| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Fair |
| Demographics | 39th | Fair |
| Amenities | 19th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 133 N West St, Norwalk, OH, 44857, US |
| Region / Metro | Norwalk |
| Year of Construction | 1975 |
| Units | 22 |
| Transaction Date | 2020-12-28 |
| Transaction Price | $2,300,000 |
| Buyer | WESLEY AND WILLARD VALLEY APARTMENTS LLC |
| Seller | PREFERRED CHOICE INVESTMENTS I LLC |
133 N West St, Norwalk OH Multifamily Investment
Renter demand is supported by an above-median renter-occupied share and manageable rent-to-income dynamics, according to WDSuite’s CRE market data, suggesting stable leasing fundamentals for smaller assets in Norwalk.
The property sits in a suburban Norwalk neighborhood rated B and ranked 12 out of 27 locally, which is competitive among Norwalk neighborhoods. Neighborhood occupancy is below the metro median, but the renter-occupied share is above the metro median (ranked 6 of 27), indicating a meaningful tenant base for smaller multifamily assets and supporting day-to-day leasing.
Amenity access is mixed: parks score well relative to national peers (around the top third nationwide and ranked 3 of 27 in the metro), while daily conveniences like grocery, pharmacy, childcare, and cafes are sparse within the immediate neighborhood. For investors, this points to demand driven more by local employment and housing costs than by a high-amenity lifestyle core.
Rent levels in the neighborhood remain accessible compared with many U.S. areas, and they have risen over the past five years, signaling steady pricing power without acute affordability pressure. Median home values are lower than many national peers, which can introduce some competition from entry-level ownership; however, it also helps sustain renter reliance on multifamily housing for mobility and flexibility.
Within a 3-mile radius, households have increased even as average household size edged down, expanding the number of smaller households that often engage the rental market. Forward-looking projections in the same radius call for continued household growth, which should enlarge the local renter pool and support occupancy stability.
Safety indicators compare favorably: the neighborhood ranks 3 out of 27 in the Norwalk metro for overall crime, placing it above the metro average and roughly in the top quartile nationally by percentile. Recent year-over-year trends show notable declines in both property and violent offenses, reinforcing a positive trajectory rather than a one-off data point.
As with any submarket-level metric, conditions can vary by block and over time. Investors typically translate these comparative rankings into expectations for tenant retention and operating stability, while still underwriting with conservative assumptions.
Regional employers within commuting range help underpin renter demand, particularly for workforce housing tied to advanced manufacturing and travel services. The list below highlights notable corporate offices accessible by highway from the property.
- Texas Instruments — semiconductor manufacturing offices (40.1 miles)
- TravelCenters of America — travel services (41.2 miles) — HQ
Built in 1975, the asset is newer than much of the neighborhood’s older housing stock, offering a relative competitive edge versus 1960s-era properties while still leaving room for targeted system upgrades or value-add improvements. Neighborhood renter concentration is above the metro median, and rent-to-income levels point to manageable affordability pressure that can aid retention and steady collections. According to CRE market data from WDSuite, neighborhood occupancy trends run below the metro median, so underwriting should prioritize leasing efficiency and renewal strategies.
Within a 3-mile radius, recent gains in household counts alongside smaller household sizes suggest a gradual expansion of the renter pool over time. Ownership costs in the area are relatively accessible compared to many U.S. markets, which can create some competition with entry-level ownership, but also supports mobility-driven rental demand. Overall, the thesis leans on workforce demand, modest pricing power, and targeted operational execution rather than outsized growth assumptions.
- 1975 vintage offers a competitive position versus older local stock, with potential for focused value-add.
- Above-median renter-occupied share supports depth of tenant demand for smaller multifamily assets.
- Manageable rent-to-income dynamics bolster retention and day-to-day collections.
- Household growth within 3 miles points to a gradually expanding renter pool and occupancy support.
- Risks: neighborhood occupancy below metro median and limited nearby amenities may require tighter leasing and renewal management.