| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Good |
| Demographics | 49th | Good |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 620 S Gilbert St, Ada, OH, 45810, US |
| Region / Metro | Ada |
| Year of Construction | 1977 |
| Units | 20 |
| Transaction Date | 2021-01-15 |
| Transaction Price | $385,000 |
| Buyer | INTERSTATE REALTY HOLDINGS LLC |
| Seller | GILBERT APARTMENTS OF ADA LTD |
620 S Gilbert St, Ada OH — 20-Unit Multifamily with Value-Add Potential
Neighborhood fundamentals point to steady renter demand and manageable affordability pressures, according to WDSuite’s CRE market data, with a moderate renter-occupied share and improving property offense trends supporting leasing stability.
Rated A and ranked 2 out of 16 neighborhoods in the Hardin County metro set, the immediate area is top quartile among 16 metro neighborhoods. For investors, that relative standing signals balanced livability and demand drivers without the pricing volatility seen in hotter urban submarkets.
The 1977 vintage is newer than the neighborhood’s average construction year of 1967. That positioning can be competitive against older stock while still warranting targeted capital planning for aging systems or selective interior upgrades to capture rent premiums.
Renter-occupied housing accounts for a moderate share of units in the neighborhood (occupancy_rental_share), indicating a defined tenant base that supports ongoing leasing. Neighborhood occupancy is reported at 86.9% (neighborhood-level, not property-specific), which suggests stable but competitive leasing conditions where asset quality, management, and pricing discipline matter.
Local conveniences are limited in this rural setting, with modest restaurant and grocery presence and few cafés, while schools score above many peer areas (ranked 1 of 16 in the metro and in the 73rd percentile nationally). Home values trend on the lower side for the region, which can introduce some competition from ownership options; however, relatively low rent-to-income levels support retention and reduce near-term affordability pressure for renters.
Based on WDSuite’s market indicators, this neighborhood sits above the national median for safety (around the 59th percentile nationwide), a constructive backdrop for resident retention and leasing. Year over year, estimated property offenses declined by roughly 25.2%, indicating improving trends; as always, investors should review multi-year patterns rather than a single period.
These figures reflect neighborhood-level conditions rather than block-specific outcomes and should be paired with on-the-ground diligence and comparable property performance when underwriting.
Regional employment is anchored by energy and related corporate functions, which helps support a commuter renter base and leasing stability at workforce price points. The notable nearby employer is listed below.
- Marathon Petroleum — energy corporate offices (20.9 miles) — HQ
This 20-unit 1977 asset offers operational upside in a rural A-rated neighborhood that ranks in the top quartile among 16 metro neighborhoods. The area’s moderate renter concentration supports a defined tenant base, while neighborhood occupancy of 86.9% underscores the importance of hands-on management to drive leasing and retention. According to CRE market data from WDSuite, rent burdens remain relatively light locally, which can aid collections and provide room for strategic renovations to translate into achievable rent steps.
With home values comparatively accessible for the region, competition from ownership is a consideration; however, the property’s smaller-unit format and workforce positioning can sustain renter reliance on multifamily housing. The 1977 vintage suggests targeted value-add and system updates could enhance competitiveness versus older stock, supporting stabilized returns without over-reliance on market-wide rent growth.
- A-rated neighborhood, top quartile among 16 metro areas, supports demand consistency
- 1977 vintage presents value-add and modernization pathways to lift rents
- Moderate renter-occupied share and light rent burdens support retention and collections
- Risk: Neighborhood occupancy at 86.9% implies competitive leasing; execution and pricing discipline are key
- Risk: Accessible homeownership options may compete with rentals; focus on unit quality and management to differentiate