| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Fair |
| Demographics | 42nd | Fair |
| Amenities | 7th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 846 Old State Route 32, Williamsburg, OH, 45176, US |
| Region / Metro | Williamsburg |
| Year of Construction | 1981 |
| Units | 52 |
| Transaction Date | 2007-03-28 |
| Transaction Price | $1,225,000 |
| Buyer | KHAMBATTA GODREJ H |
| Seller | WILLIAMSBURG ASSOCIATES |
846 Old State Route 32 Williamsburg Value-Add Multifamily
Stabilized neighborhood occupancy and a growing renter base indicate durable demand, according to WDSuite’s CRE market data. Positioning a 1981-vintage, 52-unit asset for modernization could unlock measurable value while maintaining lease stability.
Located in a rural pocket of the Cincinnati metro, the neighborhood offers straightforward connectivity to regional job centers while day-to-day amenities are limited nearby. Local retail, grocery, parks, pharmacies, and childcare options are sparse in the immediate area, so residents typically tap into broader metro offerings for services and entertainment.
Neighborhood rents trend below national medians (per WDSuite), which helps support retention and leasing velocity. The neighborhood 9s occupancy performance ranks first among 611 Cincinnati metro neighborhoods, indicating exceptional stability at the neighborhood level rather than at the property itself. The 1981 construction gives this asset a relative age advantage versus an area average vintage from the mid-1900s, with practical scope for modernization (interiors, common areas, systems) to enhance competitive positioning.
Within a 3-mile radius, population and household counts have been expanding, with households rising meaningfully over the last five years and forecast to continue increasing. This broadens the local tenant base and supports occupancy stability, even as average household size has shifted. Owner-occupied housing remains the majority locally, but a material share of units are renter-occupied, providing adequate depth for multifamily demand without excessive turnover risk.
Home values in the surrounding area sit below many coastal markets, and rent-to-income levels indicate manageable affordability pressure. For investors, this typically translates into steadier lease renewals and measured pricing power rather than rapid peaks and troughs. As the Cincinnati region continues to diversify its employment base, demand in workforce-oriented submarkets like this tends to track job access and relative housing costs.
Crime indicators for the neighborhood compare favorably at a national level, with safety metrics landing in the safer quartile nationwide based on WDSuite data. Recent trends also point to improvement, with notable year-over-year declines in both violent and property offenses. These are neighborhood-level signals and may not reflect block-by-block conditions, but they provide constructive context relative to the Cincinnati metro and U.S. norms.
Regional employers within commuting distance help underpin renter demand, particularly among workforce households. The list below highlights nearby corporate offices relevant to commuting patterns from this neighborhood, supporting leasing stability tied to healthcare, utilities, consumer goods, and retail headquarters.
- Anthem Inc Mason Campus II — healthcare insurance (22.9 miles)
- Kroger DCIC — retail/grocery corporate (23.2 miles)
- Humana — health insurance (25.2 miles)
- Duke Energy — utilities (25.3 miles)
- Procter & Gamble — consumer goods (25.4 miles) — HQ
This 52-unit property 9s 1981 vintage sits newer than much of the local housing stock, presenting a clear value-add path through targeted renovations while retaining a cost advantage versus newer deliveries. Neighborhood occupancy ranks at the top of the Cincinnati metro, and rent-to-income levels suggest room for disciplined revenue management without overextending affordability. Within a 3-mile radius, household growth and a steady share of renter-occupied units broaden the tenant base and support leasing durability.
According to CRE market data from WDSuite, local rents trend below national medians and safety indicators have improved on a year-over-year basis, reinforcing the case for stable operations with upside from modernization and amenity repositioning. The rural setting implies limited immediate conveniences, but proximity to Cincinnati 9s corporate ecosystem sustains demand for workforce housing.
- Neighborhood occupancy performance is best-in-metro, supporting stable leasing at the neighborhood level
- 1981 vintage enables targeted value-add (interiors/common areas) to enhance rent and retention
- Below-national rent levels and manageable rent-to-income underpin measured pricing power
- 3-mile household growth and sustained renter presence expand the tenant base over time
- Risks: limited nearby amenities and a lower renter concentration than urban cores may temper lease-up pace