| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Good |
| Demographics | 38th | Fair |
| Amenities | 17th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 941 W State Route 29, Urbana, OH, 43078, US |
| Region / Metro | Urbana |
| Year of Construction | 1996 |
| Units | 65 |
| Transaction Date | 2023-01-31 |
| Transaction Price | $1,800,000 |
| Buyer | APARTMENTS AT URBANA LLC |
| Seller | SETTLERS RIDGE LIMITED PARTNERSHIP |
941 W State Route 29 Urbana Multifamily Investment
Neighborhood occupancy is in the national mid-range with a steady upward trend, and renter demand is supported by an elevated share of renter-occupied units; according to WDSuite’s CRE market data, these dynamics point to stable leasing for well-managed assets.
This suburban pocket of Urbana shows balanced fundamentals for workforce housing. Relative to the metro, amenity access is competitive among Urbana neighborhoods (ranked 5th of 26), yet nationally amenity density trails peers, indicating a mostly car-oriented environment. For investors, that typically translates into value-sensitive tenants who prioritize convenient commutes and essential services over boutique retail.
Construction patterns skew older across the neighborhood (average vintage around the mid-1960s), while the subject property was built in 1996. The newer vintage provides a competitive edge versus older stock, with potential to outperform on unit finishes and building systems, though targeted modernization may still enhance positioning and reduce near-term capital surprises.
Renter concentration in the neighborhood is elevated for the metro, expanding the tenant base and supporting demand depth for multifamily. Neighborhood occupancy trends sit modestly above national midpoints and have improved over the last five years, which can help underpin lease stability through standard cycles, per commercial real estate analysis from WDSuite.
Demographic indicators within a 3-mile radius show a stable population base with expectations for more households by 2028, pointing to a larger tenant pool even as household sizes shift. Median contract rents have risen over the past five years and are projected to continue climbing, reinforcing revenue potential while keeping an eye on affordability management and renewal strategies.
Safety metrics are generally in line with national norms and trending in a favorable direction. The neighborhood performs slightly above the national middle on overall crime, with violent incidents sitting in a stronger national position and improving year over year, according to WDSuite. Property crime measures track closer to national averages, suggesting routine security and lighting programs remain prudent for asset protection and retention.
Within the Urbana metro context (26 neighborhoods total), the area is in the safer half by recent trends, which supports resident retention for workforce-oriented assets without relying on premium safety positioning. Investors should continue to monitor changes as part of standard underwriting and operations planning rather than viewing safety as a primary differentiator.
Nearby corporate operations and distribution centers provide a diversified employment base that supports renter demand and commute convenience for workforce tenants, including Waste Management, Parker-Hannifin, Staples Fulfillment Center, Cardinal Health, and Big Lots.
- Waste Management — environmental services (13.7 miles)
- Parker-Hannifin Corporation — diversified industrials (24.2 miles)
- Staples Fulfillment Center — e-commerce/fulfillment (24.5 miles)
- Cardinal Health — healthcare distribution (34.1 miles) — HQ
- Big Lots — retail corporate offices (36.4 miles) — HQ
The property’s 1996 construction is newer than the neighborhood’s predominantly mid-1960s housing stock, offering relative competitiveness on building systems and finishes with targeted modernization potential for additional upside. Neighborhood occupancy is near national midpoints and has improved in recent years, while an elevated share of renter-occupied units in the area supports a deeper tenant base. Within a 3-mile radius, household counts are projected to increase by 2028, indicating renter pool expansion that can support occupancy stability and measured rent growth. Based on CRE market data from WDSuite, local rents have risen over the last five years and are forecast to continue advancing, suggesting room for disciplined revenue management if affordability is monitored.
Ownership costs in Urbana are relatively accessible compared with high-cost metros, which can introduce some competition from entry-level homeownership. However, a manageable rent-to-income profile and steady employment access to regional employers support retention for well-managed, value-forward units. Investors should underwrite standard operational enhancements (exterior/interior refresh, energy efficiency, common-area updates) to capitalize on the vintage advantage and sustain leasing performance.
- 1996 vintage versus older neighborhood stock supports competitive positioning with targeted value-add
- Neighborhood occupancy near national midpoints with improving trend underpins leasing stability
- Elevated renter-occupied share and projected 3-mile household growth expand the tenant base
- Documented rent growth with further increases projected, per WDSuite, supports disciplined revenue management
- Risk: lower amenity density and accessible ownership options require careful retention and asset programming