| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Best |
| Demographics | 46th | Fair |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1551 Monmouth Dr, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1979 |
| Units | 24 |
| Transaction Date | 2020-07-24 |
| Transaction Price | $17,308,000 |
| Buyer | COLUMBUS LAND COMPANY LLC |
| Seller | HAMILTON COURTSHIP VILLAGE PROPERTY COMP |
1551 Monmouth Dr Lancaster Multifamily Value-Add Opportunity
1979 vintage in an inner-suburban Lancaster location with steady neighborhood occupancy provides a pragmatic path for renovations and operational upside, according to WDSuite’s CRE market data. The surrounding renter base is durable and cost-conscious, supporting consistent leasing while upgrades are phased.
Located in Lancaster within the Columbus, OH metro, this B-rated inner-suburban neighborhood sits roughly in the metro middle on overall fundamentals. Neighborhood occupancy trends are generally stable, helping support income predictability for workforce-oriented assets.
Daily needs are serviceable: parks density ranks in the upper tiers nationally (around the 79th percentile), and grocery access is better than average (mid-60s percentile). Restaurant options track close to national mid-levels, while cafes and pharmacies are comparatively limited in the immediate area—an operational consideration for resident experience and marketing.
The neighborhood skews renter-friendly, with a majority of housing units renter-occupied, indicating depth in the tenant pool and potential demand stability for multifamily. Median contract rents in the area are positioned below the national midpoint, and a rent-to-income profile near one-fifth suggests manageable affordability pressure—factors that can aid retention and reduce turnover volatility.
Within a 3-mile radius, demographic data indicate a modest contraction in population alongside a projected increase in household counts and a smaller average household size over the next five years. This pattern typically supports demand for smaller, efficient units and points to a gradually expanding renter pool, even as the overall population softens. School ratings in the broader area trend below national averages, which may matter for some family renters but is less likely to deter adult-focused demand segments.
Neighborhood safety benchmarks sit above the national median (around the 65th percentile nationwide), based on WDSuite’s CRE market data. Recent trends show year-over-year decreases in both violent and property offenses, which supports a more stable living environment relative to many peer areas in the region.
As always, investors should underwrite with submarket context in mind and monitor citywide and metro trends. Safety conditions can vary by micro-location and over time; comparative due diligence against other Columbus metro neighborhoods is recommended for a complete picture.
Proximity to Columbus-area corporate offices underpins commuter demand, with a mix of technology services, consumer brands, and insurance supporting leasing stability for workforce housing. The list below reflects nearby employers that renters commonly commute to from this part of Fairfield County.
- Avnet Services — corporate offices (20.2 miles)
- The Xerox Company — corporate offices (20.4 miles)
- Dr Pepper Snapple Group — corporate offices (25.4 miles)
- L Brands — corporate offices (28.0 miles) — HQ
- Nationwide — corporate offices (28.3 miles) — HQ
This 24-unit property’s 1979 vintage positions it for a clear value-add plan—modernizing interiors, improving energy systems, and updating common areas to compete against newer stock in a neighborhood where occupancy is steady and the renter base is sizeable. Neighborhood rents are below national midpoints and rent-to-income sits near one-fifth, supporting tenant retention while incremental upgrades capture measured rent premiums without overextending affordability.
Within a 3-mile radius, households are projected to increase even as population edges lower, with smaller household sizes pointing to demand for efficient units and supporting occupancy stability. According to CRE market data from WDSuite, local safety metrics are above the national median and park/grocery access is comparatively favorable, reinforcing livability for renters while investors manage CapEx and repositioning risk.
- Clear value-add angle from 1979 construction year with scope for unit and systems modernization.
- Stable neighborhood occupancy and a majority renter-occupied housing stock support depth of tenant demand.
- Below-midpoint rents and manageable rent-to-income support retention and disciplined rent growth.
- Household growth and smaller household sizes within 3 miles point to demand for efficient units and leasing stability.
- Risks: aging asset CapEx, limited nearby cafes/pharmacies, and soft population trend warrant conservative underwriting.