| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 80th | Best |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2877 E Broad St, Columbus, OH, 43209, US |
| Region / Metro | Columbus |
| Year of Construction | 1972 |
| Units | 68 |
| Transaction Date | 2008-10-22 |
| Transaction Price | $4,330,800 |
| Buyer | BCORE MF BEXLEY LLC |
| Seller | BEXLEY HOUSE APARTMENTS LLC |
2877 E Broad St Columbus Multifamily Investment
Neighborhood occupancy is strong and competitive among Columbus submarkets, supporting steady cash flow potential according to WDSuite’s CRE market data. The immediate area shows durable renter demand drivers rather than one-off catalysts.
Positioned in Columbus’s Inner Suburb fabric with an A- neighborhood rating, the property benefits from fundamentals that place it in the top quartile among 580 metro neighborhoods. The submarket shows stable renter demand, with neighborhood occupancy competitive locally and in the top quintile nationally, which supports income consistency and manageable turnover risk for multifamily owners.
Daily-needs access is a relative strength: grocery and pharmacy density rank competitively within the metro, while cafes and parks are thinner, suggesting residents rely more on essential retail than destination lifestyle amenities. School quality trends favorably, with average ratings among the higher tiers nationally, adding to family-oriented appeal and potential lease retention.
Vintage matters for positioning: constructed in 1972 versus a neighborhood average vintage from the 1950s, the asset is newer than much of the surrounding stock. That generally improves competitive standing versus older properties, though investors should underwrite ongoing modernization and systems upgrades typical for assets of this era.
Within a 3-mile radius, demographics indicate a growing tenant base: recent population and household gains, with further increases forecast, point to renter pool expansion. Median incomes have risen and are projected to continue growing, while WDSuite indicates higher median contract rents ahead, reinforcing the case for sustained demand and measured pricing power. Elevated neighborhood home values relative to national norms further sustain reliance on rental housing, supporting occupancy stability over time.
Safety signals are mixed but trending positively. Property offenses show improvement over the past year, with declines that rank among the stronger improvements nationally, while current levels place the area in a safer tier versus many U.S. neighborhoods. Violent offense levels sit below the national median, yet remain competitive among Columbus neighborhoods, indicating that local context is important when benchmarking.
Interpreting the metro framing: property offense metrics rank toward the less favorable end when compared across 580 Columbus neighborhoods, whereas national percentiles indicate comparatively better standing versus many neighborhoods nationwide. Year-over-year declines in both property and violent offenses, according to WDSuite, suggest risk is easing, though prudent security measures and routine monitoring remain advisable for investor underwriting.
Proximity to a diverse employment base supports leasing durability, with nearby consumer goods, distribution, and major corporate headquarters that broaden the weekday commuter pool. The following employers anchor demand within typical renter commute ranges.
- Dr Pepper Snapple Group — consumer beverages (1.5 miles)
- Wesco Distribution — industrial distribution (3.1 miles)
- Nationwide — financial services (4.2 miles) — HQ
- American Electric Power — utilities (4.4 miles) — HQ
- L Brands — retail & consumer brands (6.0 miles) — HQ
The asset’s Inner Suburb location combines stable neighborhood occupancy with strong household fundamentals, indicating a deep renter base and resilient leasing. Based on CRE market data from WDSuite, neighborhood occupancy ranks competitively among Columbus peers and sits well above national norms, while elevated local home values and rising incomes underpin continued reliance on multifamily rentals. The 1972 vintage is newer than the area’s older housing stock, offering a positioning edge, with capex planning focused on targeted modernization to sustain competitiveness.
Within a 3-mile radius, recent population and household growth, along with further increases forecast, support renter pool expansion and potential pricing power. Essential retail access (grocery, pharmacy) is favorable for day-to-day livability, while limited parks and cafe density suggests an operational focus on value, convenience, and retention rather than lifestyle programming. Safety metrics are improving year over year, which is supportive, though underwriting should maintain prudent assumptions given mixed relative standings across metro and national benchmarks.
- Competitive neighborhood occupancy and demand drivers support income stability
- Elevated home values reinforce sustained renter reliance on multifamily housing
- 1972 vintage offers relative edge versus older stock with targeted modernization upside
- Essential retail access favors retention; focus on convenience over destination amenities
- Risks: aging systems, thinner park/cafe amenities, and mixed-but-improving safety benchmarks