, and operational discipline. According to commercial real estate analysis from WDSuite, affordability is workable—supporting leasing stability—while low ownership costs in the area may limit outsized pricing power.
Forward-looking demographics within 3 miles point to a potential increase in households despite population declines, indicating smaller household sizes and a sustained need for rental options. The asset’s vintage suggests manageable capital planning today with selective modernization to reinforce its competitive edge against older stock.
- 1992 vintage competing against older local stock; plan targeted upgrades for continued appeal
- Nationally high renter concentration supports tenant depth and potential occupancy stability
- Household patterns within 3 miles skew smaller, aligning with efficient unit sizes and steady workforce demand
- Affordability supports retention; position as value-oriented versus ownership alternatives
- Risks: neighborhood occupancy below metro norms and competition from homeownership require conservative underwriting