| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 40th | Fair |
| Amenities | 27th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 314 Crestwood Dr, Willard, OH, 44890, US |
| Region / Metro | Willard |
| Year of Construction | 1983 |
| Units | 49 |
| Transaction Date | 2013-09-13 |
| Transaction Price | $995,000 |
| Buyer | MASON EQUITY GROUP LLC |
| Seller | LIGHTHOUSE RESIDENCIES LLC |
314 Crestwood Dr, Willard OH Multifamily Investment
Neighborhood fundamentals point to a stable renter base and improving safety, according to WDSuite’s CRE market data, supporting steady demand even as rural amenity depth remains limited.
Located in a rural pocket of the Norwalk, OH metro, the neighborhood carrying 314 Crestwood Dr is competitive among Norwalk neighborhoods (ranked 7 out of 27 with an A- rating). Local occupancy is measured for the neighborhood at moderate levels and has softened over the past five years, which suggests investors should underwrite conservative lease-up timelines and focus on retention.
Renter-occupied housing represents a meaningful share of neighborhood units (32.6%), placing it above the national median for renter concentration and indicating a workable tenant base for small to mid-size multifamily assets. Within a 3-mile radius, population has grown modestly and households have increased, pointing to a slightly larger tenant pool; projections call for continued household growth, which can support occupancy stability even if individual household sizes trend smaller.
Amenity access is lean in parks, cafes, and childcare, consistent with a rural profile, while restaurants are around the national midpoint and pharmacy access is above average. Grocery access is mid-range. Average school ratings in the neighborhood sit near the national median, which aligns with workforce-oriented renter demand rather than premium school-driven leasing dynamics.
Home values in the neighborhood are lower relative to many U.S. areas, and median contracted rents are also on the lower side. For investors, this pairing typically supports retention and reduces affordability pressure on renters, but it can temper pricing power and create some competition from entry-level ownership options. Underwriting should balance these dynamics with measured rent growth assumptions and asset-specific value-add plans.
Safety indicators for the neighborhood are favorable in national context, with both violent and property offenses positioned above the national average for safety. According to recent trend data, estimated offense rates have declined over the past year, which helps from a leasing and retention standpoint. Comparatively, this area performs better than many neighborhoods nationwide, though investors should still consider standard security measures and property-level design to sustain these trends.
This 49-unit asset is positioned in a rural Ohio neighborhood that is competitive within the Norwalk metro, supported by an above-median renter concentration and modest household growth within a 3-mile radius. Rents and home values remain comparatively low, which supports renter retention and occupancy stability, while limiting near-term pricing power. According to CRE market data from WDSuite, neighborhood safety has improved and sits above national averages, reinforcing steady leasing conditions for workforce-oriented product.
Key considerations include measured amenity depth and the potential for ownership to compete with rentals. Investors should emphasize operational execution—unit turns, targeted upgrades, and customer service—to capture steady demand and mitigate occupancy softness noted at the neighborhood level.
- Competitive among Norwalk metro neighborhoods with an above-median renter base supporting demand
- Safety trends above national averages, aiding leasing stability and retention
- Lower rents and value context support retention and reduce affordability pressure on tenants
- Modest 3-mile household growth suggests a gradually expanding renter pool
- Risks: rural amenity depth, neighborhood occupancy softness, and competition from entry-level ownership options