| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Good |
| Demographics | 38th | Fair |
| Amenities | 17th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 690 W Light St, Urbana, OH, 43078, US |
| Region / Metro | Urbana |
| Year of Construction | 2004 |
| Units | 40 |
| Transaction Date | 2002-06-21 |
| Transaction Price | $130,000 |
| Buyer | DHALIWAL PROPERTIES LLC |
| Seller | HH INVESTMENTS LLC |
690 W Light St Urbana Multifamily Investment
Neighborhood occupancy sits in the national mid-range with an upward multi‑year trend, and renter concentration is among the higher shares locally, according to WDSuite’s CRE market data. This combination points to stable tenant demand for a professionally managed, mid‑sized asset.
Located in suburban Urbana, the property benefits from a renter base that is strong for the metro: the neighborhood s renter-occupied share ranks at the high end among 26 metro neighborhoods, supporting depth of demand and day‑to‑day leasing stability. Neighborhood occupancy trends have improved over the past five years, which helps underpin steady cash flow potential.
The asset s 2004 construction stands newer than the neighborhood average vintage (1965), offering a competitive position versus older local stock. Investors should still plan for mid‑life capital items and selective modernization to keep pace with tenant expectations and to protect rent levels.
Livability is characterized by limited daily-needs retail within the immediate neighborhood with few groceries, pharmacies, or parks but a modest concentration of restaurants nearby. For investors, this typically translates to reliable workforce housing dynamics rather than a premium amenity play.
Within a 3‑mile radius, recent data show modest population softening with household counts projected to grow into the medium term, indicating smaller household sizes and a potentially expanding renter pool. Median incomes have risen, and rent-to-income metrics sit near national mid-range levels, a backdrop that can support occupancy stability and measured rent growth while keeping an eye on retention management.
Ownership costs in the broader area are comparatively accessible by national standards, which can create some competition with entry-level ownership. For multifamily, that typically means balanced pricing power and an emphasis on value, service quality, and unit updates to drive retention.
Safety indicators for the neighborhood are generally better than national mid-range, with violent-offense levels comparing favorably to many neighborhoods nationwide. According to CRE market data from WDSuite, recent trends show a notable year-over-year improvement in violent incidents, while property offenses track closer to national averages and should be monitored as part of routine risk management.
As with any submarket assessment, investors should compare block-level patterns during diligence, but the broader neighborhood context suggests conditions that are serviceable for workforce housing and consistent with stable leasing.
The area draws from a diverse employment base within commutable distance, supporting renter demand and lease retention, including waste services, industrial manufacturing, logistics, and large healthcare and retail headquarters noted below.
- Waste Management waste services (13.7 miles)
- Parker-Hannifin Corporation industrial manufacturing (24.1 miles)
- Staples Fulfillment Center logistics (24.4 miles)
- Cardinal Health healthcare distribution (34.0 miles) HQ
- Big Lots retail (36.3 miles) HQ
This 40‑unit property combines a durable renter base with improving neighborhood occupancy and a 2004 vintage that is competitive against older local stock. Based on CRE market data from WDSuite, the neighborhood shows higher renter concentration within the metro and occupancy trending upward, both supportive of steady leasing and day‑to‑day operations. Within 3 miles, projections point to household growth despite past population softness, implying a larger tenant base over time. Rent-to-income conditions are near the national mid‑range, suggesting room for measured rent moves when paired with targeted unit upgrades.
Key considerations include limited immediate amenities implying a value‑oriented positioning rather than premium pricing and comparatively accessible home values that can compete with renting. The 2004 construction reduces near‑term obsolescence risk versus older inventory, though investors should plan for mid‑life systems and cosmetic modernization to maintain competitiveness.
- Higher renter concentration locally supports depth of demand and leasing stability.
- 2004 vintage offers competitive positioning versus older neighborhood stock, with targeted value‑add potential.
- Neighborhood occupancy trending upward, aligning with steady operations and retention focus.
- 3‑mile household growth outlook supports a gradually expanding renter pool and measured rent gains.
- Risks: limited nearby amenities and accessible ownership options may temper pricing power; proactive asset management and unit updates are important.