| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Best |
| Demographics | 46th | Fair |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1500 Tiki Ln, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1986 |
| Units | 60 |
| Transaction Date | 1987-12-01 |
| Transaction Price | $3,650,000 |
| Buyer | COLUMBUS LAND COMPANY LLC |
| Seller | HAMILTON COURTSHIP VILLAGE PROPERTY COMP |
1500 Tiki Ln Lancaster Multifamily Opportunity
Neighborhood data points to steady renter demand and above-median occupancy, according to WDSuite’s CRE market data, with pricing supported by a high renter concentration and accessible rents relative to incomes.
Located in Lancaster within the Columbus, OH metro, the neighborhood carries a B rating and performs above the national median on housing fundamentals, with occupancy measured at the neighborhood level near the national upper half. Rents in the area sit in a moderate band versus national benchmarks, helping sustain lease-up and retention without overextending the tenant base.
Parks and basic daily needs are present nearby, with park access ranking in the upper tier nationally and groceries and restaurants around or modestly above national medians. In contrast, cafes, childcare, and pharmacies are thinner on the ground, which investors should consider when positioning amenities and services.
The property’s 1986 vintage is older than the neighborhood’s average construction year (2003), pointing to potential value-add through targeted renovations and systems updates to stay competitive against newer stock. At the same time, the neighborhood’s renter-occupied share is elevated (noted as renter concentration at the neighborhood level), indicating a deeper tenant pool and potential demand stability for multifamily assets.
Within a 3-mile radius, demographics indicate a slight population contraction over the past five years, while household counts are expected to expand alongside smaller average household sizes, implying more households and a broader renter pool over the next planning period. Median incomes have trended upward, and ownership costs—given home values relative to incomes—suggest a high-cost ownership market for some households, which can support sustained reliance on rental housing and assist pricing power within reason.
Safety metrics are mixed in context. Compared with Columbus-area neighborhoods (580 total), the area’s rank indicates higher crime exposure locally; however, national comparisons place the neighborhood above the median for safety. Year-over-year estimates show material declines in both property and violent offense rates, signaling an improving trend rather than a structural guarantee.
For investors, the takeaway is to underwrite with prudent security and operating assumptions while recognizing that the broader trend has moved in a favorable direction. Always consider property-level measures and professional assessments to align with lender and resident expectations.
Commuting access to regional employers supports a diversified renter base, with proximity to corporate offices that can underpin leasing stability for workforce and mid-income renters. The list below highlights nearby employers by distance.
- Avnet Services — technology services (20.1 miles)
- The Xerox Company — business services (20.3 miles)
- Dr Pepper Snapple Group — consumer beverages (25.4 miles)
- L Brands — retail & consumer brands (28.0 miles) — HQ
- American Electric Power — utilities (28.2 miles) — HQ
This 60-unit asset, built in 1986, offers a straightforward value-add path relative to a neighborhood stock that skews newer. Targeted upgrades can sharpen competitiveness while neighborhood-level occupancy trends sit above national medians and renter concentration is high, supporting depth of demand and potential lease stability. According to CRE market data from WDSuite, local rents are in a moderate range versus national benchmarks, and rent-to-income dynamics suggest manageable affordability pressures that can aid retention.
Within a 3-mile radius, population has edged down, but household counts are projected to rise as average household size declines—an environment that can expand the renter pool even without strong population growth. Ownership remains relatively high-cost for many households in context of incomes, which tends to sustain reliance on multifamily. Investors should still underwrite for operating discipline, school quality considerations, and safety variability across sub-areas.
- High renter concentration at the neighborhood level supports a deeper tenant base and occupancy stability
- 1986 vintage provides clear value-add and systems modernization upside versus newer nearby stock
- Moderate rent positioning and favorable rent-to-income context aid retention and leasing
- 3-mile household growth with shrinking household size points to renter pool expansion
- Risks: mixed safety signals locally, lower-rated schools, and thinner lifestyle amenities require pragmatic underwriting