| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 39th | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1020 Prestige Blvd, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1996 |
| Units | 40 |
| Transaction Date | 1995-06-02 |
| Transaction Price | $65,000 |
| Buyer | DARREN J CLAYTON |
| Seller | PLEASANT DEV CORP |
1020 Prestige Blvd Lancaster, OH Multifamily Investment
Neighborhood occupancy has been resilient and supports stable leasing, according to WDSuite’s CRE market data, positioning this asset for steady cash flow in a suburban corridor of the Columbus metro.
Lancaster’s suburban setting provides practical livability for renters, with neighborhood occupancy in the top quartile nationally and above the Columbus metro median (580 neighborhoods measured), per WDSuite. Local cafe and park access track competitively versus national peers (both around the top quartile), while immediate grocery and pharmacy options are limited, suggesting most residents drive a few miles for daily needs.
The property’s 1996 vintage is newer than the neighborhood’s average 1987 construction year, supporting competitive positioning versus older stock; investors should still plan for system modernization or value-add finishes to capture demand from renters seeking updated product.
Within a 3‑mile radius, population and households have grown over the past five years and are projected to expand further through 2028, indicating a larger tenant base and reinforcing occupancy stability. Median contract rents in the area remain relatively manageable against incomes (rent-to-income metrics signal moderate affordability pressure), which can aid retention while allowing disciplined rent management.
Neighborhood tenure skews toward owner-occupied housing, with a renter-occupied share that is below half. For investors, this points to a defined but stable multifamily renter pool; marketing should focus on convenience, updated interiors, and value relative to nearby ownership options. Elevated home values for the area are modest by national standards, which can introduce some competition from entry-level ownership, but also keeps multifamily relevant for households prioritizing flexibility.
School ratings in the neighborhood are below the national median, which may reduce appeal for some family renters; however, the broader amenity mix and commute access within the Columbus region maintain a viable appeal for workforce households.
Relative to the Columbus metro (580 neighborhoods), the neighborhood’s crime ranking sits competitive among peer areas rather than at the top or bottom of the spectrum. Nationally, safety metrics read slightly below the median overall, according to WDSuite, which warrants routine property-level security and lighting best practices.
Recent trends signal mixed dynamics: estimated property offenses declined over the last year at a pace that is stronger than many U.S. neighborhoods, while violent-offense indicators track below the national median percentile. For investors, this suggests conditions that are manageable with standard risk controls and resident engagement, but still worth monitoring as part of ongoing asset management.
Lancaster draws on a diversified Columbus employment base that supports commuter demand, with proximity to technology services and Fortune 500 headquarters. The employers below illustrate the nearby drivers likely to underpin renter stability.
- Avnet Services — technology services (17.2 miles)
- The Xerox Company — business services (17.4 miles)
- American Electric Power — utilities & corporate offices (25.8 miles) — HQ
- Nationwide — insurance & corporate offices (25.9 miles) — HQ
- L Brands — retail & corporate offices (26.6 miles) — HQ
This 40‑unit, 1996‑built asset benefits from neighborhood occupancy that trends above the metro median and in the top quartile nationally, indicating durable leasing fundamentals. The vintage is newer than the local average, providing competitive positioning versus older stock while leaving room for targeted modernization to drive rent premiums. Population and household growth within a 3‑mile radius — with further expansion forecast — point to a growing renter pool that can support stable absorption. Based on CRE market data from WDSuite, these fundamentals align with a strategy focused on steady cash flow and selective value-add.
Affordability indicators, including a moderate rent-to-income profile, support tenant retention and measured pricing power, while a predominantly owner-occupied neighborhood suggests multifamily supply is limited relative to broader housing. Risks to underwrite include limited immediate access to grocery/pharmacy amenities and below-median school ratings, which may narrow certain renter segments; standard security and lighting practices remain prudent given safety metrics that sit near national mid-range.
- Newer-than-average 1996 vintage with potential for targeted renovations
- Neighborhood occupancy above metro median and top quartile nationally
- 3-mile population and household growth supports a larger tenant base
- Moderate rent-to-income dynamics favor retention with disciplined rent management
- Risks: limited immediate daily-needs retail and below-median school ratings; maintain standard security measures