| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 21st | Poor |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2101 S Main St, Middletown, OH, 45044, US |
| Region / Metro | Middletown |
| Year of Construction | 2004 |
| Units | 50 |
| Transaction Date | 2002-12-02 |
| Transaction Price | $96,000 |
| Buyer | NATIONAL CHR RESIDENCES LAFAYETTE OF MID |
| Seller | VOANS WOODLANDS ON LAFAYETTE LP |
2101 S Main St Middletown Multifamily Opportunity
2004-vintage asset positioned against a renter-occupied neighborhood base, with neighborhood occupancy measured at the neighborhood level rather than the property, according to WDSuite’s CRE market data. Newer construction versus nearby housing stock suggests competitive positioning and manageable modernization plans.
Located in Middletown within the Cincinnati metro, the property sits in an Inner Suburb neighborhood rated C- among 611 metro neighborhoods. The area skews renter-occupied (52.4% renter share), placing it in the top decile nationally, which supports depth of tenant demand for multifamily. Neighborhood occupancy is 84.5% (measured for the neighborhood, not the property) and sits below the metro median, so underwriting should emphasize leasing strategy and retention as part of disciplined commercial real estate analysis.
Relative to local housing stock that averages a 1959 construction year, this property’s 2004 vintage is newer, indicating potential savings on near-term capital items and competitive appeal versus older product. That said, systems from the early 2000s may warrant targeted upgrades to sustain positioning and reduce future capex variability.
Everyday convenience is serviceable: grocery and pharmacy density perform well versus national peers, while restaurants are moderate. However, parks, cafes, and childcare are limited in the immediate neighborhood, which may modestly affect lifestyle appeal and should be balanced with unit-level features and pricing.
Demographic statistics aggregated within a 3-mile radius point to a larger renter base over time: recent population growth of about 3% over five years and a projected increase of roughly 7% through 2028, alongside a 7.5% rise in households and a substantial household expansion forecast, signal a growing pool of prospective tenants. Median contract rents in the 3-mile radius remain accessible relative to incomes, and the neighborhood’s rent-to-income ratio near 0.17 suggests manageable affordability pressure that can aid retention. At the same time, relatively low home values in the neighborhood context can create ownership alternatives, so operators should maintain a value-forward offering to protect lease stability.
Safety indicators are mixed when viewed against national benchmarks. Overall, the neighborhood sits near the national midpoint, with crime levels around average (53rd percentile safer than nationwide). Property offenses show a notable year-over-year improvement with materially lower estimated rates, which is a constructive trend for long-term operations.
Violent offense metrics are closer to the national middle and ticked up year over year, warranting routine risk management (lighting, access control, resident engagement). For investors comparing across the Cincinnati metro, this area performs competitively against some peers but not top-tier, underscoring the importance of on-site management and security best practices.
Proximity to established employers supports a stable renter base and commute convenience. Nearby corporate offices span steel manufacturing, utilities, insurance, and healthcare, as outlined below.
- AK Steel Holding — steel manufacturing (11.5 miles) — HQ
- Duke Energy — utilities (12.7 miles)
- Humana Pharmacy Solutions — healthcare services (12.8 miles)
- Cincinnati Financial — insurance (14.0 miles) — HQ
- Anthem Inc Mason Campus II — healthcare services (14.2 miles)
This 50-unit, 2004-built property offers relative competitiveness versus older neighborhood stock while tapping into a renter-heavy area that supports demand depth. Based on CRE market data from WDSuite, neighborhood occupancy sits below the metro median, so execution hinges on leasing and retention while leveraging a balanced affordability profile (rent-to-income near 0.17 at the neighborhood level) to sustain renewals.
Within a 3-mile radius, recent population growth and a notable increase in households, with further expansion projected, point to a larger tenant base over the medium term. Grocery and pharmacy access are strengths, while limited parks and cafes and average safety indicators argue for active asset management and amenity programming to reinforce leasing momentum.
- 2004 vintage provides competitive positioning versus older area stock with targeted modernization opportunities
- Renter-occupied neighborhood (top decile nationally) supports demand depth and leasing velocity
- 3-mile radius shows recent and forecast household growth, expanding the prospective renter pool
- Balanced affordability (neighborhood rent-to-income near 0.17) can support retention and pricing discipline
- Risks: neighborhood occupancy below metro median, limited nearby parks/cafes, and average safety trends require proactive management