| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 25th | Fair |
| Demographics | 43rd | Fair |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1020 Broadway St, Martins Ferry, OH, 43935, US |
| Region / Metro | Martins Ferry |
| Year of Construction | 1977 |
| Units | 38 |
| Transaction Date | 2001-08-03 |
| Transaction Price | $850,000 |
| Buyer | ZEL PROPERTIES LLC |
| Seller | MUFFET GEORGE F |
1020 Broadway St, Martins Ferry Multifamily Opportunity
Neighborhood renter-occupied share near 40% and steady occupancy point to a workable tenant base for a 38-unit asset, according to WDSuite’s CRE market data. Positioning will hinge on value-add execution and capturing workforce demand tied to nearby services.
The property sits in an Inner Suburb neighborhood of Martins Ferry that ranks 8 of 79 metro neighborhoods (top quartile among 79) on overall rating (A), signaling comparatively strong local fundamentals within the Wheeling, WV-OH metro. Grocery, pharmacy, and park access are competitive for the metro (each ranking inside the top decile to quartile of 79), while restaurants are adequate and cafes are limited. This mix supports day-to-day convenience for workforce renters without relying on destination retail.
Neighborhood housing skews older (average vintage around 1931 by metro ranking), so a 1977 asset can compete against aging stock with targeted modernization. Neighborhood occupancy is roughly mid-pack for the metro, and the renter-occupied share near 40% suggests depth in the tenant base rather than a transient market. Median contract rents remain low for the region, and a rent-to-income ratio near 0.16 indicates manageable affordability pressure that can aid lease retention and stabilized operations.
Within a 3-mile radius, demographics show recent population softening alongside smaller household sizes and a projected increase in total households over the next five years. That shift can expand the renter pool even as headcount trends flatten, supporting occupancy stability for well-managed properties. Median household incomes have risen from prior periods, and forecast rent levels are expected to remain in a workforce range, reinforcing demand for practical unit mixes.
Home values in this submarket are lower than national norms, which can introduce some competition from ownership options. For multifamily investors, this typically emphasizes the importance of well-priced, renovated units and resident services to sustain pricing power and retention. Based on commercial real estate analysis from WDSuite, the neighborhood’s amenity proximity and renter concentration provide a foundation for consistent leasing, with performance driven by asset quality and operations rather than luxury positioning.
Safety indicators are generally around national averages, with the neighborhood’s crime profile sitting slightly better than the metro median (ranked 35 out of 79). Nationally, overall safety sits near the middle of the pack, implying typical risk management and lighting/security practices should be sufficient for most investors’ standards.
Recent trends are mixed: estimated violent offenses declined about 30% year over year (a positive directional signal), while property offenses increased roughly 17% over the same period. In practice, investors often balance these countervailing signals by emphasizing visibility, access control, and coordination with local resources to maintain resident confidence and reduce turnover risk.
Regional employment includes corporate retail functions within a commutable radius, supporting workforce housing demand and lease stability for properties serving Martins Ferry.
- Dick's Sporting Goods — retail corporate headquarters (38.0 miles) — HQ
Built in 1977 with 38 units, the property offers value-add potential against an older housing base while benefiting from an A-rated neighborhood that ranks 8 of 79 metro neighborhoods (top quartile). Occupancy in the neighborhood is mid-range, but a renter-occupied share near 40% and workforce-level rents support a durable tenant base and retention. According to CRE market data from WDSuite, amenity access (grocery, pharmacy, parks) is comparatively strong for the metro, which helps sustain everyday livability and leasing velocity.
Forward-looking demand is supported by a 3-mile radius outlook showing smaller household sizes and a projected increase in household counts, which can expand the renter pool even if population growth is muted. The 1977 vintage suggests room for operational and physical upgrades to drive NOI, while lower local home values call for disciplined pricing and renovations to differentiate from ownership alternatives.
- A-rated neighborhood; top quartile (8 of 79) within the metro supports leasing fundamentals
- 1977 vintage presents value-add and systems modernization opportunities versus older local stock
- Workforce rent levels and ~40% renter-occupied share indicate depth in the tenant base and retention potential
- Amenity proximity (grocery, pharmacy, parks) supports day-to-day livability and leasing
- Risks: softer population trends, lower home values increasing competition with ownership, and mixed property-crime trend