| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 39th | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 963 Prestige Blvd, Lancaster, OH, 43130, US |
| Region / Metro | Lancaster |
| Year of Construction | 1992 |
| Units | 55 |
| Transaction Date | 1991-12-31 |
| Transaction Price | $90,200 |
| Buyer | LUTHERAN SOCIAL SERVICES OF |
| Seller | --- |
963 Prestige Blvd Lancaster Multifamily Investment
Neighborhood occupancy is above the metro median and renter demand is supported by nearby household growth, according to CRE market data from WDSuite. A 1992 vintage positions the asset competitively versus older stock while still offering scope for targeted modernization.
Lancaster within the Columbus, OH metro registers a B- neighborhood rating and a Suburban profile, suggesting stable renter appeal for workforce housing. Neighborhood occupancy is high relative to peers (above the metro median among 580 neighborhoods), which supports leasing stability and reduces downtime risk for operators, based on CRE market data from WDSuite.
The property 92 construction is newer than the neighborhood s average vintage (1987). That positioning can help on curb appeal and operations versus older comparables, while investors should still plan for systems refresh and selective upgrades typical of early-1990s assets to sustain competitiveness.
Within a 3-mile radius, population and households have expanded in recent years and are projected to rise further by 2028, indicating a larger tenant base and continued renter pool expansion. Renter-occupied share at the neighborhood level is roughly one-third, signaling a meaningful but not saturated base of rental households that can underpin steady demand for a 55-unit property.
Housing costs are relatively accessible in context of the metro, with a rent-to-income ratio measured below many national peers. That backdrop tends to support retention and occupancy, though future rent growth should be balanced against potential affordability pressure as incomes and asking rents evolve. Amenities are mixed: parks and cafes compare favorably versus national norms, while grocery and pharmacy density is limited locally, implying most residents rely on nearby corridors for daily needs. Average school ratings trail national benchmarks, which may be a consideration for family-oriented leasing strategies.
Neighborhood safety indicators sit near the middle of national comparisons, according to WDSuite s CRE market data. Property-related offenses have trended down over the last year, a constructive sign, while violent offense measures are less favorable versus national norms. For investors, this mix suggests monitoring ongoing trends and emphasizing on-site security, lighting, and resident engagement to support leasing and retention.
Proximity to a diversified set of employers across technology services, manufacturing, and corporate headquarters supports commuter convenience and helps deepen the renter pool. The nearby base includes Avnet Services, The Xerox Company, Dr Pepper Snapple Group, and major Columbus headquarters such as American Electric Power.
- Avnet Services electronics distribution services (17.1 miles)
- The Xerox Company document & tech services (17.3 miles)
- Avnet Services - LifeCycle Solutions electronics services (17.7 miles)
- Dr Pepper Snapple Group beverage distribution (23.5 miles)
- American Electric Power electric utility (25.8 miles) HQ
This 55-unit, 1992-vintage asset in Lancaster benefits from a neighborhood with above-median metro occupancy and a 3-mile trade area showing ongoing growth in population and households. That combination supports leasing durability and a broader tenant funnel, while relatively accessible housing costs improve retention and reduce turnover risk. According to CRE market data from WDSuite, neighborhood occupancy outperforms many national peers, offering a constructive backdrop for cash flow management.
The 1992 vintage is competitive against older local stock yet still offers a practical path for value-add: common-area refreshes, energy efficiency updates, and in-unit finishes can help capture rent premiums as the renter base expands. Key risks to underwrite include limited immediate grocery/pharmacy access, softer school ratings, and potential competition from ownership if pricing exceeds local income gains.
- Above-median metro occupancy supports leasing stability and lower downtime risk.
- 3-mile population and household growth expand the renter pool and underpin demand.
- 1992 construction offers competitive positioning with targeted value-add potential.
- Accessible rent-to-income context supports retention; manage future increases to avoid affordability pressure.
- Risks: limited nearby daily-needs retail, below-average school ratings, and possible competition from lower-cost ownership.