| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 29th | Poor |
| Amenities | 40th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3231 Springdale Rd, Cincinnati, OH, 45251, US |
| Region / Metro | Cincinnati |
| Year of Construction | 1980 |
| Units | 24 |
| Transaction Date | 2014-04-29 |
| Transaction Price | $800,000 |
| Buyer | Leslie Marie Apts, LLC (Frazier Kea) |
| Seller | Thomas H. Matson Trust, broker |
3231 Springdale Rd, Cincinnati 24-Unit Multifamily Investment
Rising neighborhood rents and an above‑median renter concentration suggest steady tenant demand, according to WDSuite’s CRE market data; note that occupancy and rent dynamics cited apply to the surrounding neighborhood, not the property itself.
This inner‑suburb location in the Cincinnati, OH-KY-IN metro scores C+ overall and is competitive among Cincinnati neighborhoods (ranked 402 of 611), offering everyday convenience with stronger restaurant and grocery access than many peers. Restaurants and grocery options rank above metro medians, while cafes, parks, and pharmacies are limited, which may shape amenity-driven leasing strategies.
Neighborhood rents sit around the middle of the national distribution and have grown over the last five years, reinforcing the area’s ability to support revenue management. The neighborhood occupancy rate trends below the national median, so underwriting should emphasize leasing velocity and renewal execution to sustain stability at the asset level.
The share of housing units that are renter‑occupied is above the national median, indicating a meaningful tenant base for multifamily product. Median home values in the area are lower than national norms, which can make ownership more accessible and introduce competition with rental options; however, a rent‑to‑income profile around one‑fifth points to manageable affordability pressure and supports retention.
Within a 3‑mile radius, population and households have edged higher and are projected to continue growing by 2028, implying a larger tenant base over time. Average school ratings are below national norms, which may modestly influence family‑oriented demand, but proximity to jobs and everyday retail should remain the primary drivers. These patterns reflect balanced, workforce‑oriented fundamentals supported by commercial real estate analysis from WDSuite.
Vintage context: the property was built in 1980, newer than the neighborhood’s average construction year, which can offer relative competitiveness versus older local stock; investors should still plan for modernization of building systems as part of capital stewardship.
Safety indicators for the surrounding neighborhood compare favorably at the national level: property‑crime measures are in the top decile nationally (safer than most neighborhoods), and violent‑offense levels sit above the national median. Year‑over‑year trends point to notable improvement in violent‑offense rates and a modest improvement in property‑crime measures. As always, safety varies by block and over time; investors should validate current conditions relative to submarket comps.
Nearby corporate anchors provide a diversified employment base that supports renter demand and commute convenience, led by insurance, consumer goods, utilities, and healthcare offices listed below.
- Cincinnati Financial — insurance (4.95 miles) — HQ
- Procter & Gamble Co. — consumer goods (5.85 miles)
- Duke Energy — utilities (6.12 miles)
- Prudential Financial — financial services (7.87 miles)
- Humana Pharmacy Solutions — healthcare services (8.94 miles)
3231 Springdale Rd is a 24‑unit asset with large average unit sizes that align with workforce housing demand in Cincinnati’s inner suburbs. Based on CRE market data from WDSuite, the surrounding neighborhood shows mid‑market rent positioning with five‑year growth, an above‑median renter‑occupied share, and projected expansion in the 3‑mile population and household counts — all supportive of tenant base depth and occupancy stability. The 1980 vintage is newer than much of the nearby housing stock, providing relative competitiveness versus older product while leaving room for targeted value‑add through system updates and interior modernization.
Counterpoints to weigh include below‑median neighborhood occupancy, limited park/cafe amenities, and lower school ratings that could temper family‑centric demand in some segments. Lower home values relative to national benchmarks can introduce competition from ownership, so pricing and renewal strategies should emphasize retention and lease management. Overall, the asset’s scale, unit size profile, and proximity to diversified employers position it as a practical, income‑focused hold in a stable, workforce‑oriented submarket.
- Mid‑market rent positioning with demonstrated five‑year growth supports revenue management
- Above‑median renter‑occupied share and projected 3‑mile household growth expand the tenant base
- 1980 vintage offers relative competitiveness versus older stock with value‑add upside
- Risks: below‑median neighborhood occupancy, limited parks/cafes, lower school ratings, and potential competition from ownership