| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 20th | Poor |
| Demographics | 42nd | Fair |
| Amenities | 7th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2551 S US Highway 68, Urbana, OH, 43078, US |
| Region / Metro | Urbana |
| Year of Construction | 1980 |
| Units | 34 |
| Transaction Date | 2006-06-19 |
| Transaction Price | $730,000 |
| Buyer | NAS 3 LLC |
| Seller | RADHA CM SAI LLC |
2551 S US Highway 68 Urbana, OH Value-Add Multifamily
1980 vintage positions this 34-unit asset for targeted renovations while a 3-mile renter-occupied share near one-third signals tenant depth, according to WDSuite’s CRE market data.
Located in a rural pocket of the Urbana, OH metro, the neighborhood scores in the lower tier locally (ranked 25 among 26 metro neighborhoods, D rating), with limited nearby amenities. That context points to a resident base prioritizing value and straightforward access over lifestyle retail. Median home values in the area are low relative to national norms, which suggests a more accessible ownership market and potential competition for renters; pricing and retention strategies should emphasize property condition and management quality.
The property’s 1980 construction is slightly older than the neighborhood’s average stock (1984), creating practical value-add angles such as unit refreshes and system upgrades to stay competitive against newer product. Neighborhood occupancy trends are modest (local occupancy reported by WDSuite shows the area below typical metro stability), reinforcing the importance of durable tenant appeal and disciplined leasing.
Within a 3-mile radius, demographics indicate a balanced age mix and a renter-occupied share of roughly one-third, which supports a workable tenant base for multifamily. Over the past five years the local population contracted, yet WDSuite’s dataset shows households are expected to increase through the forecast period while average household size trends slightly smaller. For investors, that combination can sustain demand for well-managed rentals even as the broader area remains low density.
Amenity access is sparse compared with national benchmarks (cafes, groceries, parks, and childcare are limited), and average school ratings trail national medians. For multifamily operators, this puts a premium on on-site functionality—parking, in-unit features, and maintenance responsiveness—to drive retention. At the same time, neighborhood rents start from a low base with WDSuite indicating continued rent growth in the outlook, offering room for measured improvements where supported by income levels.
Relative to other Urbana neighborhoods, this area sits below the metro median for safety (ranked 20 of 26). However, compared with neighborhoods nationwide, WDSuite’s data places the area in the top quartile for both violent and property offense safety, indicating a comparatively favorable national standing.
Recent trends are mixed: estimated property offenses have improved year over year, while violent offense estimates ticked up from a low base. For investors, the takeaway is to underwrite routine security measures and monitor submarket trends, while noting that national comparisons remain supportive.
The employment base combines nearby operations and regional corporate offices that broaden the commuter tenant pool. The list below highlights Waste Management, Staples Fulfillment Center, Parker-Hannifin, Cardinal Health, and Fuse by Cardinal Health by proximity.
- Waste Management — environmental services (10.8 miles)
- Staples Fulfillment Center — logistics & distribution (22.8 miles)
- Parker-Hannifin Corporation — industrial & engineering offices (25.3 miles)
- Cardinal Health — healthcare distribution & services (34.3 miles) — HQ
- Fuse by Cardinal Health — healthcare technology (35.1 miles)
This 34-unit, 1980-vintage asset offers practical value-add potential in a low-density Urbana submarket. The local neighborhood trails metro peers on amenities and occupancy, but a 3-mile renter concentration near one-third and a forecast increase in households indicate a stable tenant base for well-managed, functional apartments. Lower area home values suggest ownership is relatively accessible, so competitive positioning will hinge on renovations, service quality, and disciplined lease management. Proximity to regional employers within commuting distance further supports baseline renter demand.
Based on CRE market data from WDSuite, rents in the area start from a low base with continued growth in the outlook, creating room for selective upgrades where supported by income trends. Operators should budget for aging systems and common-area improvements to protect occupancy and unlock measured rent premiums while keeping an eye on submarket safety and household shifts.
- 1980 vintage enables targeted renovations and system upgrades to enhance competitiveness
- 3-mile renter-occupied share near one-third supports a workable tenant base
- Low starting rents with growth outlook provide room for value-add where income supports it
- Commutable access to regional employers underpins baseline leasing and retention
- Risks: sparse amenity environment, relatively soft local occupancy, and competition from accessible homeownership