| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Fair |
| Demographics | 27th | Poor |
| Amenities | 30th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 996 W Perry St, Salem, OH, 44460, US |
| Region / Metro | Salem |
| Year of Construction | 2006 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
996 W Perry St, Salem OH — 48-Unit 2006 Multifamily
Neighborhood renter concentration and occupancy suggest a durable tenant base, according to WDSuite’s CRE market data, with positioning supported by a 2006 vintage that competes well against older local stock.
Located in an Inner Suburb setting of the Salem, OH metro, the neighborhood rates a B and is competitive among 51 Salem neighborhoods based on overall rank (24 of 51). Cafes and everyday retail are present at modest levels, and grocery access ranks 13 of 51, indicating basic convenience without being an amenity driver.
For investors, the local multifamily backdrop is steady: neighborhood occupancy is competitive among Salem neighborhoods (rank 20 of 51) and sits above the national median (62nd percentile). The share of housing units that are renter-occupied is high for the area (rank 2 of 51; 89th percentile nationally), signaling a deeper tenant pool and support for leasing velocity and retention.
The property’s 2006 construction is newer than the neighborhood’s older housing stock (average vintage 1946, rank 35 of 51). This positioning can reduce near-term capital exposure versus legacy assets and support rentability; however, investors should still plan for normal system upkeep and selective modernization to maintain competitiveness.
Within a 3-mile radius, demographics show a stable base with forward momentum: households increased modestly recently and are projected to expand meaningfully over the next five years, pointing to renter pool expansion that can support occupancy stability. Median contract rents in the neighborhood are lower relative to national benchmarks (23rd percentile), and the rent-to-income ratio sits near the national midpoint (47th percentile). Elevated accessibility to ownership (low home values by national comparison, 14th percentile) can introduce competition with single-family options, suggesting a focus on operational execution and value features to preserve pricing power.
Safety conditions are comparatively favorable for multifamily operations. By metro ranking, the neighborhood is competitive among 51 Salem neighborhoods (crime rank 17 of 51). Nationally, violent offense levels benchmark in a high safety percentile (around the 90th percentile), and recent trends show notable improvement year over year.
Property offense benchmarks better than many areas nationally (around the 83rd percentile). A recent one-year uptick is noted in the data; owners can mitigate exposure with standard lighting, access controls, and coordination with local responders. Overall, the comparative profile supports resident retention without relying on block-level claims.
Regional employers within commuting range underpin renter demand through a mix of rail transport, insurance, manufacturing, utilities, and retail headquarters. These nodes support workforce housing dynamics and can aid lease stability.
- Norfolk Southern — rail transport (18.3 miles)
- Erie Insurance Group — insurance (29.8 miles)
- Goodyear Tire & Rubber — tire manufacturing (33.8 miles) — HQ
- FirstEnergy — utilities (36.4 miles) — HQ
- Dick's Sporting Goods — retail (41.4 miles) — HQ
This 48-unit asset, built in 2006, competes favorably against an older neighborhood base, supporting leasing and moderating near-term capital needs. Neighborhood occupancy is competitive among Salem submarkets and above the national median, while a high renter-occupied share indicates depth in tenant demand. According to CRE market data from WDSuite, neighborhood rents benchmark below national levels, which supports absorption and can aid retention, especially as the 3-mile area shows projections for household growth that point to renter pool expansion.
Counterbalancing factors include relatively accessible homeownership that can create pricing competition and a recent uptick in property offenses, warranting prudent security and amenity-led differentiation. Overall, the blend of newer vintage, steady occupancy context, and anticipated household gains provides a straightforward, operations-focused investment case.
- 2006 vintage vs. 1940s neighborhood average supports competitiveness and moderates immediate capex
- Neighborhood occupancy above the national median with high renter concentration (ranked 2 of 51) supports leasing stability
- Lower relative rents aid absorption; 3-mile forecasts indicate household growth and a larger tenant base
- Risk: accessible ownership options may compete with rentals—focus on resident experience and value features
- Risk: property offense uptick merits standard security and lighting investments