| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 47th | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 507 Wells Mills Dr, Oxford, OH, 45056, US |
| Region / Metro | Oxford |
| Year of Construction | 1972 |
| Units | 28 |
| Transaction Date | 1996-08-29 |
| Transaction Price | $2,690,000 |
| Buyer | OGDEN INVESTMENTS PTNS |
| Seller | EST EDWARD KOSTIC |
507 Wells Mills Dr, Oxford OH Multifamily Investment
Renter demand is supported by an elevated renter-occupied housing share in the nearby area and a high-cost ownership landscape, according to WDSuite’s CRE market data. Neighborhood occupancy has been steady but not tight, suggesting room for operational improvements.
The property sits in an Inner Suburb of the Cincinnati metro where the neighborhood is competitive among Cincinnati neighborhoods (ranked 204 out of 611; rating B+). Local living essentials test above national medians, with grocery, parks, and pharmacy access tracking around the top half nationally, while dining options are comparatively limited. Schools in the vicinity rate above national norms on average, which can support renter retention.
From an investor lens, rents in the neighborhood are near the national midpoint and the neighborhood occupancy rate reflects stability rather than scarcity; note that these are neighborhood-level signals, not specific to the property. The share of housing units that are renter-occupied is elevated locally, indicating depth in the tenant base and helping support leasing even as turnover cycles.
Within a 3-mile radius, demographics skew younger and rental-oriented, with approximately 59% of housing units renter-occupied and contract rents trending higher over the past five years. Even as population counts have softened slightly within this radius, households are projected to increase, which can expand the renter pool and support occupancy stability for multifamily assets. This commercial real estate analysis suggests reliable demand drivers alongside typical leasing seasonality for a college-anchored town.
Vintage matters for positioning: the asset was built in 1972, older than the neighborhood s average vintage (1981). For investors, that implies planning for ongoing capital improvements and potential value-add renovation to stay competitive against newer stock while leveraging larger average units (around 899 square feet) to drive renter appeal.
Ownership costs in the neighborhood sit on the higher side relative to incomes (value-to-income ratio in the upper national percentiles), which tends to reinforce reliance on multifamily rentals and can aid lease retention. Rent-to-income levels are moderate locally, pointing to manageable affordability pressure and supporting steady collections with prudent lease management.
Safety indicators for the neighborhood track below national averages (around the lower national percentiles), placing it near the middle of the pack within the Cincinnati metro rather than among the safest areas. Recent estimates show property and violent offense rates that warrant ongoing monitoring, but conditions remain broadly comparable to many inner-suburban locations.
For underwriting, consider standard risk controls and active property management. Use comparative context when benchmarking comps and note that these are neighborhood-level metrics measured against 611 metro neighborhoods and national distributions, not block-level conditions.
Proximity to established employers across utilities, insurance, steel, pharmacy services, and consumer goods underpins a diversified commuter base that supports workforce housing demand and lease stability. The list below highlights nearby employers most relevant to the property s renter pool.
- Duke Energy utilities (16.2 miles)
- Cincinnati Financial insurance (18.2 miles) HQ
- AK Steel Holding steel (21.2 miles) HQ
- Humana Pharmacy Solutions pharmacy services (21.8 miles)
- Prudential Financial financial services (23.5 miles)
507 Wells Mills Dr offers a straightforward value-add thesis: a 28-unit asset with larger-than-typical unit sizes (around 899 square feet) in an Inner Suburb submarket where renter demand is sustained by a sizable renter-occupied housing base locally and a high-cost ownership market. Neighborhood occupancy has been stable but not tight, implying potential to capture upside through renovations, targeted leasing, and expense control. Based on CRE market data from WDSuite, the area s renter concentration and above-median school ratings support demand depth and retention, while amenity access is functional even if dining options are limited.
The 1972 vintage is older than the neighborhood average and should be underwritten with capital planning for systems modernization and interior refreshes. With ownership costs high relative to incomes and rent-to-income levels moderate, investors can target durable occupancy and measured pricing power, while monitoring neighborhood safety trends and leasing seasonality typical of the submarket.
- Renter depth: elevated renter-occupied share locally and within 3 miles supports a larger tenant base and steady lease-up.
- Value-add path: 1972 construction suggests renovation upside and operational improvements to enhance competitiveness.
- Demand drivers: above-median school ratings and access to daily needs backstop retention even with limited dining options.
- Balanced affordability: high-cost ownership market and moderate rent-to-income dynamics can support occupancy stability.
- Risks to track: neighborhood safety readings below national averages and only mid-level occupancy require proactive management.