| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Fair |
| Demographics | 50th | Fair |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 45 Governors Pl, Columbus, OH, 43203, US |
| Region / Metro | Columbus |
| Year of Construction | 1973 |
| Units | 22 |
| Transaction Date | 2017-02-03 |
| Transaction Price | $575,000 |
| Buyer | HELLO GOVERNOR LLC |
| Seller | BELLWOOD VENTURES LTD |
45 Governors Pl, Columbus OH Multifamily Investment
Renter demand is supported by a sizable renter-occupied base and proximity to downtown employment, according to WDSuite’s CRE market data. Neighborhood occupancy trails broader norms, so underwriting should emphasize leasing execution and tenant retention.
Located in Columbus’s Inner Suburb fabric with a neighborhood rating of B and ranked above the metro median (239 out of 580 neighborhoods), the area offers a practical mix of livability and access for workforce renters. Grocery, pharmacy, and park access register in the top decile to top quartile nationally, while cafes and restaurants are sparse—suggesting daily needs are convenient but discretionary dining options are limited.
The local housing stock skews older than the subject (area average construction year is early 1900s), which gives a 1973-vintage asset relative competitiveness versus many nearby buildings; investors should still anticipate selective system updates or modernization to meet current renter expectations. Neighborhood occupancy rates sit below national norms, which places a premium on pragmatic rent positioning and active leasing management to maintain stabilized operations.
Within a 3-mile radius, population and household counts have edged higher and are projected to continue growing, with smaller average household sizes—factors that generally expand the renter pool and support occupancy stability over the medium term. Median incomes have risen and are expected to continue trending up, while the share of renter-occupied units remains substantial, indicating depth for multifamily demand even as ownership gains some share.
Home values and the value-to-income dynamic reflect a relatively higher-cost ownership market compared with many neighborhoods nationwide, which can reinforce reliance on rental housing and support lease retention. School ratings sit in the lower tier nationally, so the submarket’s draw is more aligned to adults and workforce renters seeking proximity to employment and core-city amenities rather than school-driven demand.
Safety indicators rank in the lower tier nationally, and the neighborhood performs below many Columbus areas on crime metrics. For multifamily investors, that typically translates to prudent assumptions for security measures, active property management, and careful tenant screening. Monitoring recent trend lines and comparable assets nearby can help calibrate expenses and leasing strategy.
Given these dynamics, investors often underwrite for enhanced lighting, access controls, and community engagement to support resident experience and retention. Comparing performance against other Inner Suburb neighborhoods can clarify whether property-level operations mitigate area-wide trends.
Nearby downtown anchors provide a diversified employment base that supports renter demand and commute convenience, notably Nationwide, American Electric Power, Dr Pepper Snapple Group, Wesco Distribution, and L Brands.
- Nationwide — insurance (1.8 miles) — HQ
- American Electric Power — utilities (2.0 miles) — HQ
- Dr Pepper Snapple Group — beverages (3.4 miles)
- Wesco Distribution — industrial distribution (4.2 miles)
- L Brands — retail/apparel (7.2 miles) — HQ
This 22-unit, 1973-vintage property benefits from a sizable renter base, proximity to major downtown employers, and relative competitiveness versus the neighborhood’s predominantly older housing stock. According to commercial real estate analysis from WDSuite, ownership costs in the area are elevated relative to incomes, which can sustain rental reliance and support steady tenant demand when paired with pragmatic pricing.
Counterbalancing strengths include neighborhood occupancy that trails broader benchmarks and safety metrics that sit below metro averages—factors that call for disciplined leasing, security-focused capex, and hands-on management. With targeted renovations and attentive operations, investors can position the asset to capture renter demand stemming from ongoing population and household growth within a 3-mile radius.
- Workforce demand drivers: strong renter concentration and downtown employment access
- 1973 construction offers value-add and modernization potential versus older local stock
- Elevated ownership costs bolster reliance on multifamily, supporting retention
- Risk: below-average neighborhood occupancy and safety require active management and security capex