| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 40th | Fair |
| Amenities | 27th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 318 Rae Ct, Willard, OH, 44890, US |
| Region / Metro | Willard |
| Year of Construction | 1973 |
| Units | 36 |
| Transaction Date | 2021-12-06 |
| Transaction Price | $2,362,077 |
| Buyer | OP RDMM COMMERCIAL LLC |
| Seller | AVAILABLE NAME NOT |
318 Rae Ct, Willard OH — 36-Unit Multifamily Opportunity
Neighborhood occupancy sits below the metro median but renter demand is supported by relatively low rent-to-income levels and a stable tenant base, according to WDSuite s CRE market data. Investors should view this as an income-focused asset with potential to enhance durability through targeted operations and value-add.
Willard is a rural neighborhood within the Norwalk, OH metro that rates A- overall and ranks 7 out of 27 metro neighborhoods, placing it above the metro median. Amenity access is competitive locally (rank 6 of 27) though it trails national norms (lower national percentile), reflecting a quieter setting with basic services rather than dense retail.
Multifamily fundamentals are mixed. Neighborhood occupancy trends in the high-80s and rank 20 of 27 in the metro, indicating some softness versus peers. At the same time, the share of housing units that are renter-occupied is about one-third and ranks 4 of 27, suggesting a deeper renter concentration locally than many Norwalk neighborhoods a0 a supportive signal for tenant demand.
Within a 3-mile radius, the population has been broadly stable while household counts have inched higher, and forecasts point to additional household growth alongside smaller average household size. For investors, that combination typically expands the renter pool and can support occupancy stability for well-managed assets.
Ownership costs in the neighborhood are comparatively accessible by national standards, which can introduce competition from entry-level homeownership. However, low rent-to-income levels and modest median rents support lease retention and price resilience for practical, workforce-oriented units. Average school ratings sit around the national middle, and local services such as pharmacies score around the national median, consistent with steady but not premium positioning.
The property a0 built in 1973 versus a neighborhood average vintage around the early 1980s a0 is older than much of the competitive set. That typically implies capital planning needs but also creates value-add potential through unit modernization and efficiency upgrades that can improve competitive standing against newer stock.
Safety metrics present a nuanced picture. Within the Norwalk metro, the neighborhood a0rank of 8 out of 27 indicates crime levels that are above metro averages (lower ranks signal higher crime in this framework). In national context, however, the neighborhood benchmarks favorably, landing in higher national percentiles that indicate it performs better than many neighborhoods across the country.
Recent trends are constructive: both property and violent offense estimates have moved lower year over year, pointing to an improving trajectory. Investors should still underwrite prudent security measures and tenant screening, but the directional trend supports stability assumptions.
Local employment is diversified across small and mid-sized businesses typical of rural Ohio. While this supports workforce housing demand through commute convenience, no nearby anchor employers with verified distance data are available to list at this time.
This 36-unit, 1973-vintage asset in Willard, OH offers an attainable-cost renter profile and a renter concentration that is above many Norwalk neighborhoods, supporting a stable tenant base. Neighborhood occupancy trends below the metro median suggest room for operational improvement, while the property a0 s older vintage creates value-add potential through targeted renovations and systems upgrades. According to CRE market data from WDSuite, local rent levels imply manageable affordability pressure, which can aid retention and consistent collections.
Within a 3-mile radius, household counts have edged up and are projected to grow further as average household size trends lower, expanding the renter pool. The submarket a0 s accessible ownership costs may create some competition with entry-level buying, but practical, well-managed units can maintain pricing power by serving residents who prefer rental flexibility and predictable monthly costs.
- Older 1973 vintage enables clear value-add path via interior updates and efficiency improvements
- Renter-occupied share is above many metro peers, supporting depth of tenant demand
- Manageable rent-to-income levels support retention and steady collections
- Household growth within 3 miles and smaller household sizes expand the renter pool
- Risks: below-metro occupancy, accessible ownership alternatives, and capex needs for older systems