| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Best |
| Demographics | 36th | Fair |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 26 Spring St, Norwalk, OH, 44857, US |
| Region / Metro | Norwalk |
| Year of Construction | 1975 |
| Units | 65 |
| Transaction Date | 1997-11-03 |
| Transaction Price | $1,150,000 |
| Buyer | BAY COAST PROPERTIES INC |
| Seller | --- |
26 Spring St, Norwalk, Ohio Multifamily Investment
Neighborhood occupancy trends are steady and above the metro median, and renter demand is supported by daily-needs amenities within close reach, according to WDSuite’s CRE market data.
This inner-suburb location in Norwalk ranks competitive among 27 metro neighborhoods overall (A+ rating), with neighborhood occupancy at 93.6%—above the metro median and in the 63rd percentile nationally. For investors, that points to solid leasing visibility rather than peak-cycle volatility.
Daily-needs access is a local strength: groceries and pharmacies rank near the top among 27 Norwalk neighborhoods, with restaurants and cafes also performing above national medians. That convenience supports renter retention and expands the feasible tenant pool for workforce housing.
The 3-mile radius shows modest population growth over the past five years and an increase in total households, with forecasts indicating further household expansion and smaller average household sizes. For multifamily property research, this combination generally widens the renter base and can support occupancy stability as more households form or shift toward rental options.
Tenure patterns suggest an owner-leaning area, but the neighborhood’s renter-occupied share is competitive among Norwalk neighborhoods. Coupled with a rent-to-income ratio around 12%, the market signals manageable rent levels that can aid lease retention while allowing measured pricing power. Elevated home values are not extreme by national standards, so ownership remains a relevant alternative—an important consideration for positioning and amenities.
Vintage context: the property’s 1975 construction is older than the neighborhood’s average 1989 stock. That typically implies capital planning for systems and common-area updates, while creating potential renovation and value-add upside versus newer comparable supply.
Relative to neighborhoods nationwide, this area trends safer than average (around the upper-third nationally), and recent data shows improvement. One-year changes indicate declines in both violent and property offenses, with the neighborhood’s property offense improvement competitive among 27 Norwalk neighborhoods and violent crime improvement above the metro median among the same 27 areas.
Investors should treat safety as a dynamic input to underwriting rather than a fixed attribute. Comparative trends support leasing stability arguments today, but ongoing monitoring remains prudent as conditions can vary by micro-area and over time.
Regional employment anchors within commuting distance diversify the renter base and can aid retention for workforce-oriented units. Notable employers include semiconductor, retail travel services, and related corporate offices.
- Texas Instruments — semiconductor offices (39.1 miles)
- Travelcenters Of America — retail travel services (40.2 miles) — HQ
26 Spring St combines steady neighborhood fundamentals with practical value-add angles. Based on CRE market data from WDSuite, neighborhood occupancy sits above the metro median with national positioning that suggests resilience rather than overheating. Within a 3-mile radius, households have increased and are projected to expand further, pointing to a larger tenant base and support for ongoing leasing. The rent-to-income profile appears manageable, which can help retention while allowing disciplined rent growth tied to improvements.
Built in 1975, the asset is older than the local average stock, implying targeted capital expenditures for systems, interiors, and curb appeal. That age gap also creates room for a renovation program to reposition against newer inventory. With daily-needs amenities ranking competitively in the metro and ownership costs not far from national norms, the market presents both a stable renter cohort and some competition from homeownership—underscoring the importance of product differentiation and operations.
- Above-metro neighborhood occupancy supports leasing visibility
- 3-mile household growth and forecasts point to a larger tenant base
- 1975 vintage offers clear value-add and CapEx planning opportunities
- Amenity access (grocery, pharmacy, dining) aids retention and marketing
- Risks: owner-leaning tenure and regional employers at longer commute distances may require sharper positioning and amenity upgrades