| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Fair |
| Demographics | 38th | Poor |
| Amenities | 29th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2928 Banning Rd, Cincinnati, OH, 45239, US |
| Region / Metro | Cincinnati |
| Year of Construction | 1981 |
| Units | 24 |
| Transaction Date | 2007-04-01 |
| Transaction Price | $883,500 |
| Buyer | Robert Newton |
| Seller | Margaret A & Lowel Hammerle TR |
2928 Banning Rd, Cincinnati OH — 24-Unit Value-Add Opportunity
Stabilized neighborhood occupancy sits in the top quartile nationally, supporting consistent leasing, according to CRE market data from WDSuite. With a renter-occupied share above many Cincinnati peers, the asset benefits from a durable tenant base and approachable rent positioning.
The property is in an Inner Suburb of Cincinnati rated B- (ranked 326 of 611 metro neighborhoods), indicating mid-pack positioning locally with steady fundamentals. Neighborhood occupancy is strong and competitive nationally (top quartile), and renter-occupied housing accounts for a meaningful share of units (ranked 121 of 611 in Cincinnati), which signals depth in the tenant pool and supports leasing stability for multifamily investors.
Everyday amenities are convenient. Cafes and grocery options are competitive among Cincinnati neighborhoods (ranks 27 and 23 of 611, respectively) and sit well above national medians for density, while park and pharmacy access is limited in the immediate area. For investors, this mix points to practical livability that can aid retention, with a note to market the asset’s proximity to food and services rather than green space.
Rents in the surrounding neighborhood sit below the national midpoint by percentile, which can help maintain occupancy and broaden the renter catchment, while also requiring disciplined revenue management. Median home values are lower relative to national norms, suggesting some competition from ownership options; however, this typically supports stable demand for more accessible rental housing and can aid lease retention through value positioning.
Demographic statistics within a 3-mile radius show a modest increase in population and households over the last five years, with forecasts pointing to additional population growth and a sizable increase in households by the mid‑term. This implies a larger tenant base and ongoing demand for rental units, which should support occupancy stability and absorption, based on CRE market data from WDSuite.
Constructed in 1981, the asset is newer than the neighborhood’s average vintage (1959). That relative age can be a competitive advantage versus older stock, while still offering room for targeted capital improvements (systems, interiors, common areas) to drive rent positioning and enhance durability of cash flows.
Safety indicators benchmark near national averages overall, with the neighborhood’s composite crime profile sitting around the midpoint nationally. Property offenses currently compare favorably by national percentile, though recent year-over-year data indicates an uptick that warrants routine monitoring and practical site-level measures (lighting, access control). Violent offense measures are around national midpoints with a recent improvement trend, indicating stabilization rather than deterioration.
At the metro level, the area performs competitively among Cincinnati neighborhoods on several metrics but is not among the very lowest-risk cohorts. Investors should underwrite standard security practices and consider data updates during due diligence to confirm that recent trends are consistent.
Proximity to major employers supports renter demand and commute convenience for workforce households. Nearby anchors include Procter & Gamble Co., Cincinnati Financial, Humana, Kroger, and Macy's, providing a diversified employment base that can aid retention.
- Procter & Gamble Co. — consumer products offices (4.3 miles)
- Cincinnati Financial — insurance (7.4 miles) — HQ
- Humana — healthcare services (8.0 miles)
- Kroger — grocery corporate (8.1 miles) — HQ
- Macy's — retail corporate (8.3 miles) — HQ
2928 Banning Rd offers a 24‑unit platform in a neighborhood with occupancy levels that rank in the top quartile nationally, supporting predictable leasing and cash flow resilience. The asset’s 1981 vintage is newer than much of the local stock, creating room for targeted value‑add to improve rent positioning versus older comparables while maintaining cost discipline. According to CRE market data from WDSuite, the area’s renter concentration and everyday amenity access (notably food and services) support retention, while below‑median rent positioning by national percentile can widen the renter pool.
Within a 3‑mile radius, modest recent gains and forward projections for population and households point to a larger tenant base over the medium term, reinforcing occupancy stability. Lower home values relative to national norms suggest potential competition from ownership, but they also sustain reliance on rental options for many households, which can temper turnover when value is evident. Investors should underwrite standard security measures given a recent uptick in property offenses, balanced by improving violent‑offense trends.
- Top‑quartile neighborhood occupancy supports leasing stability
- 1981 vintage is newer than area stock, with clear value‑add pathways
- Amenity convenience (cafes/groceries) aids retention; parks/pharmacies are limited nearby
- 3‑mile radius projections indicate a larger renter pool, supporting occupancy
- Risks: recent uptick in property offenses; potential competition from ownership options