| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Best |
| Demographics | 46th | Fair |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1945 Independence Blvd, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1993 |
| Units | 36 |
| Transaction Date | 2015-11-05 |
| Transaction Price | $1,323,750 |
| Buyer | OAK VALLEY HOLDINGS GROUP LLC |
| Seller | CLI ENTERPRISES LLC |
1945 Independence Blvd Lancaster, OH Multifamily Opportunity
Neighborhood occupancy in the low-90s and a solid renter base point to steady leasing fundamentals, according to WDSuite’s CRE market data. With a 1993 vintage, the asset may benefit from targeted value-add to stay competitive against newer nearby stock.
Located in Lancaster within the Columbus, OH metro, the neighborhood rates a B and is characterized as an Inner Suburb. Amenity access is mixed: park availability is strong (around the 79th percentile nationally) and grocery presence sits above the national midpoint, while cafes and pharmacies are limited. For investors, this suggests everyday convenience with fewer lifestyle retail options immediately nearby.
Rents and occupancy appear stable at the neighborhood level: the area’s occupancy is about 93% (roughly the 61st percentile nationwide), supporting consistent cash flow potential for well-managed assets. The share of housing units that are renter-occupied is approximately 52% locally, a high renter concentration compared with neighborhoods nationwide, which deepens the tenant pool for multifamily properties.
Within a 3-mile radius, demographics point to a gradually expanding renter base. Households have grown in recent years and are projected to increase further over the next five years, with smaller average household sizes indicating more one- and two-person households entering the market. Forecasts also show the renter share rising within this radius, which supports demand for rental units and occupancy stability.
Ownership costs are moderate for the region: median home values sit below many coastal markets, but the local value-to-income ratio ranks in the upper national tier, which can reinforce reliance on multifamily rentals and aid lease retention. School ratings trend below national averages, a consideration for family-oriented leasing strategies, though nearby parks and basic services help offset some livability concerns. Insights reflect commercial real estate analysis from WDSuite at the neighborhood level, not property-specific performance.
Safety indicators are comparatively favorable versus national norms, with overall crime levels around the 65th percentile nationally (safer than average). Property offenses track near the national midpoint, while violent offenses sit somewhat below average safety percentiles. Importantly, both property and violent offense rates show notable year-over-year improvement, placing the neighborhood in the top quartile nationally for recent declines. These are area-level trends and can support resident retention and leasing stability when paired with standard on-site security practices.
Proximity to Columbus-area corporate offices supports a diversified employment base and commuter demand, led by Avnet Services, The Xerox Company, Avnet Services – LifeCycle Solutions, L Brands, and Nationwide. These employers collectively anchor white-collar jobs that can bolster tenant retention and leasing velocity.
- Avnet Services — technology distribution services (20.0 miles)
- The Xerox Company — business services & document technology (20.2 miles)
- Avnet Services - LifeCycle Solutions — IT asset lifecycle services (20.3 miles)
- L Brands — apparel & retail (27.5 miles) — HQ
- Nationwide — insurance & financial services (27.9 miles) — HQ
This 36-unit, 1993-vintage asset sits in a neighborhood with above-average occupancy and a high share of renter-occupied housing units, indicating depth in the tenant base. The vintage is older than the neighborhood’s average construction year, creating scope for targeted renovations and systems upgrades to enhance competitiveness versus 2000s-era stock while managing capital plans deliberately. According to commercial real estate analysis from WDSuite, local amenity access trends toward parks and groceries, with fewer cafes and pharmacies, which favors everyday convenience but calls for careful positioning to attract lifestyle-driven renters.
Within a 3-mile radius, forecasts show growth in households and a rising renter share alongside smaller average household sizes—factors that typically support occupancy stability and lease-up visibility for well-amenitized, professionally managed multifamily. Ownership remains a higher commitment in this area relative to incomes, which can sustain renter reliance and bolster pricing power for renovated units, while softer school ratings and uneven amenity breadth are planning considerations.
- Above-average neighborhood occupancy and strong renter concentration support demand depth
- 1993 vintage offers clear value-add and CapEx planning opportunities versus newer local stock
- 3-mile outlook shows household growth and a rising renter share, aiding leasing stability
- Everyday convenience via parks and groceries; fewer cafes/pharmacies suggests targeted marketing
- Risks: below-median school ratings and uneven amenity mix may narrow certain renter segments