| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Fair |
| Demographics | 34th | Fair |
| Amenities | 9th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 96 Clifton St, New London, OH, 44851, US |
| Region / Metro | New London |
| Year of Construction | 1996 |
| Units | 36 |
| Transaction Date | 1994-03-15 |
| Transaction Price | $78,500 |
| Buyer | HURON HOUSING CORPORATION |
| Seller | --- |
96 Clifton St New London Multifamily Opportunity
Neighborhood occupancy has trended in the mid-90s and is competitive among Norwalk neighborhoods, according to WDSuite’s CRE market data, supporting stability for a 36-unit asset in a rural setting.
Located in New London, Ohio, the property sits within a rural neighborhood rated C+ where occupancy has remained firm and the renter-occupied share is under one-third of housing units. For investors, that points to a smaller but steady tenant base, with leasing supported by consistent neighborhood occupancy rather than churn.
Livability leans practical over lifestyle. Dining, parks, and cafes are sparse locally, but grocery access is comparatively better and ranks in the top quartile among 27 Norwalk metro neighborhoods. Average school ratings land around the middle of national peers while also ranking in the top quartile within the metro, suggesting local families can access baseline education options despite limited nearby amenities.
Home values are relatively modest versus national norms, which can introduce competition from ownership. However, neighborhood rent-to-income levels are favorable, helping reduce affordability pressure and supporting lease retention. Median asking rents in the area remain lower than many metros, and—based on CRE market data from WDSuite—recent rent growth has been measured rather than volatile.
Within a 3-mile radius, population and household counts have grown over the last five years, and projections indicate further increases in households, pointing to a gradually expanding renter pool. The property’s 1996 vintage is newer than the neighborhood’s older housing stock, offering a competitive edge versus pre-war product while still warranting routine capital planning for systems approaching mid-life.
Safety indicators are mixed and should be evaluated in context. Overall crime performance sits modestly above the national midpoint, and violent offense metrics place the neighborhood in the top quartile nationally. At the metro level, the area is below average compared with Norwalk’s 27 neighborhoods, so investors should underwrite with appropriate operating practices and monitoring.
Property offenses have improved year over year, while violent offense rates have risen recently from a low base. Given these divergent trends, prudent measures such as lighting, access control, and community engagement can help sustain stability without assuming block-level precision.
Regional employment is anchored by corporate offices within commuting range, supporting workforce housing demand and lease retention for residents with stable jobs in paper/packaging, semiconductors, logistics, and food manufacturing.
- International Paper Company — paper & packaging (31.5 miles)
- Texas Instruments — semiconductors (34.9 miles)
- Travelcenters Of America — logistics & travel services (36.9 miles) — HQ
- J.M. Smucker — food manufacturing (37.0 miles) — HQ
For long-term holders, this 36-unit, 1996-vintage asset aligns with a neighborhood where occupancy has remained resilient and rents are positioned to support retention. Newer construction relative to the area’s older stock enhances competitive standing versus legacy units, while a measured rent profile and favorable rent-to-income dynamics reduce turnover risk. Within a 3-mile radius, population and household growth—alongside forecasts for additional household increases—signal a slowly expanding tenant base that can support occupancy stability. According to commercial real estate analysis from WDSuite, local amenities are limited but grocery access is comparatively stronger within the metro.
Key underwriting considerations include the rural location with limited lifestyle amenities, relatively modest home values that can compete with rentals, and mixed but improving safety signals. Routine capital planning remains prudent as building systems age, even with the property’s newer-than-average vintage.
- Occupancy stability in a rural neighborhood, with rents that support tenant retention
- 1996 construction competes well against older local stock; plan for system updates over time
- 3-mile population and household growth points to a gradually expanding renter pool
- Risks: limited amenities, ownership competition from modest home values, and mixed safety trends