| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Fair |
| Demographics | 37th | Fair |
| Amenities | 41st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5438 S State Route 49, Greenville, OH, 45331, US |
| Region / Metro | Greenville |
| Year of Construction | 1978 |
| Units | 60 |
| Transaction Date | 2005-09-30 |
| Transaction Price | $925,000 |
| Buyer | MAHRT RONALD L |
| Seller | COVINGTON INVESTMENTS LLC |
5438 S State Route 49 Greenville Multifamily Investment
Neighborhood occupancy has been stable and supported by a meaningful base of renter-occupied housing in the area, according to CRE market data from WDSuite. For investors, this points to durable renter demand rather than one-off lease-up dynamics.
Greenville’s rural neighborhood context carries an A- rating and shows practical amenity access for daily needs. Grocery and park access each place in the top quartile among 35 metro neighborhoods, and restaurant density is competitive among Greenville neighborhoods, while cafes and pharmacies are limited. This mix aligns with workforce-oriented demand profiles rather than lifestyle-driven leasing.
Neighborhood occupancy sits slightly above the national median, and renter concentration ranks in the top quartile among 35 metro neighborhoods—indicators of a durable tenant base that can support leasing consistency. Rent-to-income levels are manageable for many households in this area, which can aid retention, though it may temper near-term pricing power.
Demographic trends within a 3-mile radius show recent softness in population but growth in household counts, with forecasts pointing to additional population and household gains through 2028. For investors, that implies a larger tenant base and supports occupancy stability as more renters enter the market over time.
The property’s 1978 vintage is newer than the neighborhood’s average construction year of 1956. That positioning can be competitive versus older stock, though investors should still plan for system upgrades and selective renovations to meet contemporary renter expectations.
Safety indicators are mixed relative to the metro but favorable versus national benchmarks. Overall crime performance sits below the metro median (ranked 25th among 35 Greenville neighborhoods), yet nationally the neighborhood trends near the middle, with property offenses and violent-offense rates placing in the upper quartile for safety compared with neighborhoods nationwide.
Recent year-over-year shifts show some volatility in violent-offense measures, so ongoing monitoring is prudent. For investors, the takeaway is that safety compares well at the national level, while metro-relative positioning is more moderate and may warrant standard operational measures around site security and lighting.
Regional employment access is anchored by utility and environmental services reachable within a broader commute shed, which can support workforce housing demand and retention for residents who travel for stable, non-cyclical roles.
- Waste Management — environmental services (43.5 miles)
This 60-unit property offers exposure to a renter-driven submarket where occupancy is steady and renter concentration is strong versus the metro, supporting leasing stability. According to WDSuite’s commercial real estate analysis, national comparisons for violent- and property-offense rates are favorable, while metro-relative safety is more mixed—suggesting benefits from standard on-site controls rather than extraordinary measures.
Built in 1978, the asset is newer than much of the local housing stock, offering a competitive edge versus older properties and potential value-add through targeted modernization. Household growth within a 3-mile radius—and forecasts calling for further increases by 2028—suggests a larger tenant base ahead, while current affordability dynamics support retention even if they moderate near-term rent growth.
- Stable neighborhood occupancy and strong renter concentration support consistent leasing
- 1978 vintage is competitive versus older local stock, with value-add potential via selective upgrades
- 3-mile household growth outlook points to a larger renter pool and sustained demand
- Nationally favorable safety indicators with prudent attention to metro-relative variability
- Risk: modest amenity depth and accessible ownership options may temper pricing power