| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Fair |
| Demographics | 39th | Fair |
| Amenities | 19th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 78 W Chestnut St, Norwalk, OH, 44857, US |
| Region / Metro | Norwalk |
| Year of Construction | 1975 |
| Units | 24 |
| Transaction Date | 1994-11-21 |
| Transaction Price | $562,800 |
| Buyer | GORDON RONALD H |
| Seller | CHESTNUT GLEN APARTMENTS |
78 W Chestnut St Norwalk Multifamily Investment
Positioned in suburban Norwalk, this 24-unit, 1975-vintage asset benefits from steady renter demand and relative affordability, according to WDSuite’s CRE market data. Investors should view it as a durable, income-oriented hold with operational upside from targeted upgrades.
The property sits in a suburban neighborhood with a B rating and ranks 12 out of 27 across the Norwalk, OH metro—above the metro median on overall performance. Neighborhood occupancy is in the mid-80s and has softened over the past five years; investors should underwrite conservative lease-up and renewal assumptions while recognizing that affordability supports retention.
Parks access is a relative strength (top quartile nationally), while everyday retail density is thinner, with fewer cafés, groceries, and pharmacies nearby than typical U.S. neighborhoods. For workforce renters, this mix points to quieter residential character with access to green space, but limited walk-to daily conveniences.
Within a 3-mile radius, population has inched higher in recent years and households have increased, expanding the local tenant base. Forward-looking estimates indicate additional population growth and a notable rise in household count through 2028, which should support multifamily demand and occupancy stability. Renter-occupied share is roughly one-third of housing units within 3 miles, indicating a meaningful, if not dominant, renter pool.
Home values are relatively accessible versus many U.S. markets, which can introduce some competition from ownership. However, low rent-to-income levels in the neighborhood suggest manageable affordability pressure for renters, aiding lease retention and reducing turnover risk.
Safety trends are comparatively favorable versus national peers, with the neighborhood landing in the top quartile nationally. At the metro level, crime sits on the higher side relative to other Norwalk-area neighborhoods (ranked closer to the high-crime end among 27), so investors should maintain standard security and lighting protocols.
Recent year data show sharp declines in both property and violent offenses, indicating improving conditions; this aligns with broader stabilization seen in similar suburban submarkets. As always, underwrite with routine risk management and monitor trend persistence.
Regional employment is diversified, with commuting access to corporate offices that can support renter demand and retention, particularly among technical and operations staff. The employers below reflect realistic commute sheds for the neighborhood.
- Texas Instruments — semiconductor operations (39.4 miles)
- TravelCenters of America — transportation services (40.6 miles) — HQ
This 24-unit property offers durable income characteristics supported by a renter base with relatively low rent-to-income levels, which can help sustain retention and moderate turnover. Built in 1975, it is newer than much of the local housing stock, providing competitive positioning versus older assets while still benefiting from targeted modernization (common areas, systems, and in-unit finishes) to lift rents and reduce maintenance variability. Based on commercial real estate analysis from WDSuite, neighborhood occupancy has eased, so disciplined leasing and expense control are key to preserving yield.
Local fundamentals point to a steady tenant pipeline: within 3 miles, recent population and household growth—and projections for further increases—support a larger renter pool over the medium term. Ownership remains comparatively accessible, which can temper pricing power; however, the area’s affordability for renters and improving safety trends underpin stable operations with measured upside from light value-add.
- 1975 vintage is newer than neighborhood norms, with practical value-add via unit and system updates
- Renter affordability (low rent-to-income) supports lease retention and occupancy stability
- 3-mile population and household growth expand the tenant base over the medium term
- Parks access is a relative amenity strength; quieter residential positioning suits workforce renters
- Risks: softer neighborhood occupancy trend and limited daily retail nearby may cap near-term rent growth