| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 37th | Poor |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 209 Whittier Dr S, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1972 |
| Units | 32 |
| Transaction Date | 2003-06-02 |
| Transaction Price | $2,000,000 |
| Buyer | SLADECO INC |
| Seller | THE 3-S CO |
209 Whittier Dr S Lancaster Multifamily Opportunity
Neighborhood data points to a deep renter base and everyday amenity access, while leasing conditions remain competitive at the neighborhood level, according to WDSuite’s CRE market data. For investors, this suggests steady demand drivers with selective emphasis on asset positioning and operations.
Located in Lancaster within the Columbus, OH metro, the neighborhood is rated B+ and ranks 205 out of 580 metro neighborhoods — competitive among Columbus neighborhoods. Dining and grocery access are notable strengths (both restaurant and grocery density rank in the top decile locally and are strong nationally), while parks and childcare options are limited within the neighborhood. These local dynamics support convenience-driven renter demand but may require property-level amenities to compensate for limited green space and childcare nearby.
Rents in the neighborhood track toward the lower half of national levels, and the neighborhood occupancy rate is below the metro median (ranked 475 of 580). At the same time, the share of housing units that are renter-occupied is high at the neighborhood level (ranked 93 of 580; top quartile nationally), indicating a broad tenant base that can help support leasing velocity and renewal potential when assets are well-managed.
Construction in the surrounding neighborhood averages 1986 by vintage, while the subject property was built in 1972. The older vintage points to potential value-add opportunities via interior upgrades and systems modernization, as well as the need for thoughtful capital planning to stay competitive against newer stock.
Within a 3-mile radius, recent population and household counts have grown and are projected to continue expanding over the next five years. This outlook implies a larger tenant base and supports occupancy stability for well-positioned assets as more renters enter the market. Household incomes are rising locally, which, alongside relatively accessible rent levels, can aid lease retention; however, more accessible ownership costs in the area may introduce competition with entry-level homeownership, underscoring the importance of product differentiation and management.
Safety indicators present a mixed but improving picture. The neighborhood’s crime rank is 130 out of 580 metro neighborhoods, signaling relatively higher reported crime compared with many Columbus peers, yet national positioning is closer to midpack. Year-over-year trends are moving in a favorable direction, with both violent and property offense rates showing notable declines, which can support perception and leasing over time if the trajectory persists.
Proximity to a diversified employment base supports renter demand and commute convenience, including technology services, consumer brands, and major corporate headquarters outlined below.
- Avnet Services — technology services (17.4 miles)
- The Xerox Company — business services (17.6 miles)
- Dr Pepper Snapple Group — consumer goods (23.4 miles)
- American Electric Power — utilities (25.8 miles) — HQ
- Nationwide — insurance (25.9 miles) — HQ
This 32-unit asset, built in 1972 with smaller average floor plans, fits a value-oriented renter profile in a neighborhood with strong daily amenities and a high renter concentration. Based on CRE market data from WDSuite, neighborhood occupancy trends sit below the metro median, but a top-quartile renter-occupied share and growing households within 3 miles point to durable tenant demand for well-managed, competitively priced units.
The 1972 vintage suggests clear value-add pathways through interior modernization and selective systems upgrades to enhance competitiveness against newer nearby stock. Rising incomes and projected growth in the local renter pool support potential rent optimization and renewal capture, while more accessible ownership costs in the area argue for disciplined pricing and resident retention strategies.
- High renter concentration locally supports depth of tenant demand
- Strong nearby dining and grocery access enhances livability and retention
- 1972 vintage presents value-add potential via renovations and system updates
- 3-mile growth in households and incomes underpins leasing and renewal prospects
- Risks: below-metro neighborhood occupancy, limited parks/childcare, and crime perceptions require focused operations and resident engagement