| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 39th | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 762 Elizabeth Dr, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1994 |
| Units | 20 |
| Transaction Date | 1992-11-24 |
| Transaction Price | $75,000 |
| Buyer | HUNTERS HILL LTD PARTNERSHIP |
| Seller | GORSUCH MARY M |
762 Elizabeth Dr, Lancaster OH Multifamily Investment
Neighborhood occupancy runs strong and steady, with the area tracking in the upper national range, according to WDSuite’s CRE market data. For investors, this points to durable renter demand and fewer lease-up gaps relative to softer submarkets.
The property sits in a suburban pocket of Lancaster within the Columbus, OH metro, where the neighborhood carries a B- rating and ranks 280 out of 580 metro neighborhoods. That places it just above the metro median, a signal of balanced fundamentals for workforce-oriented rentals rather than luxury positioning.
Livability indicators are mixed but serviceable. Park access indexes well (top quartile nationally), and café density is competitive, while grocery and pharmacy access are limited within the immediate neighborhood. Average school ratings trend below national norms, which can influence family renter preferences and should be reflected in leasing strategy and amenity positioning.
On rents and occupancy, the neighborhood’s occupancy is in the top quintile nationally, supporting stable cash flow potential compared with lower-occupancy areas. Median contract rents in the neighborhood remain relatively accessible in a national context, which can help sustain absorption, though it may cap near-term pricing power. Home values are modest for the region; in investor terms, a more accessible ownership market can create some competition with entry-level purchase options, but stable occupancy suggests the renter pool remains durable.
Vintage context: the average construction year in the neighborhood trends late-1980s. With a 1994 build, the asset skews newer than much of the local stock, offering relative competitiveness versus older properties; investors should still underwrite selective modernization for systems and finishes to support retention and renewal velocity.
Demographics within a 3-mile radius show recent growth in population and households, with forecasts pointing to further expansion. This implies a larger tenant base over the medium term and supports occupancy stability and ongoing multifamily demand, based on CRE market data from WDSuite.
Safety metrics are mixed but improving in context. The neighborhood’s crime rank sits at 185 out of 580 Columbus metro neighborhoods, which is competitive among Columbus neighborhoods but not top-tier. Nationally, the area tracks near the middle of the pack.
Trend-wise, estimated property offense rates have declined over the past year, placing the neighborhood above the national median for improvement. Violent offense metrics sit below national safety percentiles, so investors should continue standard risk management and security measures common to similar suburban assets, while recognizing the recent downward trend in property-related incidents.
Proximity to Columbus-area employers underpins commuter demand, with nearby technology/services and Fortune 500 headquarters supporting a diversified renter base. Notable employment nodes include Avnet Services, The Xerox Company, American Electric Power, Nationwide, and L Brands.
- Avnet Services — technology services (17.9 miles)
- The Xerox Company — business services (18.2 miles)
- American Electric Power — utilities (26.8 miles) — HQ
- Nationwide — insurance (26.8 miles) — HQ
- L Brands — consumer/retail (27.7 miles) — HQ
This 1994-vintage, 20-unit asset benefits from a suburban location where neighborhood occupancy is elevated versus many U.S. peers, supporting income stability and steady leasing. Within a 3-mile radius, population and household counts have been rising and are projected to expand further, pointing to a larger tenant base and healthy demand for rental housing. According to CRE market data from WDSuite, the asset’s submarket shows solid occupancy alongside accessible rent levels, a combination that supports retention while leaving room for targeted upgrades to strengthen positioning.
Relative to a late-1980s neighborhood average vintage, the property’s 1994 construction offers competitive positioning against older stock; investors should still budget for selective modernization to sustain renewal velocity. Local home values are modest in context, which can create some competition with entry-level ownership, but the area’s strong occupancy and diversified employment access from Columbus headquarters support ongoing renter reliance on multifamily housing.
- Elevated neighborhood occupancy supports cash flow stability versus lower-occupancy peers.
- 3-mile population and household growth expand the tenant base and support leasing.
- 1994 vintage is newer than much of the area’s stock, with value-add potential via targeted upgrades.
- Access to Columbus HQ employers underpins commuter demand and retention.
- Risk: modest school ratings and limited grocery/pharmacy nearby may affect some renter segments and should be reflected in underwriting.