| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Fair |
| Demographics | 31st | Poor |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4389 Bonita Dr, Middletown, OH, 45044, US |
| Region / Metro | Middletown |
| Year of Construction | 1973 |
| Units | 108 |
| Transaction Date | 2005-10-01 |
| Transaction Price | $2,800,000 |
| Buyer | TTC Chatham, LLC |
| Seller | Chatham Village Co. |
4389 Bonita Dr Middletown Value-Add Multifamily Opportunity
Neighborhood renter concentration and workforce access suggest durable tenant demand, according to WDSuite’s CRE market data, with potential to enhance performance through targeted renovations.
Positioned in Middletown within the Cincinnati, OH-KY-IN metro, the neighborhood is rated B and ranks 277 out of 611 neighborhoods—above the metro median. Restaurants, groceries, and pharmacies score comparatively well versus national norms, while parks and cafes are limited, indicating convenience for daily needs but fewer lifestyle amenities near the asset.
For investors, tenure patterns point to a meaningful renter base. At the neighborhood level, an estimated 56.4% of housing units are renter-occupied, supporting depth of demand for multifamily. Within a 3-mile radius, renter-occupied units account for about 42% of housing, broadening the potential tenant pool across nearby subareas.
Occupancy in the neighborhood is reported around 89.1%. Median contract rents in the area trend on the more accessible side and rent-to-income ratios near 0.22 suggest manageable affordability pressure, which can support retention but may temper near-term pricing power relative to higher-cost submarkets.
Demographics aggregated within a 3-mile radius show households have grown modestly even as population edged down in recent years, pointing to smaller household sizes and steady rental demand. Looking forward, forecasts call for population and household growth by 2028, which would expand the local tenant base and reinforce occupancy stability if realized, based on CRE market data from WDSuite.
Vintage and value-add: The property’s 1973 construction is older than the neighborhood’s average vintage (late 1970s), indicating potential capex needs alongside renovation and repositioning upside versus aging comparables.
Safety indicators are mixed in comparative terms. The neighborhood’s composite crime rank is 224 out of 611 Cincinnati metro neighborhoods, which places it competitive among Cincinnati neighborhoods rather than top-tier. Nationally benchmarked metrics show violent and property offense rates comparing favorably to many neighborhoods nationwide (higher national percentiles indicate comparatively safer conditions), yet recent year-over-year changes point to volatility that investors should monitor through ongoing diligence.
Prudent underwriting may assume steady operating protocols—lighting, access controls, and resident engagement—while tracking local trendlines and city data as part of routine risk management.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience. Anchors include AK Steel Holding, Anthem Inc Mason Campus II, Humana Pharmacy Solutions, Duke Energy, and Cincinnati Financial.
- AK Steel Holding — steel manufacturing (12.2 miles) — HQ
- Anthem Inc Mason Campus II — insurance (13.2 miles)
- Humana Pharmacy Solutions — healthcare services (13.6 miles)
- Duke Energy — utilities (14.7 miles)
- Cincinnati Financial — insurance (15.7 miles) — HQ
This 108-unit community, built in 1973, sits in a neighborhood that is above the Cincinnati metro median and supported by a sizable renter concentration. Accessible rent levels and a rent-to-income profile consistent with retention help underpin occupancy stability, while a broadening 3-mile tenant pool and proximity to established employers provide durable demand drivers. According to CRE market data from WDSuite, amenity access for essentials is solid, though lifestyle amenities are thinner, shaping a value-oriented renter profile.
The 1973 vintage suggests targeted capital planning can unlock value—interior upgrades, systems modernization, and curb appeal—positioning the asset competitively against older stock. Key considerations include measured rent growth expectations given local affordability dynamics and ongoing monitoring of safety trendlines.
- Above-median neighborhood within Cincinnati with strong day-to-day amenity access
- Renter concentration and 3-mile household growth outlook support a resilient tenant base
- Value-add potential from 1973 vintage via unit renovations and systems upgrades
- Workforce access to nearby corporate anchors aids leasing stability
- Risks: measured pricing power given value-oriented rents; monitor safety trends and capex scope