| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Fair |
| Demographics | 42nd | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2224 High Wheel Dr, Xenia, OH, 45385, US |
| Region / Metro | Xenia |
| Year of Construction | 2004 |
| Units | 99 |
| Transaction Date | 2002-11-25 |
| Transaction Price | $410,000 |
| Buyer | NATIONAL CHURCH RESIDENCES |
| Seller | WRIGHT CYCLE SENIORS L P |
2224 High Wheel Dr, Xenia OH Multifamily Opportunity
Newer 2004 vintage in an inner-suburban setting positions this 99-unit asset to compete against older local stock while tapping a renter-heavy neighborhood, according to WDSuite’s commercial real estate analysis.
Located in Xenia within the Dayton–Kettering metro, the neighborhood carries a B rating and an Inner Suburb profile. Local housing stock skews older than the property (neighborhood average vintage 1943), which gives a 2004-built asset relative competitiveness; investors should still plan for mid-life system updates and selective renovations to sharpen positioning.
Renter concentration in the neighborhood is high (52.2% of housing units are renter-occupied; 90th percentile nationally), suggesting a deeper tenant base for multifamily demand. Neighborhood occupancy (distinct from property occupancy) trends stable around the upper 80s with minimal change over five years, supporting expectations of steady leasing conditions rather than rapid swings.
Within a 3-mile radius, demographic indicators point to a mixed but investable setup. Recent years show relatively flat population and households, but forward-looking estimates indicate household growth and rising incomes through the forecast period, which can expand the renter pool and aid occupancy stability. Median contract rents in the 3-mile area remain accessible and are projected to grow, offering room for measured pricing without overreaching affordability thresholds.
Daily-needs access is serviceable rather than destination-driven: restaurants are mid-pack for the metro, while parks, childcare, and pharmacies rank above average nationally; cafes and grocers are thinner locally. For investors, this translates into a livability profile that supports retention, with upside from property-level amenities and convenience enhancements to differentiate versus competing assets.
Safety signals are mixed and should be assessed in context. The neighborhood ranks 40 out of 228 metro neighborhoods for reported crime, indicating higher crime relative to the metro average. Nationally, it trends modestly better than average (around the 58th percentile for safety compared with neighborhoods nationwide). Recent trendlines are favorable: estimated violent and property offense rates both declined year over year, placing the neighborhood among stronger improvers nationally. As always, investors should consider on-the-ground management practices and sub-neighborhood variation when underwriting.
Regional employment access is driven by corporate operations within commuting range, supporting workforce housing demand and lease retention. Notable nearby employers include waste services, health insurance, steel, e-commerce fulfillment, and pharmacy solutions.
- Waste Management — waste services (20.0 miles)
- Anthem Inc Mason Campus II — health insurance (30.0 miles)
- AK Steel Holding — steel manufacturing (33.7 miles) — HQ
- Staples Fulfillment Center — e-commerce fulfillment (34.2 miles)
- Humana Pharmacy Solutions — pharmacy services (34.8 miles)
This 99-unit, 2004-built asset offers competitive positioning versus an older neighborhood inventory, with unit sizes averaging roughly 1,029 square feet that can appeal to households seeking more space. Neighborhood renter concentration is high, which supports depth of demand, and area rents within a 3-mile radius remain accessible with room for disciplined growth as incomes rise. According to CRE market data from WDSuite, neighborhood occupancy trends have been steady rather than volatile, aligning with a hold thesis centered on consistent cash flow and targeted renovations.
Forward indicators point to household and income growth in the surrounding 3-mile area, bolstering the medium-term renter base and aiding retention. Ownership costs remain comparatively manageable for the region, which can create some competition from for-sale options; however, a well-maintained, mid-2000s multifamily community can retain pricing power through amenity and operations execution.
- 2004 vintage competes well against older local stock; plan selective value-add for mid-life systems
- High neighborhood renter-occupied share indicates a deep tenant base supporting leasing stability
- Steady neighborhood occupancy and accessible area rents support disciplined, sustainable rent growth
- 3-mile outlook shows household and income growth, expanding demand and aiding retention
- Risk: competitive pressure from ownership options; execution focus on amenities and operations is key