| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Good |
| Demographics | 48th | Good |
| Amenities | 51st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15 Olde Village Rd, Norwalk, OH, 44857, US |
| Region / Metro | Norwalk |
| Year of Construction | 1992 |
| Units | 30 |
| Transaction Date | 2004-01-07 |
| Transaction Price | $2,700,000 |
| Buyer | KMK ESTATES LLC |
| Seller | --- |
15 Olde Village Rd, Norwalk OH Multifamily
Stable neighborhood occupancy and a broadening 3-mile renter pool point to steady leasing fundamentals, according to WDSuite’s CRE market data. Positioning a 1992 asset against older local stock offers competitive appeal with room for thoughtful upgrades.
The property sits in an A-rated, rural neighborhood of the Norwalk, OH metro that is competitive among 27 local neighborhoods. Neighborhood occupancy is solid and, at its current level, is competitive among Norwalk neighborhoods, supporting day-one leasing stability for a 30‑unit asset based on CRE market data from WDSuite.
Vintage positioning is favorable: the submarket’s average construction year is 1972, while this property was built in 1992. Being newer than much of the surrounding stock can help with curb appeal and renter preference, though investors should budget for aging systems and selective modernization to maintain competitive standing.
Within a 3‑mile radius, demographics indicate population growth over the past five years and a larger increase in households, pointing to a growing tenant base. Projections call for further household expansion alongside smaller average household sizes, which typically supports demand for rental units and helps sustain occupancy.
Tenure patterns are owner‑leaning locally, with renter-occupied housing making up roughly three in ten units within a 3‑mile radius. This implies a moderate renter concentration that can still support consistent demand for well‑managed multifamily, particularly for workforce segments.
Local living amenities are practical rather than destination‑driven: grocery, parks, and pharmacy access rank above the metro median, while cafes are limited and restaurants are moderate. For investors, that mix supports everyday convenience and resident retention even if lifestyle amenity depth is modest compared with larger urban neighborhoods.
Home values are relatively accessible for the region, and rent-to-income levels in the neighborhood sit in a strong national percentile. That combination suggests manageable affordability pressure for renters — a positive for lease retention — while also capping near‑term pricing power, making disciplined revenue management important.
Neighborhood safety trends compare favorably at the national level, with overall crime metrics sitting above national percentiles for safety. Within the Norwalk metro’s 27 neighborhoods, conditions are competitive rather than top-tier, so investors should underwrite to typical small‑metro risk controls.
Recent momentum is constructive: both property and violent offense rates have declined year over year, according to WDSuite’s data, reinforcing a supportive backdrop for resident retention and day‑to‑day operations. As always, evaluate property‑level measures and nearby block conditions during due diligence.
Regional employers within commuting distance help anchor demand for workforce housing, with access to advanced manufacturing and transportation services reflected below.
- Texas Instruments — semiconductors (38.1 miles)
- Travelcenters Of America — transportation services (39.2 miles) — HQ
This 1992, 30‑unit property benefits from a neighborhood that is competitive among Norwalk’s 27 neighborhoods, with solid occupancy and a practical amenity base that supports everyday livability. Within a 3‑mile radius, population growth and a faster rise in households expand the tenant base, while a moderate renter concentration suggests stable demand depth. According to CRE market data from WDSuite, neighborhood rent-to-income levels indicate manageable affordability pressure, supporting retention with disciplined pricing.
Being newer than much of the local 1970s-era stock provides a relative edge, and targeted updates can further differentiate the asset against older comparables. Key risks include the owner‑leaning tenure profile and limited lifestyle amenities, which place a premium on operational execution, value‑add planning, and resident experience.
- Competitive neighborhood with steady occupancy supporting leasing stability
- 1992 vintage newer than area averages; potential to enhance via selective renovations
- 3‑mile household growth and smaller household sizes expand renter pool
- Manageable rent-to-income levels support retention and disciplined revenue management
- Risks: owner‑leaning tenure, modest amenity depth, and rural setting require strong operations