| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 51st | Fair |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 180 Sells Rd, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1977 |
| Units | 44 |
| Transaction Date | 2020-08-14 |
| Transaction Price | $18,000,000 |
| Buyer | LANCASTER CLUB PRESERVATION LI |
| Seller | LANCASTER OWNER LLC |
180 Sells Rd Lancaster Multifamily with Stable Demand
Neighborhood occupancy is strong and trending stable, according to WDSuite’s CRE market data, supporting consistent leasing for a 1977-vintage, 44-unit asset. Renter concentration is meaningful for the area, indicating a reliable tenant base with manageable affordability pressures.
The property sits in an Inner Suburb of the Columbus, OH metro with a B neighborhood rating and performance that is above the metro median (ranked 269 out of 580 neighborhoods). Local occupancy is high for the neighborhood and has improved over the past five years, supporting predictable revenue and lower downtime risk for stabilized multifamily.
Livability is service-oriented rather than destination-driven: grocery and pharmacy access compares favorably to many neighborhoods nationally, while parks, cafes, and childcare are limited. For investors, this mix points to practical convenience for residents with fewer lifestyle draws; positioning and amenity upgrades can help differentiation versus older stock nearby.
Within a 3-mile radius, demographics show a modest population dip in recent years but a projected increase in total households alongside smaller average household sizes. That combination typically broadens the renter pool and supports occupancy stability even when headcount growth is flat, reinforcing depth for workforce-oriented demand.
Home values in the neighborhood sit in the mid-range for the metro, and ownership costs run relatively high versus incomes by national comparison. Coupled with a low rent-to-income ratio locally, this suggests rental housing remains the more accessible option for many households—supporting retention and measured pricing power for well-operated assets. The 1977 construction is newer than the neighborhood’s older average vintage, offering a competitive baseline versus 1960s-era properties, though investors should still plan for system updates or targeted renovations to meet current renter expectations.
Safety benchmarks are competitive among Columbus neighborhoods (ranked 129 out of 580), and overall conditions sit modestly above the national middle (around the 55th percentile nationwide), based on WDSuite’s CRE data. Recent estimates indicate both violent and property offense rates have declined meaningfully over the past year, an encouraging trend for resident retention and leasing.
As with any submarket, block-by-block variation exists. Investors should focus on property-level controls and lighting, and monitor neighborhood trends alongside metro comparables rather than relying on single-year readings.
The employment base within commuting range includes regional corporate offices and distribution operations that support steady renter demand through diverse white- and blue-collar roles. The list below reflects nearby offices relevant to workforce housing and commute convenience for residents.
- Avnet Services — technology services (21.1 miles)
- The Xerox Company — business services (21.3 miles)
- Avnet Services - LifeCycle Solutions — technology services (21.6 miles)
- Dr Pepper Snapple Group — consumer beverages (26.8 miles)
- Wesco Distribution — electrical distribution (28.3 miles)
This 1977-vintage, 44-unit property benefits from a neighborhood with high occupancy and a renter base that is sizable for the area. Within a 3-mile radius, households are expected to rise even as average household size declines, a pattern that typically expands the renter pool and supports leasing velocity. According to commercial real estate analysis from WDSuite, neighborhood ownership costs sit on the higher side relative to incomes, while rent burdens remain low—an advantageous backdrop for retention with potential room for measured rent growth tied to improvements.
Versus older 1960s-era stock common in the area, the asset’s vintage provides a competitive starting point, though age still implies ongoing capital for building systems and targeted unit refreshes. Amenities in the immediate neighborhood are practical but limited, so value-add strategies that enhance on-site convenience can strengthen positioning and reduce concessions risk.
- Strong neighborhood occupancy and stable demand profile support consistent collections
- Household growth (with smaller sizes) within 3 miles widens the renter pool
- Ownership costs versus incomes bolster reliance on rentals; low rent burdens aid retention
- 1977 vintage is competitive versus older local stock, with selective renovation upside
- Risks: limited nearby lifestyle amenities; ongoing capex for aging systems and repositioning