| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 67th | Best |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 402 Old St, Monroe, OH, 45050, US |
| Region / Metro | Monroe |
| Year of Construction | 1972 |
| Units | 21 |
| Transaction Date | 2001-08-02 |
| Transaction Price | $470,000 |
| Buyer | WITT JAMES GARY |
| Seller | LANGWORTHY WILLIAM D |
402 Old St, Monroe OH Multifamily Investment
Positioned in a high-occupancy suburban pocket of the Cincinnati metro, this 21‑unit asset offers exposure to stable renter demand and value‑add potential, according to WDSuite’s CRE market data.
Monroe sits within the Cincinnati, OH-KY-IN metro and this neighborhood scores an A rating, placing it in the top quartile among 611 metro neighborhoods. Local livability drivers include everyday retail access, parks, and a school system averaging 4.0 out of 5 — a top‑quartile result metro‑wide — which helps underpin family-oriented rental demand. Amenities density is moderate by national comparison, with groceries, parks, pharmacies, and cafes registering above the national median.
Neighborhood occupancy is elevated versus national trends, with the area showing high 90s occupancy and a five‑year strengthening trend. Rents in the neighborhood have risen meaningfully over the last five years, while the rent‑to‑income profile sits at roughly one‑sixth of income, supporting lease retention and manageable affordability from an investor perspective. Median home values are moderate for the region, which can create some competition from ownership; however, this context can also support rental stability as residents weigh total cost and flexibility of multifamily housing.
Tenure patterns indicate a modest renter concentration (about one‑fifth to one‑quarter of housing units are renter‑occupied in the immediate area). For investors, that translates into a defined but stable tenant base, with demand concentrated among households prioritizing commute convenience and schools. Demographic statistics aggregated within a 3‑mile radius point to flat-to-rising household counts historically and a projected expansion over the next five years, indicating a larger tenant pool and support for occupancy stability.
The asset’s 1972 vintage is older than the neighborhood’s average construction year (1990). That age profile typically calls for disciplined capital planning and presents potential value‑add upside through unit renovations and systems modernization, positioning the property to compete effectively against newer nearby stock.
Safety indicators are mixed when viewed against national benchmarks. Overall crime measures track slightly below the national average for safety, with property offenses trending in a better direction over the past year, while violent‑offense indicators have ticked up. In practical terms, investors should underwrite to current conditions, monitor trend lines, and consider standard security and lighting enhancements common to suburban workforce assets.
Proximity to diversified employers supports the renter base, with commutes to metals manufacturing, insurance/financial services, utilities, and healthcare operations that can aid leasing stability and retention.
- AK Steel Holding — steel manufacturing (8.5 miles) — HQ
- Anthem Inc Mason Campus II — insurance services (9.6 miles)
- Humana Pharmacy Solutions — healthcare services (9.8 miles)
- Duke Energy — utilities offices (11.9 miles)
- Cincinnati Financial — insurance & financial services (12.5 miles) — HQ
This 21‑unit property offers a straightforward value‑add thesis in a high‑occupancy suburban neighborhood. Occupancy in the immediate area is strong and has improved over five years, while household incomes are healthy relative to regional norms, supporting rent collections and pricing power without overextending rent‑to‑income levels. Based on CRE market data from WDSuite, the surrounding school quality and amenity access are competitive, helping to anchor family and workforce renter demand.
Built in 1972, the asset is older than the neighborhood’s average vintage, suggesting near‑term capital planning and a clear renovation path to elevate interiors and address aging systems. Within a 3‑mile radius, forecasts point to growth in households and a larger tenant base over the next five years, which should support occupancy stability; at the same time, moderate for‑sale housing costs in the area may compete for some renters and warrant conservative renewal assumptions.
- High neighborhood occupancy with five‑year strengthening trend supports income stability
- 1972 vintage presents value‑add potential via unit upgrades and systems modernization
- Diverse nearby employment nodes bolster leasing and retention
- 3‑mile household growth outlook expands the renter pool and supports absorption
- Risks: older building capex needs, mixed safety trends, and potential competition from accessible homeownership