| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Best |
| Demographics | 36th | Fair |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23 Grand Ave, Norwalk, OH, 44857, US |
| Region / Metro | Norwalk |
| Year of Construction | 1976 |
| Units | 28 |
| Transaction Date | 2021-12-06 |
| Transaction Price | $2,362,077 |
| Buyer | OP RDMM COMMERCIAL LLC |
| Seller | AVAILABLE NAME NOT |
23 Grand Ave, Norwalk, OH Multifamily Investment
Neighborhood occupancy has been steady, supporting income visibility for a 28-unit asset, according to WDSuite’s CRE market data. Renter concentration is meaningful for this Inner Suburb location, suggesting depth for day-to-day leasing.
Norwalk’s Inner Suburb node around 23 Grand Ave scores competitively on daily conveniences, ranking first among 27 metro neighborhoods for overall amenities and near the top for groceries, restaurants, pharmacies, and cafés. This concentration of essentials helps sustain renter convenience and can aid lease retention without relying on destination retail.
Neighborhood multifamily occupancy is 93.6%, with modest improvement over the past five years, indicating stable demand relative to many small-metro peers. Median contract rents in the immediate neighborhood skew lower versus national levels, while the rent-to-income profile signals relatively manageable affordability pressure — factors that can support retention and measured rent growth, rather than rapid turnover. Framed through commercial real estate analysis, these dynamics suggest durable baseline demand with pricing power driven more by quality and convenience than by scarcity.
Vintage matters for competitive positioning: the submarket’s average construction year trends newer (late 1980s), while the subject’s 1976 build points to potential capital planning and value-add opportunities to meet today’s renter expectations. The neighborhood’s renter-occupied share is in the higher range locally, providing a reliable tenant base for multifamily operators.
Demographic indicators aggregated within a 3-mile radius show a slightly larger population than five years ago, a net increase in households, and smaller average household sizes — all consistent with a gradually expanding renter pool. Looking ahead, forecasts point to continued household growth through 2028, which supports occupancy stability and day-to-day leasing depth, even as ownership remains attainable enough to create some competitive tension for entry-level renters.
Safety trends are favorable in a regional context. The neighborhood’s crime profile is competitive among Norwalk’s 27 neighborhoods (ranked 10th), and national percentiles point to conditions that are better than the U.S. median. Recent year-over-year indicators show declining estimated violent and property offenses, suggesting momentum in the right direction. While safety can vary by block and time, the broader trend supports resident retention and property operations.
Regional employers within commuting reach help diversify the labor pool and underpin renter demand. Notable organizations with nearby corporate offices are listed below in order of proximity.
- Texas Instruments — semiconductor offices (39.1 miles)
- Travelcenters Of America — travel services corporate offices (40.2 miles) — HQ
This 28-unit property at 23 Grand Ave was built in 1976, older than the neighborhood’s late-1980s average — a profile that can support a targeted value-add plan and prudent capital reserves. Neighborhood occupancy sits in a stable range and has improved modestly, with rent levels that are generally below national norms while rent-to-income remains manageable — conditions that can support retention and steady leasing. According to CRE market data from WDSuite, amenity access ranks at the top of the Norwalk metro’s neighborhoods, reinforcing day-to-day livability without relying on destination draws.
Within a 3-mile radius, modest population growth, an increase in households, and smaller household sizes point to a gradually expanding renter pool. Taken together with a locally higher renter-occupied share, the demand backdrop favors stabilized operations, with upside tied to thoughtful renovations, modernization, and amenity-light competitive positioning. Key watch items include small-metro depth, an ownership-leaning market that can compete with entry-level rentals, and the property’s 1970s systems that may require ongoing reinvestment.
- Stable neighborhood occupancy with modest five-year improvement supports income visibility
- 1976 vintage offers value-add and modernization potential versus newer local stock
- Top-ranked metro amenity access aids resident retention and leasing
- 3-mile household growth and smaller household sizes indicate a gradually expanding renter pool
- Risks: small-metro depth, ownership competition for entry-level renters, and ongoing capex for 1970s systems