| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Fair |
| Demographics | 47th | Fair |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 218 Eastown Dr, Wapakoneta, OH, 45895, US |
| Region / Metro | Wapakoneta |
| Year of Construction | 1982 |
| Units | 41 |
| Transaction Date | 2016-05-17 |
| Transaction Price | $7,255,833 |
| Buyer | WAPAKONETA VILLAGE SENIOR HOUSING LIMITE |
| Seller | NATIONAL CHURCH RESIDENCES OF WAPAKONETA |
218 Eastown Dr, Wapakoneta OH Multifamily Investment
Neighborhood occupancy trends sit in the upper-third nationally, according to WDSuite’s CRE market data, supporting stable leasing conditions at this 41‑unit asset. With modest rent levels locally, pricing power will hinge on thoughtful upgrades and maintaining retention.
Located in suburban Wapakoneta, the property benefits from an A-rated neighborhood that ranks 2nd among 24 metro neighborhoods, indicating top-quartile positioning in the local context. Amenity access is competitive among Wapakoneta neighborhoods, with cafes, grocery options, and pharmacies ranking near the top locally, while park space is limited. These dynamics support day-to-day livability and convenience for residents.
The neighborhood’s occupancy rate is measured at 94.3% (neighborhood metric, not property-specific) and sits around the upper third versus U.S. neighborhoods, per WDSuite. Median contract rents in the area remain modest and have risen over five years, which helps sustain a broad renter pool but can temper near-term rent growth potential.
Vintage and asset positioning matter here: the property was built in 1982, newer than the neighborhood’s average construction year of 1950. That relative vintage provides a competitive edge versus older local stock, though investors should plan for aging systems and targeted modernization to meet current renter preferences.
Within a 3‑mile radius, households increased in recent years while population held roughly flat, pointing to smaller household sizes and a gradually expanding tenant base. WDSuite’s data also indicates projected growth in household counts over the next five years alongside declining household size, which typically supports multifamily demand through more households seeking rental housing. The neighborhood’s renter-occupied share is about one-third of housing units (competitive among Wapakoneta neighborhoods with a rank of 5 out of 24), signaling a meaningful, diversified tenant base for smaller units.
Home values in the area are relatively low versus national benchmarks, which can introduce some competition from ownership options. However, the neighborhood’s rent-to-income ratio around 0.13 suggests limited affordability pressure for renters, aiding retention and stabilizing occupancy through lease management discipline.
Safety indicators compare favorably at the national level, with the neighborhood trending safer than a majority of U.S. neighborhoods based on composite crime percentiles from WDSuite. Property and violent offense rates are near or better than national midpoints, and both categories show meaningful year-over-year improvement, which supports tenant retention and longer tenancy duration.
As always, safety varies by micro-location and over time. Investors should verify recent trends and property-level conditions during diligence, using the neighborhood metrics as directional context rather than block-level guarantees.
Regional employment is anchored by industrial and energy employers that can contribute to a broader commuter renter base, aiding leasing stability even if daily commutes are longer. The list below highlights a headquarters-scale employer within regional reach.
- Marathon Petroleum — energy HQ (42.5 miles) — HQ
This 1982 vintage, 41‑unit property aligns with a stable suburban setting where neighborhood occupancy trends are in the upper third nationally and amenity access is competitive locally. According to CRE market data from WDSuite, the surrounding neighborhood’s modest rent levels and a rent-to-income ratio near 0.13 support retention and occupancy stability, while also suggesting that rent growth is best achieved through targeted value-add. Relative to older local stock, the asset’s vintage offers a competitive baseline, though investors should plan for modernization and system updates to meet current renter expectations.
Within a 3‑mile radius, households have grown and are projected to increase further over the next five years even as average household size declines, expanding the renter pool and reinforcing demand for smaller units. Ownership remains relatively accessible in this market, which can create competition for some renters; proactive leasing, amenity upgrades, and unit renovations become key to maintaining pricing power.
- Stable neighborhood occupancy and competitive amenities support leasing consistency
- 1982 vintage offers value-add potential versus older local stock
- Growing household counts within 3 miles point to a larger renter base
- Modest local rents and favorable rent-to-income ratios aid retention and lease stability
- Risks: competition from ownership options, limited park space, and the need for targeted renovations