| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Best |
| Demographics | 44th | Good |
| Amenities | 51st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 398 E Forest Rd, Kenton, OH, 43326, US |
| Region / Metro | Kenton |
| Year of Construction | 1973 |
| Units | 90 |
| Transaction Date | 2015-11-19 |
| Transaction Price | $3,100,000 |
| Buyer | LRC WESTOVER FOREST LP |
| Seller | MATRIX HERTIAGE MANOR LLC |
398 E Forest Rd, Kenton OH Multifamily Investment
Neighborhood occupancy is in the top quartile and has trended stable, supporting durable cash flow potential according to WDSuite’s CRE market data. The property sits in a rural pocket with steady renter demand and modest competition from new supply.
Kenton’s rural neighborhood context offers everyday conveniences without urban density. Amenity access ranks first among 16 metro neighborhoods, translating to competitive options for groceries, pharmacies, and casual dining relative to the local market, while parks are limited. Average school ratings sit below national norms, an operating consideration for family-oriented leasing.
The neighborhood’s occupancy rate is top quartile nationally and ranks near the top among 16 Hardin County neighborhoods, a positive signal for lease stability and retention. Median contract rents are comparatively low versus national benchmarks, and the neighborhood’s rent-to-income profile indicates lighter affordability pressure, giving operators some pricing flexibility while supporting resident retention.
The area’s housing stock skews older (average vintage 1966), and this property’s 1973 construction is newer than the neighborhood norm, which can provide a competitive edge versus older inventory. That said, systems and interiors from this era may still benefit from targeted modernization, creating potential value-add pathways and capex planning needs typical for late-1970s assets.
Within a 3-mile radius, population has inched upward over five years and average household size has edged lower, suggesting a gradual shift toward smaller households. Combined with a modest share of renter-occupied units (around three in ten), the tenant base is steady rather than deep, but the neighborhood’s high occupancy indicates that available renters have historically been sufficient to support leasing performance.
Home values are comparatively lower on a national scale, which can make ownership more accessible in this market; for investors, that means rental product competes with entry-level ownership. However, the combination of stable occupancy and lower rent-to-income ratios has supported pricing discipline and reduced turnover risk.
Safety indicators for the neighborhood are generally favorable in a national context, with overall crime sitting above the national median for safety. Within the metro, the area places mid-to-upper tier among 16 neighborhoods. Recent trends show notable year-over-year declines in both property and violent offense rates, which supports a more stable operating environment.
As always, investors should underwrite at the property and block levels and monitor trend data; but the combination of improving incident rates and a solid national safety percentile suggests conditions that are competitive among Hardin County neighborhoods.
Regional employers within commuting distance help sustain renter demand, particularly among workforce households. Key nearby corporate offices include Marathon Petroleum and Parker-Hannifin, supporting leasing durability through diversified employment access.
- Marathon Petroleum — energy (25.8 miles) — HQ
- Parker-Hannifin Corporation — industrial & motion controls (34.6 miles)
This 90-unit, 1973 multifamily asset in Kenton benefits from a neighborhood with top-quartile occupancy and comparatively low rent burdens, supporting retention and measured pricing power. The property’s vintage is newer than the area’s average stock, offering relative competitiveness versus older buildings while leaving room for targeted renovations that can lift rents and reduce long-term maintenance risk. According to CRE market data from WDSuite, the area’s amenity access is competitive locally, and safety trends have improved year over year, reinforcing leasing stability.
Investor considerations include a modest renter-occupied share—implying a steadier but thinner tenant pool—and local schools that trail national averages. Homeownership is relatively attainable, which can create competition for renters at certain price points. Even so, stable neighborhood occupancy, improving safety trends, and manageable affordability pressures underpin a balanced, long-term hold or value-add thesis.
- Top-quartile neighborhood occupancy supports leasing stability and retention
- 1973 vintage is newer than local stock, with value-add and modernization upside
- Competitive amenity access and improving safety trends bolster long-term operations
- Workforce employment within commuting distance supports steady renter demand
- Risks: modest renter concentration and accessible homeownership can temper rent growth