| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 74th | Best |
| Amenities | 19th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 785 Neeb Rd, Cincinnati, OH, 45233, US |
| Region / Metro | Cincinnati |
| Year of Construction | 1978 |
| Units | 36 |
| Transaction Date | 2008-07-01 |
| Transaction Price | $1,300,000 |
| Buyer | NEEB ROAD LLC |
| Seller | BAMBACH RUDOLPH |
785 Neeb Rd Cincinnati 36-Unit Value-Add Multifamily
Neighborhood occupancy is competitive within the Cincinnati metro and remains strong by national standards, suggesting stable cash flow potential; according to WDSuite’s CRE market data, the area’s low rent-to-income levels point to measured pricing headroom if renovations elevate product quality.
This suburban Cincinnati location carries a B+ neighborhood rating and ranks 191 out of 611 metro neighborhoods, placing it above the metro median and competitive among local options. Neighborhood occupancy is reported at 97.0%, which is top quartile nationally and supports leasing stability for a 36-unit property.
Livability is auto-oriented with limited nearby daily conveniences in the immediate neighborhood; restaurants and grocery access track around metro averages, while cafes, parks, and pharmacies are sparse. Average school ratings trend strong (top quartile nationally), which can help support family-oriented renter households and longer tenures when paired with appropriate unit mixes.
The building’s 1978 vintage is older than the neighborhood’s average construction year (1989). For investors, this typically translates to planned capital expenditures and a practical value-add path—modernizing interiors, systems, and common areas to improve competitive positioning against newer stock while managing downtime.
Renter concentration within the neighborhood is relatively owner-leaning (share of housing units that are renter-occupied is lower than many metro peers), which means the immediate tenant base is more selective; however, the broader 3-mile catchment shows a larger pool of renters and supports demand for well-managed multifamily. Median contract rents are moderate, and with a low rent-to-income profile (top quintile nationally), operators may have room for incremental rent improvements aligned with upgrades and service quality rather than across-the-board increases.
Demographic trends aggregated within a 3-mile radius show recent softness in population and household counts but a forward-looking outlook that points to population growth and an increase in households by 2028 alongside higher median incomes. For multifamily, this combination supports a larger tenant base over time and can reinforce occupancy stability, provided product quality and pricing remain aligned with local incomes.
Safety metrics compare favorably at the national level, with the neighborhood positioned in the top quartile of U.S. neighborhoods. Recent year-over-year trends indicate notable declines in both property and violent offense estimates, reinforcing an improving backdrop rather than isolated short-term volatility.
Within the Cincinnati metro, the area compares well relative to many peer neighborhoods, and the directional improvement helps leasing and retention narratives. As with any submarket, investors should underwrite to property-level controls and management practices and monitor local trendlines rather than relying on block-level assumptions.
Proximity to major corporate employers underpins renter demand through commute convenience and a diversified white-collar employment base. Key nearby names include Duke Energy, Kroger, Macy's, Fifth Third Bancorp, and HP.
- Duke Energy — utilities (4.8 miles)
- Kroger — grocery corporate offices (6.6 miles) — HQ
- Macy's — retail corporate offices (6.6 miles) — HQ
- Fifth Third Bancorp — banking corporate offices (6.8 miles) — HQ
- HP — technology offices (7.0 miles)
This 36-unit asset at 785 Neeb Rd offers a straightforward value-add thesis: strong neighborhood occupancy (top quartile nationally) and a suburban B+ setting support leasing durability, while 1978 construction suggests clear renovation and systems-upgrade upside to better compete with the area’s newer stock. Median rents are moderate and the neighborhood’s low rent-to-income profile indicates potential, measured pricing power when paired with quality improvements and effective operations.
Market context is favorable for disciplined operators. The immediate area’s owner-leaning renter concentration points to a selective tenant base, yet the broader 3-mile radius shows a larger renter pool with rising incomes projected alongside population and household growth. According to CRE market data from WDSuite, local amenities and schools compare competitively versus national benchmarks, helping retention when product quality and service levels are maintained. Key risks include limited walkable amenities and potential competition from relatively accessible homeownership, both manageable through upgrade scope, marketing, and lease management.
- Stable occupancy backdrop with competitive standing in the Cincinnati metro and top-quartile national positioning
- 1978 vintage enables value-add through interior, systems, and common-area upgrades to enhance rent and retention
- Moderate rents and low rent-to-income levels suggest measured pricing headroom tied to quality improvements
- Diversified nearby employment base supports demand and limits leasing volatility
- Risks: owner-leaning tenure and limited immediate amenities; mitigate via renovation scope, positioning, and lease management