| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Fair |
| Demographics | 42nd | Fair |
| Amenities | 13th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 409 E Patterson St, Dunkirk, OH, 45836, US |
| Region / Metro | Dunkirk |
| Year of Construction | 1993 |
| Units | 24 |
| Transaction Date | 2009-12-11 |
| Transaction Price | $900,800 |
| Buyer | MALLORY MEADOWS LLC |
| Seller | VEARDDUNKIRK LP |
409 E Patterson St Dunkirk OH 24-Unit Multifamily
Neighborhood occupancy is strong and has trended higher in recent years, supporting stable rent rolls for a 24-unit asset, according to CRE market data from WDSuite. Rents remain relatively accessible versus local incomes, which can aid retention and limit turnover volatility.
This rural Hardin County location offers steady renter demand indicators despite limited walkable amenities. Neighborhood occupancy stands at 94.6% and has improved over the past five years, placing it in the top quartile among 16 metro neighborhoods based on WDSuite s CRE market data. Renter-occupied housing accounts for roughly 22% of units, suggesting a modest but durable tenant base that can support stabilized operations.
The property s 1993 vintage is newer than the neighborhood s average construction year of 1955, which can provide a competitive edge versus older stock. Investors should still anticipate routine modernization needs associated with early-1990s systems, but the relative youth of the asset may reduce near-term capital intensity compared with much of the local inventory.
Local livability is car-oriented. Grocery access is comparatively better than other amenities in the area (competitive among Hardin County neighborhoods), while parks, pharmacies, and cafes are sparse. Average school ratings are among the strongest in the metro (top performer out of 16 neighborhoods) and track in the upper quartile nationally, a factor that can support family-oriented renter demand.
Home values in the neighborhood are on the lower end compared with national norms, and contract rents benchmark below many metros. This dynamic can create a value proposition for renters and help sustain occupancy, though it may limit near-term pricing power. Framed for investors, the balance points to reliable absorption for well-managed units while emphasizing operational execution over aggressive rent growth.
Safety trends compare favorably at the national level: neighborhood metrics sit in the upper percentiles nationwide for lower violent and property offense rates, indicating a top-quartile national position. At the metro level, however, the neighborhood s crime rank is 2 out of 16, signaling less favorable relative standing versus nearby Hardin County areas. Taken together, investors should view safety as relatively strong in a national context but monitor local conditions and property-level measures.
Regional employment anchors within commuting range support renter demand through industrial and corporate office employment, notably energy and diversified manufacturing. The employers below illustrate the nearby base that can contribute to leasing stability.
- Marathon Petroleum energy & refining (17.0 miles) HQ
- Parker-Hannifin Corporation diversified manufacturing (43.3 miles)
409 E Patterson St combines a stabilized rural location with operational fundamentals that favor steady cash flow over speculative growth. Neighborhood occupancy is in the top quartile among 16 metro neighborhoods and has risen over the last five years; paired with a low rent-to-income profile, this supports retention and predictable collections. According to WDSuite s commercial real estate analysis, the area s lower rent levels versus income help underpin ongoing demand for well-managed units.
Built in 1993, the 24-unit property is newer than most nearby housing stock, offering relative competitiveness against older assets while still presenting selective value-add opportunities through unit and systems updates. Limited amenity density means demand is more commute- and value-driven, and lower home values can create incremental competition with ownership but also reinforce a stable renter cohort where management focuses on service and retention.
- Top-quartile neighborhood occupancy and improving trend support stable rent rolls
- 1993 vintage is newer than local average, offering competitive positioning with targeted modernization upside
- Lower rents relative to incomes bolster retention and reduce affordability pressure on tenants
- Regional employers within commuting range contribute to demand consistency
- Risks: limited amenity density and accessible ownership options may temper pricing power; focus on operations and tenant service