| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Fair |
| Demographics | 34th | Poor |
| Amenities | 17th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2365 Hardy Parkway St, Grove City, OH, 43123, US |
| Region / Metro | Grove City |
| Year of Construction | 1976 |
| Units | 103 |
| Transaction Date | 2019-03-07 |
| Transaction Price | $6,875,000 |
| Buyer | The Willows Apartment Community LLC |
| Seller | Thornwood Development Co LLC |
2365 Hardy Parkway St, Grove City Multifamily Investment
Neighborhood occupancy trends are steady and sit above the metro median, while rent-to-income ratios indicate headroom for measured rent moves without undue retention risk, according to WDSuite’s CRE market data.
This suburban Grove City location balances access to Columbus job centers with a quieter residential setting. Neighborhood rents track near the national mid-range and have risen over the past five years, while the neighborhood s occupancy rate is above the metro median and stronger than the national average helpful for lease stability in typical cycles. Grocery access is better than average for similar areas, though the immediate block shows limited cafes, parks, and pharmacies; most daily needs concentrate along nearby commercial corridors.
Vintage and value-add: Built in 1976 versus a neighborhood average of 1979, the asset is slightly older than local stock. Investors should plan for targeted capital improvements and modernization that can support competitive positioning against newer product and help capture incremental rent on turns.
Tenure and demand: Within a 3-mile radius, about 41% of housing units are renter-occupied, indicating a sizable tenant base that supports ongoing multifamily demand. Neighborhood-level renter concentration is lower, which can temper near-term leasing velocity but also limits direct competition in the immediate micro-pocket.
Demographics (3-mile radius): Population has inched up recently and is projected to grow modestly through 2028, with households increasing faster than population and average household size trending lower. That shift typically expands the renter pool and supports occupancy durability, particularly for well-managed properties offering functional finishes and value-oriented pricing.
Affordability and pricing power: Elevated household incomes at the neighborhood level and a low rent-to-income ratio suggest manageable affordability pressure, which can aid retention and measured rent optimization. At the same time, relatively accessible ownership costs in the area can create competition from entry-level homebuying, making amenity strategy and unit updates important for defending renewals.
Safety indicators are mixed and warrant prudent underwriting. Compared with neighborhoods nationwide, this area sits below the national average for safety, with violent-offense metrics in a lower national percentile. Within the Columbus metro, its crime rank is near the middle of 580 neighborhoods, indicating neither an outlier risk nor a clear advantage.
Recent year-over-year changes show property offenses have risen, while violent-offense trends are roughly in line with broad national movements. For investors, this argues for standard operational measures effective lighting, access control, and resident engagement and conservative assumptions on security-related expenses and loss-to-lease.
Proximity to Downtown Columbus and adjacent employment corridors anchors renter demand, with major headquarters and corporate offices providing a deep, diverse workforce within a short commute. Notable employers include American Electric Power, Nationwide, Big Lots, Avnet Services, and The Xerox Company.
- American Electric Power utilities (4.4 miles) HQ
- Nationwide insurance & financial services (4.7 miles) HQ
- Big Lots retail headquarters (4.9 miles) HQ
- Avnet Services LifeCycle Solutions technology services (7.6 miles)
- The Xerox Company technology & business services (8.0 miles)
2365 Hardy Parkway St offers scale at 103 units in a suburban setting with steady renter demand. Neighborhood occupancy is above the metro median and stronger than the national average, supporting stable collections and renewals through typical cycles. According to CRE market data from WDSuite, rent levels sit around the national mid-range with a favorable rent-to-income profile, giving room for disciplined rent growth tied to unit upgrades and service consistency. A sizable renter base within 3 miles, coupled with modest population growth and faster household formation, points to a gradually expanding tenant pool.
The 1976 vintage is slightly older than local stock, which creates clear value-add angles: interior modernization, exterior refresh, and operating enhancements that can sharpen competitiveness versus newer assets. While accessible ownership costs in the area may create competition from entry-level buying, proximity to major employers and manageable affordability pressure can underpin leasing velocity and retention for well-executed product.
- Above-metro occupancy supports stability and consistent renewals
- Favorable rent-to-income profile enables measured rent optimization
- 1976 vintage offers tangible value-add and repositioning potential
- Deep employment base within short commutes sustains renter demand
- Risks: amenity-light micro-area, safety metrics below national average, and competition from relatively accessible ownership