| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 28th | Fair |
| Demographics | 52nd | Best |
| Amenities | 29th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 300 Steeplechase Ave, Bellevue, OH, 44811, US |
| Region / Metro | Bellevue |
| Year of Construction | 2004 |
| Units | 50 |
| Transaction Date | 2014-09-30 |
| Transaction Price | $1,100,000 |
| Buyer | MIDWEST ESTATES LLC |
| Seller | HILLYER JOHN T |
300 Steeplechase Ave, Bellevue, OH Multifamily Investment
2004-vintage, 50-unit asset positioned in a stable, A-rated Bellevue neighborhood, with occupancy trends near the national median and a renter base supported by modest household growth, according to WDSuite s CRE market data.
Bellevue s A-rated neighborhood ranks 4th out of 27 metro neighborhoods, placing it in the top quartile locally. Schools test well versus peers, with the neighborhood s average school rating ranking 1st of 27 and performing in the top quartile nationally. Amenities are limited at the neighborhood level for a rural setting, though cafés index competitively versus national peers, while pharmacies and parks are sparse.
The property s 2004 construction is newer than the neighborhood s older housing stock (average vintage 1943), suggesting relative competitiveness versus legacy assets and potentially lower near-term capital needs, while leaving room for targeted value-add to modernize systems or finishes.
Neighborhood occupancy is about 91%, roughly near the national midpoint, and the share of renter-occupied housing is in the high-20s. That renter concentration indicates a defined but not dominant multifamily tenant base a profile that can support steady leasing but still competes with ownership options.
Within a 3-mile radius, WDSuite s demographic data points to modest recent population growth and an increase in households, with forecasts indicating further household expansion over the next five years. This trajectory supports a gradually larger tenant base and can aid occupancy stability and leasing velocity for well-positioned units.
Home values are comparatively lower for the region, and median contract rents sit on the lower end locally. In investor terms, a high-cost ownership market is not the driver here; instead, accessible ownership can create some competition for renters, while relatively low rent-to-income levels suggest measured pricing power may be achievable through asset quality and operations rather than large headline increases.
Safety signals are mixed in context. At the metro level, the neighborhood s overall crime rank sits toward the lower end (25th out of 27), indicating it underperforms the metro median. Nationally, however, violent-offense estimates benchmark in a stronger range (around the upper third of neighborhoods nationwide), and property-offense estimates sit modestly above average compared to national peers.
Recent year-over-year changes indicate increases in both violent and property offense estimates. For underwriting, investors typically account for these dynamics through security features, tenant screening, and coordination with local management practices, while weighing the neighborhood s strong school ranking and stable occupancy profile.
Regional employment access is diversified at the metro scale; proximity to Owens Corning supports commuting options for some residents and can aid renter retention among workers tied to building materials manufacturing and corporate functions.
- Owens Corning building materials HQ (44.0 miles) HQ
This 50-unit, 2004-built community offers relative competitiveness versus older local stock and leverages an A-rated neighborhood that ranks 4th of 27 in the Norwalk, OH metro. Neighborhood occupancy trends sit near the national midpoint, while a defined renter base and modest 3-mile household growth point to steady demand. According to commercial real estate analysis from WDSuite, lower local rents and rent-to-income levels suggest measured pricing power may be attainable through quality, management, and targeted upgrades rather than outsized increases.
Investor focus centers on durable leasing and value-add potential: the vintage supports modernization programs to enhance unit appeal and capture incremental revenue, while rural amenity depth and competitive ownership options argue for disciplined underwriting and hands-on operations. Safety metrics warrant monitoring at the metro level, but national benchmarking and strong schools temper the risk profile.
- 2004 vintage versus older neighborhood stock supports competitive positioning and targeted value-add
- A-rated neighborhood (4th of 27 locally) and near-median occupancy underpin stable leasing
- 3-mile household growth and defined renter concentration support tenant base depth
- Lower rents and rent-to-income levels indicate room for operationally driven pricing gains
- Risks: rural amenity limitations, competitive ownership options, and below-metro safety ranking