| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Fair |
| Demographics | 32nd | Poor |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4651 Refugee Rd, Columbus, OH, 43232, US |
| Region / Metro | Columbus |
| Year of Construction | 1974 |
| Units | 24 |
| Transaction Date | 2019-03-29 |
| Transaction Price | $15,000,000 |
| Buyer | REFUGEE ROAD LTD |
| Seller | THE COMMONS AT WATERS EDGE LLC |
4651 Refugee Rd Columbus Multifamily Investment Outlook
Neighborhood occupancy trends are steady near the national median with modest improvement over five years, supporting leasing durability according to WDSuite’s CRE market data.
This Inner Suburb pocket of Columbus shows balanced renter demand fundamentals for a 24-unit asset. Neighborhood occupancy is near the national midpoint and has ticked higher in recent years, which points to stable tenant retention rather than outsized lease-up risk. Renter-occupied share is roughly half of housing units in the neighborhood and higher within the 3-mile radius, indicating a deep tenant base that supports consistent absorption for multifamily operators.
Amenity access is mixed: grocery store density ranks in the top quartile nationally, while cafes, restaurants, parks, and pharmacies are comparatively sparse. Childcare access trends above average, which can help day-to-day livability. Average school ratings sit well below national norms, which may soften appeal for family renters and should be reflected in marketing and unit-mix strategy.
Rents sit in a moderate band for the metro and have grown over the past five years, while rent-to-income levels are manageable by national standards. Median home values in the neighborhood are lower relative to many U.S. markets, which can introduce some competition from entry-level ownership; however, this also supports rental housing as a more accessible option, sustaining a broad renter pool and aiding lease retention.
Within a 3-mile radius, households have edged higher even as population was roughly flat, pointing to smaller household sizes and a steady flow of renters entering the market. Forward-looking projections show meaningful growth in both households and incomes over the next five years, expanding the local renter pool and supporting occupancy stability for professionally managed assets. These perspectives are grounded in commercial real estate analysis from WDSuite’s datasets.
Safety indicators for the neighborhood trail national benchmarks, with both property and violent offense measures below the national median. Within the Columbus metro, the area trends in the lower half among 580 neighborhoods, signaling that investors should budget for security-forward operations and resident engagement.
Recent data show a year-over-year decline in estimated property offenses, an encouraging directional shift. Even with this improvement, conditions remain less favorable than many Columbus submarkets and national peers, so underwriting should account for enhanced lighting, access controls, and partnership with local services to support resident retention.
Proximity to a diversified employer base supports commuter convenience and multifamily demand, including corporate offices and a Fortune 500 presence such as Nationwide listed below.
- Avnet Services - LifeCycle Solutions — electronics services (4.8 miles)
- Dr Pepper Snapple Group — beverage distribution (5.7 miles)
- The Xerox Company — business services (5.9 miles)
- Avnet Services — electronics services (6.0 miles)
- Nationwide — insurance & financial services (7.9 miles) — HQ
4651 Refugee Rd benefits from steady neighborhood occupancy, a sizable renter-occupied footprint, and moderate rent levels that support leasing continuity. Grocery access is strong even as lifestyle amenities are thinner, suggesting value-oriented positioning can resonate with workforce renters. Near-term fundamentals are reinforced by household growth and income gains within a 3-mile radius, which expand the local renter base and support pricing power without overreliance on rapid in-migration. According to CRE market data from WDSuite, the neighborhood’s rent-to-income profile points to manageable affordability pressure, aiding renewal strategies.
Key considerations include below-average school ratings, thinner cafe/restaurant and park density, and safety metrics that lag metro and national norms. These factors can be addressed through targeted capex, resident-experience programming, and disciplined operations to maintain occupancy and mitigate turnover costs.
- Stable neighborhood occupancy with a deep renter base supports consistent absorption and renewals.
- Moderate rents and manageable rent-to-income levels underpin retention and reduce concession risk.
- 3-mile household and income growth expand the tenant pool, supporting long-term leasing fundamentals.
- Proximity to diversified employers enables commuter convenience and demand depth.
- Risks: weaker school ratings, limited lifestyle amenities, and below-average safety require proactive management and capex planning.