| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Fair |
| Demographics | 39th | Fair |
| Amenities | 19th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 68 Norwood Ave, Norwalk, OH, 44857, US |
| Region / Metro | Norwalk |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2018-11-06 |
| Transaction Price | $350,000 |
| Buyer | GAYMONT HOLDIGS LLC |
| Seller | BE STRONG PROPERTIES LLC |
68 Norwood Ave, Norwalk OH Multifamily Investment
Stabilized renter demand in a suburban pocket with relatively low rent-to-income burden supports retention, according to WDSuite’s CRE market data.
The property sits in a Suburban neighborhood in Norwalk with a B neighborhood rating (ranked 12 among 27 metro neighborhoods), indicating competitive fundamentals within the local context. Amenity access trends as above the metro median (amenity rank 7 of 27) but places below national norms, so residents typically rely on key corridors for daily needs; park access is a relative strength, tracking around the top quartile nationally.
Neighborhood occupancy is 86.2% (rank 22 of 27), which is below the metro median, suggesting leasing strategies should emphasize retention and targeted concessions during softer periods. By contrast, renter concentration is comparatively higher locally (rank 6 of 27), indicating a defined base of renter-occupied housing units that can support multifamily demand over time.
Within a 3-mile radius, population has inched up recently and households increased, with projections pointing to further growth in households over the next five years—supporting a larger tenant base and potential occupancy stability. Household incomes have been rising, and a rent-to-income ratio near 0.11 signals lighter affordability pressure, which can aid renewals and limit turnover risk.
Home values in the neighborhood are comparatively modest for the region, which can create some competition from ownership options; however, the combination of steady household growth and manageable rent levels tends to sustain rental demand. This balance, coupled with suburban livability and park access, positions the asset to compete for tenants seeking value and convenience.
Safety indicators compare favorably at the national level, with overall crime in the neighborhood trending in a higher national safety percentile and violent offense measures also outperforming nationwide averages. Among the 27 metro neighborhoods, recent data shows notable year-over-year declines in both property and violent offense rates, reinforcing a constructive trajectory rather than a block-level claim.
For investors, this combination—above-average national safety positioning and improving recent trends—supports leasing stability narratives and can help with tenant retention and marketing, while still warranting standard property-level security practices.
Regional employment access includes large corporate operations within commuting range, which can underpin workforce housing demand and leasing stability, notably in advanced manufacturing and travel services represented below.
- Texas Instruments — semiconductor and electronics (39.4 miles)
- TravelCenters of America — travel services (40.6 miles) — HQ
Built in 1972 and totaling 24 units, the property is newer than the neighborhood’s average vintage (1960), offering relative competitive positioning versus older local stock while still presenting potential modernization or systems upgrades as part of a value-add plan. Occupancy in the immediate neighborhood trends below the metro median, but a comparatively higher renter concentration and projected household growth within 3 miles suggest a stable tenant pipeline to support leasing. Based on CRE market data from WDSuite, rent levels align with a low rent-to-income ratio, which can bolster retention and mitigate turnover costs.
Amenity density is modest by national standards, but park access is a bright spot and safety indicators compare favorably nationally with improving recent trends—factors that help support demand. Home values are relatively accessible, which may temper pricing power at times; pairing thoughtful renovations with disciplined leasing and expense control can position the asset to capture steady returns over a longer hold.
- 1972 vintage offers competitive positioning versus older neighborhood stock, with scope for targeted upgrades
- Renter concentration (rank 6 of 27) and projected household growth within 3 miles support demand depth
- Low rent-to-income ratio supports retention and reduces leasing friction
- Nationally favorable and improving safety trends aid marketing and lease stability
- Risks: neighborhood occupancy below metro median and modest amenity density may require proactive leasing and value-focused positioning