| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 24th | Poor |
| Demographics | 46th | Fair |
| Amenities | 24th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 429 S Perry St, Napoleon, OH, 43545, US |
| Region / Metro | Napoleon |
| Year of Construction | 1992 |
| Units | 20 |
| Transaction Date | 2021-12-16 |
| Transaction Price | $400,000 |
| Buyer | RIDGELINE RENTALS LLC |
| Seller | TWO D PROPERTIES LLC |
429 S Perry St, Napoleon OH Multifamily Investment
Stable renter demand at the neighborhood level and relatively low rent-to-income dynamics point to retention potential, according to WDSuite’s CRE market data. Occupancy in the surrounding neighborhood trends near national mid-range, suggesting steady but manageably competitive leasing conditions.
Located in a B+ rated, rural neighborhood within Henry County, the property benefits from balanced fundamentals that support workforce housing. Neighborhood occupancy trends sit around the national middle, indicating generally steady leasing conditions without overheated competition. Median asking rents in the area skew on the lower side versus national levels, which can help with tenant retention and reduce affordability pressure.
Retail and daily-needs access is mixed. Restaurant density ranks competitive among the 18 metro neighborhoods, while grocery access is also competitive. By contrast, parks, cafes, and pharmacies are sparse. Childcare access performs in the top quartile among the 18 neighborhoods, which can aid family-oriented renter stability. These dynamics reflect a practical, car-oriented location with select conveniences rather than a full-service amenity node.
Construction in the surrounding neighborhood skews older on average (1940), while this asset was built in 1992. The newer vintage should offer a relative competitive edge versus older local stock, though systems and finishes may still warrant modernization to optimize positioning.
Within a 3-mile radius, population and household trends have been expanding, and median household incomes are above the national midpoint. This points to a growing tenant base with capacity to support occupancy stability. At the same time, home values remain comparatively low for the region, which can create some competition from ownership; operators may need to emphasize convenience, flexibility, and well-maintained units to sustain pricing power.
Tenure data indicates a relatively limited share of renter-occupied housing units locally, implying a smaller but durable renter pool. For multifamily investors, this suggests demand is driven by residents who prioritize rental flexibility and value, with leasing velocity influenced more by property condition and management execution than by transient spikes in demand.
Neighborhood safety benchmarks compare favorably at the national level, with both property and violent offense measures landing above the national median. Within the metro context, the area performs in the stronger tier (top quartile among 18 neighborhoods), suggesting comparatively lower incident rates than many nearby neighborhoods. Conditions can change over time, so investors should validate recent trends during due diligence.
Regional employment anchors within commuting range include advanced manufacturing and industrial headquarters, which support a steady base of renters seeking proximity and predictable commutes. The list below highlights major corporate offices relevant to workforce demand in the broader area.
- Dana — corporate offices (25.5 miles)
- Dana Holding — corporate offices (25.5 miles) — HQ
- Owens-Illinois — glass manufacturing HQ (26.5 miles) — HQ
- Marathon Petroleum — energy HQ (34.4 miles) — HQ
- Owens Corning — building materials HQ (35.4 miles) — HQ
429 S Perry St is a 1992-vintage, 20-unit asset in a B+ neighborhood where rents trend below national levels and occupancy sits around the national midpoint. The location’s mix of everyday conveniences (notably restaurants and childcare) and limited discretionary amenities creates a value-oriented profile that can support steady tenancy. According to commercial real estate analysis from WDSuite, lower rent-to-income dynamics locally point to retention potential, while a newer vintage than the neighborhood norm helps the property compete against older stock.
Within a 3-mile radius, growing population and incomes expand the renter pool and support long-run demand. That said, comparatively low home values in the area can increase competition from ownership, making operational execution, unit quality, and thoughtful amenity upgrades important for pricing power and lease renewal rates. Given the asset’s age, targeted modernization of systems and interiors may unlock value-add upside without overcapitalizing.
- Newer-than-neighborhood vintage (1992) offers a competitive edge versus older local stock, with manageable modernization needs.
- Lower relative rents and favorable rent-to-income dynamics support tenant retention and occupancy stability.
- Expanding 3-mile population and income trends indicate a larger tenant base over time.
- Proximity to regional industrial HQs underpins workforce housing demand within commuting range.
- Risks: limited neighborhood amenities and relatively low home values may increase competition from ownership; asset performance will depend on upkeep, unit quality, and leasing strategy.