| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 37th | Poor |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 250 Hillcrest Dr, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1972 |
| Units | 40 |
| Transaction Date | 1986-11-01 |
| Transaction Price | $1,600,000 |
| Buyer | --- |
| Seller | --- |
250 Hillcrest Dr Lancaster OH Multifamily Investment
The surrounding neighborhood shows a renter-occupied share above 50%, indicating a deeper tenant base and steadier leasing dynamics, according to WDSuite s CRE market data. Location fundamentals and daily-needs access support demand resilience for smaller-format units.
Lancaster s inner-suburban setting offers daily convenience that supports renter retention: restaurant and grocery density rank competitive among Columbus neighborhoods (29th and 34th out of 580, respectively), and both categories sit in the 90th+ national percentiles, signaling strong amenity access relative to many U.S. neighborhoods. Caf e9 options also index high nationally, while pharmacies are above average, reinforcing everyday livability for residents.
The neighborhood s renter-occupied share is elevated within the metro (53.6% of housing units are renter-occupied), pointing to a larger tenant pool and consistent multifamily demand. Neighborhood occupancy has been broadly stable over the past five years with only a modest drift, supporting manageable turnover risk in normal leasing conditions.
Construction year averages in the area skew newer than this asset (local average year is 1986), so a 1972 vintage may trail competing stock on systems and finishes. For investors, that typically translates into value-add opportunities and capital planning to improve competitive positioning.
Within a 3-mile radius, population and household counts have grown and are projected to expand further by 2028, indicating a larger tenant base and potential renter pool expansion. Median home values in the neighborhood track below many U.S. areas (lower national percentile), which can create some competition from ownership options; however, rent-to-income levels sit at manageable ranges locally, supporting lease retention and pricing discipline when paired with amenity access.
Safety trends are mixed and should be monitored. Within the Columbus metro, the neighborhood ranks 130 out of 580 on reported crime (a lower rank indicates relatively higher crime exposure). Nationally, overall conditions are around mid-pack, and both violent and property offenses show meaningful year-over-year declines, placing improvement in the top quartile nationally. For investors, the directional trend is constructive, but underwriting should reflect block-by-block variability and continued attention to on-site controls.
Proximity to a diversified employment base supports workforce housing demand and commute convenience, including technology services and major corporate headquarters. The employers below reflect nearby drivers that can underpin leasing and retention.
- Avnet Services technology services (17.2 miles)
- The Xerox Company technology & business services (17.5 miles)
- Avnet Services - LifeCycle Solutions technology services (17.7 miles)
- American Electric Power utilities (25.7 miles) HQ
- Nationwide insurance & financial services (25.8 miles) HQ
This 40-unit property s 1972 vintage positions it as a potential value-add play in an inner-suburban neighborhood where nearby stock trends newer. Targeted renovations and systems upgrades can sharpen competitiveness while leveraging amenity-rich surroundings and an above-average renter concentration in the neighborhood to support occupancy stability. According to CRE market data from WDSuite, neighborhood rents sit at manageable rent-to-income levels, which can aid lease retention when paired with serviceable finishes and responsive management.
Demand fundamentals are reinforced by strong daily-needs access and a growing tenant base. Within a 3-mile radius, population and households have been rising and are projected to expand further by 2028, signaling more renters entering the market over the medium term. While home values are relatively accessible locally which can create some competition from ownership the combination of amenity density, commute access to regional employers, and possible value-add execution provides multiple levers for durable cash flow.
- Elevated neighborhood renter concentration supports a deeper tenant base and steadier leasing
- Amenity-rich location (food, grocery, pharmacy) aids retention and pricing power
- 1972 vintage offers value-add and capex-driven upside versus newer competitive stock
- Expanding 3-mile population and household counts indicate a growing renter pool
- Risks: relatively higher metro crime rank and competition from ownership options warrant conservative underwriting