| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 22nd | Poor |
| Demographics | 23rd | Poor |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 900 E Canal St, Nelsonville, OH, 45764, US |
| Region / Metro | Nelsonville |
| Year of Construction | 1978 |
| Units | 40 |
| Transaction Date | 2019-11-12 |
| Transaction Price | $1,274,900 |
| Buyer | NEW NELSONVILLE HOMES LTD |
| Seller | NELSONVILLE HOMES LTD |
900 E Canal St Nelsonville Multifamily Investment
Positioned in a value-oriented pocket of Athens County, this 40-unit asset offers income durability supported by an above-average renter concentration in the neighborhood, according to WDSuite’s CRE market data. Stable pricing power is more likely to come from affordability and lease retention rather than outsized rent growth.
The property sits in a rural-style neighborhood of the Athens, OH metro that rates "B" overall and places around the middle of 31 metro neighborhoods. Local conveniences are modest but practical: grocery and pharmacy access rank competitive among Athens neighborhoods, while parks and cafes are limited, signaling a car-dependent location for daily needs.
Neighborhood renter-occupied share is above the national average (top quartile nationally by WDSuite measures), indicating a deeper tenant pool for multifamily operators and potential resilience in day-to-day leasing. Median contract rents in the neighborhood trend on the lower end of the market, which can support retention and reduce affordability pressure relative to income levels.
Within a 3-mile radius, population has been contracting, but WDSuite data indicates households are expected to grow and average household size to decline. For investors, that pattern points to a larger number of smaller households entering the market, which can sustain demand for compact units and support occupancy stability if leasing is priced and marketed to workforce renters.
The average neighborhood construction year skews older than the subject’s 1978 vintage. Being newer than much of the surrounding stock suggests relative competitiveness on systems and building components, though investors should still plan for targeted renovations and modernization to capture value-add upside and improve operating efficiency through selective upgrades.
Safety indicators are mixed. Compared with neighborhoods nationwide, the area scores above average for safety (around the 69th percentile nationally on WDSuite metrics). Relative to the Athens, OH metro, the neighborhood ranks below the metro median for crime (20 out of 31 metro neighborhoods), so investors should underwrite prudent security and lighting measures while noting recent year-over-year declines in both property and violent offense rates.
Regional employment is driven by distribution and food manufacturing within commuting range, which can underpin workforce housing demand and lease retention for value-focused assets. Nearby anchors include General Mills and an AutoZone distribution hub.
- General Mills — food manufacturing (29.8 miles)
- Autozone Distribution Center — logistics & distribution (40.4 miles)
This 1978, 40-unit property aligns with a value-focused strategy in a renter-leaning neighborhood where affordability supports retention. Based on CRE market data from WDSuite, local rents sit at the lower end of the spectrum and renter concentration is elevated nationally, both of which can stabilize occupancy through price-to-value positioning rather than aggressive rent growth.
Forward-looking trends show population contraction within 3 miles but a projected increase in household counts and smaller household sizes, expanding the pool of smaller households seeking attainable rentals. The asset’s comparatively newer vintage versus much of the neighborhood stock enables targeted renovations and operational improvements to enhance competitiveness, while prudent underwriting should account for softer neighborhood occupancy trends and car-dependent amenities.
- Renter-leaning neighborhood with lower rent levels that support retention and occupancy stability
- 1978 vintage offers value-add potential versus older surrounding stock
- Household growth and smaller household sizes within 3 miles support demand for compact, attainable units
- Regional employers within commuting range underpin workforce renter demand
- Risk: neighborhood occupancy trends below metro median; underwrite conservative lease-up and marketing