| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 40th | Fair |
| Amenities | 27th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Maplewood St, Willard, OH, 44890, US |
| Region / Metro | Willard |
| Year of Construction | 1994 |
| Units | 44 |
| Transaction Date | 1993-12-16 |
| Transaction Price | $88,500 |
| Buyer | VEARD-WILLARD LIMITED PTN HURON MANOR |
| Seller | --- |
1000 Maplewood St, Willard OH Multifamily Investment
Positioned in a rural pocket of the Norwalk, OH metro, this 44-unit asset benefits from steady renter demand and relatively newer vintage for the area, according to WDSuite’s CRE market data. The core investor takeaway is durable, workforce-oriented occupancy with room for targeted value-add to strengthen retention.
The property sits in a rural neighborhood that is competitive among Norwalk neighborhoods (ranked 7th out of 27 with an A- rating), signaling solid fundamentals for workforce housing. Neighborhood occupancy has softened in recent years, but remains supported by a renter-occupied housing share near one-third, which helps sustain the local tenant base and leasing velocity.
Livability anchors are practical rather than lifestyle-driven: restaurants are reasonably accessible for the metro, and everyday services like pharmacies and groceries register near the middle of national peers. Parks, cafes, and childcare options are limited, which may modestly influence leasing preferences toward value and convenience over amenity-driven premiums.
Within a 3-mile radius, demographics indicate stable population and a recent increase in households, with projections pointing to additional household growth and smaller average household sizes over the next several years. For multifamily investors, this trend supports a larger tenant base over time and can favor absorption of efficient floor plans.
Ownership costs in the neighborhood are lower than many U.S. areas, which can create some competition with entry-level ownership. For operators, this means pricing power should be balanced with a strong value proposition and careful lease management. School quality trends sit around the national midpoint, suitable for workforce renters prioritizing cost and commute convenience over premium school districts.
The typical building stock in the area skews older; by contrast, a 1994 vintage positions this asset as relatively newer than the neighborhood average (1982). That generally enhances competitive standing versus older properties, while still allowing for selective renovations to modernize interiors and systems as part of a value-add plan.
Neighborhood safety indicators compare favorably at the national level, with recent data showing rates closer to safer U.S. neighborhoods and year-over-year declines in both violent and property offenses. This translates into a relatively stable operating backdrop for workforce housing without implying block-level conditions.
Within the Norwalk, OH metro context, trends are mixed by subarea, so operators should align security measures and community standards with resident expectations and asset positioning. The overall direction of improvement over the past year supports leasing stability and retention, while continued monitoring of local patterns remains prudent.
This 44-unit asset built in 1994 is relatively newer than the neighborhood’s average vintage, offering competitive positioning versus older stock and the potential to capture demand with targeted interior updates and systems modernization. Neighborhood dynamics indicate steady renter demand at workforce price points; rent levels and rent-to-income positioning suggest manageable affordability pressure, supporting occupancy stability while moderating near-term pricing power. Based on commercial real estate analysis from WDSuite, the submarket’s practical amenities and balanced safety profile underpin durable tenancy, while ownership accessibility means operators should lean on value and service to drive renewals.
Looking forward, 3-mile demographics point to continued household growth and smaller household sizes, which can expand the renter pool and favor efficient layouts. Amenity depth is modest and schools sit near national midpoints, so the thesis centers on dependable, cost-conscious renters, operational execution, and selective value-add to sustain retention and NOI.
- Newer 1994 vintage versus neighborhood average supports competitiveness with moderate capex needs
- Workforce-oriented rents and manageable rent-to-income dynamics support occupancy stability
- 3-mile household growth and smaller household sizes expand the tenant base over time
- Balanced safety profile with recent improvement trends aids retention
- Risks: modest amenity depth, accessible ownership alternatives, and tempered pricing power require strong operations