| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Best |
| Demographics | 55th | Best |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 36 Executive Dr, Norwalk, OH, 44857, US |
| Region / Metro | Norwalk |
| Year of Construction | 1985 |
| Units | 45 |
| Transaction Date | 1984-06-11 |
| Transaction Price | $80,000 |
| Buyer | LUTHERAN HOUSING SERVICES #3 INCORPORATE |
| Seller | --- |
36 Executive Dr, Norwalk OH Multifamily Investment
Neighborhood occupancy remains high and stable, according to WDSuite s CRE market data, pointing to durable renter demand relative to the metro. The area s renter concentration near one-third of housing units supports consistent leasing without overreliance on concessions.
This suburban neighborhood posts a high occupancy rate of 97.5%, with gains over the last five years, per WDSuite s CRE market data. These are neighborhood metrics, not property-specific performance, but they suggest steady renter demand and support for lease retention through cycles. Median rents track on the lower side for the metro, and the neighborhood rent-to-income ratio of about 0.11 indicates manageable tenant affordability that can aid collections and reduce turnover risk.
Construction vintage in the area skews older (average year 1967). At 1985, the subject property is newer than the local average, which can provide a competitive edge on systems and finishes while still calling for targeted modernization as components age. Renter-occupied housing represents roughly 30% of units in the neighborhood, indicating a defined tenant base without heavy saturation—often supportive of stable occupancy for workforce-oriented assets.
Within a 3-mile radius, population has grown modestly in recent years with households increasing and average household size edging lower. Forward-looking projections point to additional population and household growth by 2028, implying a gradually expanding tenant pool that can sustain occupancy and backfill turnover. This demand context, paired with rents that sit below many national peers, positions well for pragmatic revenue management rather than outsized rent-push assumptions derived from multifamily property research.
Local livability features are mixed: grocery access and parks are present, and cafes score competitively versus national peers, while restaurants and pharmacies are thinner. Average school ratings sit at 3.0 out of 5 and rank competitively (rank 2 among 27 metro neighborhoods), which can support family-oriented renter demand compared with other parts of the metro.
Safety trends compare favorably at the neighborhood level. According to WDSuite s data, the area sits in the upper tier nationally for lower crime exposure (around the 78th percentile for overall crime safety), with both property and violent offense rates also above national medians (roughly 67th and 69th percentiles, respectively). One-year trends show meaningful declines in estimated offense rates, indicating improvement rather than deterioration. These are neighborhood-level indicators used to contextualize investment risk and do not describe block-level conditions.
Within the Norwalk metro, the neighborhood is competitive on safety relative to its 27 tracked neighborhoods, supporting resident retention and leasing stability for workforce and family renters. Investors should still underwrite standard security, lighting, and site-level operations, but the comparative backdrop is constructive.
Regional employers within commuting distance contribute to a diversified employment base that supports renter demand and lease stability, including semiconductor and travel center/logistics services.
- Texas Instruments semiconductor design & manufacturing (38.6 miles)
- TravelCenters of America travel center & logistics services (39.8 miles) HQ
The investment case centers on durable renter demand and operational stability. Neighborhood occupancy is high and trending up, while a rent-to-income ratio near 0.11 suggests manageable affordability that can support collections and renewal rates. The property s 1985 vintage is newer than the neighborhood s average stock, indicating relative competitiveness with room for targeted upgrades to enhance positioning and limit near-term capital surprises. According to commercial real estate analysis based on WDSuite s data, local home values remain moderate for the Midwest, which supports rental reliance without overwhelming competition from ownership.
Demand drivers are underpinned by modest population growth and an expected increase in households within a 3-mile radius by 2028, pointing to a slowly expanding tenant base. Amenities are adequate for daily needs, and schools rank well within the metro, reinforcing appeal for workforce and family renters. Primary underwriting sensitivities include older surrounding stock, thinner restaurant/pharmacy coverage, and measured rent growth expectations tied to the market s affordability profile.
- High neighborhood occupancy with positive trend supports leasing stability
- 1985 vintage is newer than area average, enabling selective value-add
- Manageable rent-to-income ratio aids retention and collections
- 3-mile demand outlook shows population and household expansion by 2028
- Risks: older regional stock, limited restaurant/pharmacy density, prudent rent growth assumptions