| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 56th | Best |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 435 E Water St, Urbana, OH, 43078, US |
| Region / Metro | Urbana |
| Year of Construction | 1973 |
| Units | 30 |
| Transaction Date | 2016-11-12 |
| Transaction Price | $750,000 |
| Buyer | JENNER PROPERTIES LLC |
| Seller | WOODCREST ASSN |
435 E Water St Urbana, OH Multifamily Investment
Stabilized renter demand in a suburban pocket of Urbana supports small-midsize multifamily operations, according to WDSuite’s commercial real estate analysis. Neighborhood fundamentals point to steady leasing with room to enhance positioning through targeted upgrades.
The property sits in an A-rated neighborhood (ranked 2 of 26 in the Urbana, OH metro), where daily-needs access is a relative strength. Restaurant density ranks 1 of 26 and grocery access ranks 1 of 26 among metro neighborhoods, while cafes rank 2 of 26 — collectively competitive among Urbana neighborhoods and supportive of resident convenience and lease retention (based on CRE market data from WDSuite).
Neighborhood occupancy has edged higher over the past five years and sits around the metro middle, helping to underpin cash flow stability. Median contract rents in the neighborhood are on the more accessible side locally, and the rent-to-income ratio is favorable, which can help manage affordability pressure and support renewals.
Vintage considerations matter here: the average local housing stock dates to the 1950s, while this asset was built in 1973. Being newer than much of the surrounding inventory can enhance competitive positioning, though investors should still plan for system modernization typical of 1970s construction.
Within a 3-mile radius, demographics show a stable family presence and modest shifts in household composition. While population has been relatively flat to slightly lower historically, projections indicate an increase in households alongside slightly smaller average household sizes, which can expand the renter pool and support occupancy stability over time.
Owner costs in the area are moderate by national standards, and elevated household incomes locally (above the national median according to WDSuite’s CRE market data) reinforce the depth of qualified renters. With a renter-occupied share around one-third within the 3-mile radius, the tenant base is sufficient for a 30-unit asset and aligns with workforce-oriented demand.
Safety metrics indicate a mixed but generally constructive profile. The neighborhood trends safer than the national median (around the 67th percentile nationwide), while its local safety rank sits in the mid-pack at 17 of 26 among Urbana metro neighborhoods, suggesting conditions that are competitive regionally but not top-tier.
Recent year-over-year trends show notable declines in both property and violent offense estimates, according to WDSuite’s CRE market data. For investors, this directional improvement can support resident retention and leasing, though ongoing monitoring remains prudent.
Regional employment is diversified across logistics, industrial components, and corporate services, supporting workforce renter demand and commutes to nearby hubs. Key accessible employers include Waste Management, Staples Fulfillment Center, Parker-Hannifin Corporation, Cardinal Health, and Big Lots.
- Waste Management — waste & environmental services (13.1 miles)
- Staples Fulfillment Center — distribution & logistics (23.1 miles)
- Parker-Hannifin Corporation — industrial & motion control offices (23.5 miles)
- Cardinal Health — healthcare distribution & services (33.1 miles) — HQ
- Big Lots — retail corporate offices (35.2 miles) — HQ
This 30-unit, 1973-vintage asset benefits from an A-rated neighborhood with strong daily-needs access and improving safety trends. Being newer than much of the surrounding 1950s-era housing stock supports competitive positioning, while accessible local rents and a favorable rent-to-income profile can aid retention and stabilize cash flows, according to CRE market data from WDSuite.
Within a 3-mile radius, projections point to an increase in households alongside slightly smaller household sizes, which can expand the tenant base even as population growth remains muted. Employment access to regional corporate and logistics nodes adds to leasing depth for a workforce-oriented property, with upside from targeted renovations that modernize 1970s systems and common areas.
- A-rated neighborhood (top quartile among 26) with best-in-metro access to restaurants and groceries
- Favorable rent-to-income dynamics support retention and pricing discipline
- 1973 construction is newer than surrounding stock, creating value-add potential via system and finish updates
- Household growth expected within 3 miles, supporting a larger renter pool over time
- Risks: mid-pack local safety rank and small-metro depth require diligent asset management and leasing execution