| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Good |
| Demographics | 39th | Poor |
| Amenities | 42nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2400 Milan Rd, Sandusky, OH, 44870, US |
| Region / Metro | Sandusky |
| Year of Construction | 1977 |
| Units | 42 |
| Transaction Date | 1999-04-01 |
| Transaction Price | $2,850,000 |
| Buyer | KEY REAL ESTATE LTD |
| Seller | LAZARONY ROBERT J |
2400 Milan Rd Sandusky Multifamily Investment Opportunity
Neighborhood renter-occupied housing is sizable, supporting depth of tenant demand, and occupancy levels have been steady for the area, according to WDSuite’s CRE market data.
Located in an Inner Suburb of Sandusky, the property benefits from everyday conveniences and service-oriented amenities that matter to renters. Grocery access ranks competitive among Sandusky neighborhoods (3rd of 26) and sits in the 87th percentile nationally, while childcare density is top quartile locally (1st of 26) and in the 91st percentile nationwide. Restaurant options track above national median strength (75th percentile). By contrast, cafes, parks, and pharmacies are limited in the immediate neighborhood (ranks near the bottom locally), which may modestly reduce lifestyle appeal for some cohorts.
The neighborhood carries a B rating with a rank of 11 out of 26 in the metro, placing it above the metro median. Median contract rents are lower than many U.S. neighborhoods and the rent-to-income ratio is measured at 19% locally, indicating relatively manageable rent burdens and potential for steady lease retention rather than aggressive pricing power. Average school ratings are low (1.0 out of 5; below national benchmarks), which can temper appeal for family-oriented renters and may influence unit-mix positioning and marketing.
Vintage context matters: the average construction year in the neighborhood is 1955. With a 1977 build, this asset is newer than much of the nearby stock, suggesting a competitive edge versus older properties, while still warranting practical capital planning for aging systems or value-add upgrades to capture rent premiums.
Demographic statistics are aggregated within a 3-mile radius. Recent population was roughly flat over the past five years, yet forecasts point to growth through the next cycle alongside an increase in households, which implies a larger tenant base and supports occupancy stability. The neighborhood’s renter-occupied share is measured at 43% of housing units, signaling a meaningful renter concentration and a broad base for multifamily demand in this submarket.
Safety indicators compare reasonably well against national norms. Overall crime sits above the national median (61st percentile for lower crime), and violent incidents track similarly (58th percentile), indicating comparatively safer conditions than many neighborhoods nationwide. Within the past year, estimated property offenses declined by about one-third and violent offenses also trended down, according to WDSuite’s data, which supports a constructive trajectory for tenant retention and leasing stability.
As with any in-fill location, conditions can vary block to block; investors should underwrite to submarket trends rather than isolated anecdotes and monitor continued progress in reported offense rates as part of ongoing asset management.
Regional employers within commuting range provide a diversified white-collar employment base that can contribute to leasing stability for workforce and mid-income renters. Notable names include TravelCenters of America and Texas Instruments.
- Texas Instruments — semiconductor offices (41.1 miles)
- Travelcenters Of America — travel centers & logistics (41.3 miles) — HQ
This 42-unit, 1977-vintage asset positions ahead of much of the neighborhood’s older housing stock, offering room for value-add upgrades while maintaining an operating cost profile suited to workforce renters. Neighborhood occupancy has been steady for the area and the renter-occupied share is meaningful, reinforcing a broad tenant base. According to CRE market data from WDSuite, local rents sit on the lower side versus national peers and rent-to-income is manageable, favoring lease retention and stable collections over aggressive rent push.
Amenity access is practical—strong for groceries, childcare, and restaurants—while limited parks, pharmacies, and cafes suggest a focus on convenience rather than lifestyle branding. Demographic statistics within a 3-mile radius indicate modest recent change but a forecasted increase in population and households, supporting renter pool expansion. Key underwriting considerations include low school ratings and measured historical softening in neighborhood occupancy, both of which argue for disciplined unit renovations, targeted marketing, and conservative growth assumptions.
- 1977 vintage newer than area average, enabling targeted value-add and competitive positioning
- Meaningful renter concentration and steady neighborhood occupancy support demand depth
- Practical amenity access (grocery, childcare, restaurants) aligns with workforce renter needs
- Forecast growth in 3-mile population and households supports occupancy stability
- Risks: low school ratings, limited parks/cafes, and measured occupancy drift warrant conservative underwriting