| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Fair |
| Demographics | 27th | Poor |
| Amenities | 30th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1133 Prospect St, Salem, OH, 44460, US |
| Region / Metro | Salem |
| Year of Construction | 1983 |
| Units | 46 |
| Transaction Date | 2021-10-25 |
| Transaction Price | $1,625,000 |
| Buyer | SALEM ACRES LLC |
| Seller | SALEM I |
1133 Prospect St, Salem OH Multifamily Opportunity
Neighborhood occupancy is competitive and renter demand is supported by a majority renter-occupied housing share, according to WDSuite’s CRE market data. Investors should view this asset as a workforce housing play in an Inner Suburb setting with stable tenant depth.
This Inner Suburb neighborhood carries a B rating and sits competitive among Salem neighborhoods (rank 24 of 51) based on WDSuite’s indicators of housing, demographics, and amenities. Cafes and restaurants are present at moderate densities relative to the metro, while parks, pharmacies, and childcare options are limited within the immediate area, which can influence livability perceptions for some renter segments.
Multifamily fundamentals are steady: neighborhood occupancy is 93.5% (rank 20 of 51, competitive in the metro). Median contract rents are positioned for workforce housing, and a rent-to-income ratio around 0.16 suggests manageable affordability pressure, which can support retention and lease stability.
Tenure dynamics point to a durable renter base: approximately 51.5% of housing units in the neighborhood are renter-occupied (rank 2 of 51; high renter concentration), indicating depth of demand for apartments and consistent leasing activity over time.
The property’s 1983 vintage is newer than the neighborhood’s older housing stock (average year 1946). That relative youth can help competitive positioning versus older assets, though investors should plan for ongoing system updates typical of 1980s construction to preserve NOI and curb capex surprises.
Within a 3-mile radius, recent data show a small population contraction alongside a modest increase in households, a combination that often reflects smaller household sizes and steady rental demand. Forward-looking projections point to population and household growth through 2028, which would expand the local tenant pool and support occupancy. In a high-level commercial real estate analysis context, the area’s below-metro home values can introduce some competition from ownership, but they also help sustain renter reliance on well-managed multifamily options.
Safety indicators compare favorably in regional and national context. The neighborhood ranks 17 of 51 in the metro for crime (better than much of Salem), and nationally it sits in the higher safety tiers: overall crime is around the 74th percentile, with violent crime around the 90th percentile and property offenses around the 83rd percentile compared with neighborhoods nationwide.
Trend signals are mixed: violent incidents show a notable year-over-year decline, while property offenses increased over the same period. For underwriting, this suggests generally supportive safety conditions with an eye on asset-level security measures and resident communication to maintain leasing velocity and retention.
Proximity to regional employers supports workforce housing demand and commute convenience, notably in transportation, insurance, manufacturing, utilities, and retail corporate offices listed below.
- Norfolk Southern — transportation & logistics offices (18.2 miles)
- Erie Insurance Group — insurance (29.6 miles)
- Goodyear Tire & Rubber — manufacturing HQ & corporate (33.6 miles) — HQ
- FirstEnergy — utilities & energy corporate (36.2 miles) — HQ
- Dick's Sporting Goods — retail corporate (41.6 miles) — HQ
1133 Prospect St offers a 46-unit, 1983-vintage asset positioned for workforce renters in a neighborhood with competitive occupancy and a high renter-occupied housing share. Based on CRE market data from WDSuite, occupancy levels remain solid for the metro, rent-to-income ratios imply manageable affordability pressure, and tenure dynamics indicate depth in the local renter pool. The property’s relative youth versus the area’s older housing stock can help with leasing competitiveness, while still warranting prudent capital planning for 1980s systems.
Within a 3-mile radius, recent household growth alongside slight population contraction suggests smaller household sizes and ongoing apartment demand, with forecasts pointing to expansion in both households and population through 2028. Homeownership remains relatively accessible in this market, which can create competition, but it also underscores the role of professionally managed rentals in providing flexibility and supporting lease retention.
- Competitive neighborhood occupancy and strong renter concentration support demand stability
- 1983 construction offers relative positioning versus older stock, with targeted updates to enhance NOI
- 3-mile forecasts indicate potential renter pool expansion that can sustain leasing and retention
- Risk: accessible ownership options and limited nearby amenities may temper rent growth and require resident experience focus