| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 32nd | Poor |
| Amenities | 19th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 66 S Washington St, East Palestine, OH, 44413, US |
| Region / Metro | East Palestine |
| Year of Construction | 1986 |
| Units | 48 |
| Transaction Date | 2022-07-28 |
| Transaction Price | $1,257,100 |
| Buyer | MEADOWVIEW FAMILY HOUSING LIMITED PARTNERSHIP |
| Seller | PALESTINE LTD |
66 S Washington St, East Palestine OH Multifamily Investment
Neighborhood occupancy sits around the metro midpoint with modest rents, supporting steady leasing dynamics, according to WDSuite’s CRE market data. The area’s renter base is limited but stable, with demand buoyed by nearby employment corridors and gradual household growth within a 3-mile radius.
This rural neighborhood in the Salem, OH metro rates C+ and trends toward mid-pack performance among 51 metro neighborhoods. Occupancy at the neighborhood level is near the metro midpoint and has improved over the past five years, pointing to stable absorption rather than outsized churn. Median contract rents are on the lower side for the region, which can aid retention but may temper near-term pricing power.
Amenity access is mixed: restaurant density is competitive among Salem neighborhoods (ranked 7 of 51), and grocery access ranks 14 of 51, while cafés, parks, and pharmacies are sparse. Nationally, amenity presence indexes in the middle for restaurants and groceries but trails for other categories, suggesting residents rely on a few core nodes rather than a broad retail grid.
With an average neighborhood construction year of 1927, the 1986 vintage property is newer than much of the local stock, offering relative competitiveness versus older assets; investors should still plan for periodic system modernization and common-area updates to sustain positioning. The renter-occupied share at the neighborhood level is roughly one-quarter to one-third of housing units, indicating a smaller but steady tenant pool that can support leasing continuity for workforce-oriented product.
Demographic indicators aggregated within a 3-mile radius show modest population growth in recent years alongside a clearer increase in household counts, implying slightly smaller household sizes and a gradual expansion of the renter pool. Looking ahead, forecasts point to continued gains in households through the medium term, which supports occupancy stability for practical unit mixes. Ownership costs in the area are comparatively accessible, which can create some competition with entry-level ownership; however, lower rent-to-income levels imply manageable affordability pressure and potential for solid lease retention.
Safety trends compare favorably to many U.S. neighborhoods, landing around the 63rd national percentile for lower crime, according to CRE market data from WDSuite. Within the Salem metro’s 51 neighborhoods, this area sits on the safer side of the spectrum rather than at the top, suggesting generally stable operating conditions without implying block-level guarantees.
Recent momentum is constructive: estimated property offense rates declined materially year over year, and violent offense rates also moved lower. These directional improvements are supportive of renter retention and leasing consistency, though investors should underwrite to submarket norms and maintain standard security and lighting upgrades as part of capital planning.
Regional employment is diversified across healthcare distribution, retail headquarters, freight rail, coatings/chemicals, and banking, providing a broad commuter base that supports renter demand and lease stability. The nearest anchors below reflect realistic commute sheds for workforce housing in this submarket.
- Cardinal Health — healthcare distribution (24.8 miles)
- Dick's Sporting Goods — retail HQ and operations (26.3 miles) — HQ
- Norfolk Southern — freight rail (28.5 miles)
- PNC Financial Services Group — banking (38.7 miles) — HQ
- PPG Industries — coatings and chemicals (38.7 miles) — HQ
This 48-unit, 1986 vintage asset benefits from a relative age advantage in a neighborhood where much of the housing stock predates World War II. That positioning, alongside neighborhood occupancy near the metro midpoint and lower rent-to-income levels, supports steady leasing and retention, particularly for workforce-oriented units. Demographic trends aggregated within a 3-mile radius indicate population growth with a clearer increase in household counts, which points to a gradually expanding tenant base and supports occupancy stability over the medium term. According to CRE market data from WDSuite, amenity access is concentrated around restaurants and groceries, which aligns with day-to-day livability even as café and park options remain limited.
Investor considerations include the neighborhood’s relatively accessible ownership costs, which can compete with entry-level renting, and the need for periodic modernization to sustain the asset’s competitive edge versus older stock. Balanced underwriting around rent growth, value-add scope, and standard operating contingencies is appropriate given the market’s pragmatic demand profile.
- Newer-than-neighborhood-average 1986 vintage provides an operational edge versus older local stock.
- Neighborhood occupancy near the metro midpoint with improving trend supports leasing stability.
- Expanding household counts within 3 miles suggest a larger tenant base and support for sustained occupancy.
- Concentrated but practical amenity access (restaurants and groceries) aligns with daily needs for residents.
- Risk: comparatively accessible ownership options may limit pricing power; plan for targeted renovations and measured rent strategies.