| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 39th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3490 Colony Lake Ct, Canal Winchester, OH, 43110, US |
| Region / Metro | Canal Winchester |
| Year of Construction | 1994 |
| Units | 60 |
| Transaction Date | 2006-12-22 |
| Transaction Price | $1,519,300 |
| Buyer | THE ALICIAN LLC |
| Seller | AERC COLONY BAY INC |
3490 Colony Lake Ct, Canal Winchester OH — 60-Unit 1994 Multifamily
Neighborhood multifamily occupancy trends remain in the mid-90s, supporting leasing stability according to WDSuite’s CRE market data, with rents positioned for demand from workforce households in the Columbus metro.
Located in an inner-suburb setting of the Columbus, OH metro, 3490 Colony Lake Ct sits in a neighborhood rated C and ranked 457 out of 580 metro neighborhoods. The submarket context supports dependable renter interest, with neighborhood multifamily occupancy around 94.7% (291 of 580 by rank; 69th percentile nationally), indicating comparatively steady absorption versus many U.S. neighborhoods.
The asset’s 1994 vintage is older than the neighborhood’s newer construction profile (average year 2015; rank 4 of 580, top tier locally), pointing to potential value‑add and capital planning opportunities to stay competitive against younger stock while targeting durable operations. Median contract rent levels in the neighborhood sit around the mid‑range locally (rank 196 of 580; 54th percentile nationally), and a rent‑to‑income ratio near 0.14 (rank 217 of 580; 57th percentile nationally) suggests manageable affordability pressure that can help support retention and pricing discipline.
Household tenure signals are mixed but constructive for multifamily demand. Within the immediate neighborhood, the share of renter‑occupied housing units is relatively modest (29.1%; rank 265 of 580), implying a deeper pool of owner‑occupied homes and less direct multifamily saturation. However, demographics aggregated within a 3‑mile radius show roughly half of housing units renter‑occupied (about 52%), which broadens the tenant base for a 60‑unit community and supports ongoing leasing.
Amenity density inside the neighborhood is limited (amenities rank 580 of 580), with few cafes, groceries, parks, or restaurants within the immediate boundary; residents typically rely on nearby commercial corridors for services. Average school ratings in the neighborhood are on the lower side (2.0 out of 5; 37th percentile nationally), which may temper family‑driven demand, but broader Columbus employment access and commuter connectivity continue to underpin renter interest. Overall housing metrics are competitive among Columbus neighborhoods (housing rank 156 of 580), aligning with investors prioritizing occupancy stability and pragmatic rent management.
Safety indicators are mixed when viewed against both metro and national benchmarks. The neighborhood’s crime rank is 340 out of 580 within the Columbus metro, placing it below the metro median, and at roughly the 25th percentile nationally compared with neighborhoods across the U.S. That positioning suggests comparatively higher crime exposure than many areas, warranting prudent onsite management and resident‑experience measures.
Property offense metrics trend closer to national mid‑range (about the 45th percentile nationally), while recent year‑over‑year violent offense rates show volatility. According to WDSuite’s CRE market data, investors should monitor these trends over time and emphasize standard security practices and environmental design strategies that support resident comfort and lease retention.
Proximity to diversified employers supports a broad renter pool and commute convenience. Key nearby companies include Avnet Services - LifeCycle Solutions, Dr Pepper Snapple Group, Avnet Services, Wesco Distribution, and L Brands — a mix of distribution, manufacturing, and corporate roles that can reinforce leasing stability.
- Avnet Services - LifeCycle Solutions — electronics services (6.9 miles)
- Dr Pepper Snapple Group — beverage manufacturing (7.6 miles)
- Avnet Services — electronics services (7.8 miles)
- Wesco Distribution — distribution (9.1 miles)
- L Brands — retail corporate (10.8 miles) — HQ
This 60‑unit, 1994‑built asset offers exposure to an inner‑suburb of Columbus where neighborhood occupancy trends are solid and rents register in the local mid‑range, supporting steady leasing and measured pricing power. Demographics aggregated within a 3‑mile radius show population and household growth over the past five years with further expansion forecast, implying a larger tenant base and support for occupancy stability. According to CRE market data from WDSuite, the immediate neighborhood skews newer in overall housing stock, which highlights value‑add potential for a 1994 property to compete effectively through focused renovations and system upgrades.
Investor considerations include limited amenities inside the neighborhood boundary and school ratings below national mid‑range, alongside safety metrics that sit below the metro median — all manageable with targeted asset management and resident‑experience investments. Balanced against a sizable renter pool within 3 miles, diversified nearby employers, and rent‑to‑income dynamics that suggest manageable affordability pressure, the thesis centers on durable occupancy with upside from strategic improvements.
- Neighborhood occupancy in the mid‑90s supports leasing stability and retention.
- 1994 vintage offers clear value‑add and capital planning opportunities versus newer local stock.
- 3‑mile demographics indicate population and household growth, expanding the renter pool.
- Diverse nearby employers bolster workforce housing demand and reduce leasing volatility.
- Risks: limited on‑neighborhood amenities, below‑median safety, and modest school ratings require proactive management.