| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Fair |
| Demographics | 35th | Fair |
| Amenities | 35th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 460 S Michigan Ave, Wellston, OH, 45692, US |
| Region / Metro | Wellston |
| Year of Construction | 1972 |
| Units | 51 |
| Transaction Date | 2001-12-21 |
| Transaction Price | $567,600 |
| Buyer | WELLS MANOR LLC |
| Seller | WELLS MANOR HOUSING PARTNERS LP |
460 S Michigan Ave, Wellston OH Multifamily Investment
Neighborhood-level affordability and a stable workforce tenant base underpin demand, according to WDSuite’s CRE market data. The takeaway for investors is steady leasing potential in a rural submarket where operating discipline matters more than amenities.
Positioned in Wellston (Jackson County), the property sits in a Rural neighborhood rated B+ and is competitive among Jackson, OH neighborhoods (rank 6 of 20). Amenity density is modest by national standards (amenities around the neighborhood trend in the lower national percentiles), so residents typically prioritize value, parking, and straightforward commutes over lifestyle retail.
Neighborhood occupancy trends indicate a mid-80s occupancy environment, which suggests leasing stability but rewards attentive management on renewals and turns. The neighborhood’s renter concentration is in the high-20% range of housing units being renter-occupied, implying a workable—but not deep—tenant pool for multifamily owners. Property vintage at 460 S Michigan Ave is 1972, newer than the neighborhood’s average construction year (1959), which supports competitive positioning versus older stock while still leaving room for targeted renovations and systems modernization where needed.
Within a 3-mile radius, demographics show a small market with recent population softness but a projected increase in households over the next five years, indicating a potential renter pool expansion. These 3-mile statistics point to smaller average household sizes and gradual shifts in age mix—factors that can support consistent unit absorption when rents remain aligned with local incomes.
Relative affordability is a defining theme. Neighborhood-level rent-to-income is low by national comparison, which reduces near-term affordability pressure and can support retention. At the same time, ownership is a high-access market for the region (elevated home value growth from a low base and a low value-to-income ratio), which can create periodic competition with for-sale housing. For investors, that mix argues for pragmatic rent setting, durable operations, and value-add that clearly improves livability rather than chasing top-end premiums.
Safety indicators for the neighborhood compare favorably with national norms, landing in the higher safety percentiles nationwide. According to WDSuite’s validated data, both property and violent offense rates have declined meaningfully year over year, signaling improving conditions. While crime can vary by block and over time, the broader trend supports stable residency and day-to-day livability for a workforce tenant base.
Investors should continue to monitor local trends and coordinate with property management on lighting, access control, and resident engagement, using neighborhood-level data as a benchmark rather than relying on isolated anecdotes.
Nearby employers underscore a steady blue-collar and light industrial employment base that supports renter demand and commute convenience for workforce households, led by food manufacturing and metals.
- General Mills — food manufacturing (1.6 miles)
- Ak Steel — metals & materials (43.5 miles)
This 51-unit, 1972-vintage asset fits a value-focused, workforce housing thesis in a Rural Ohio setting where renters prioritize price-to-quality and ease of living over amenities. Neighborhood rent-to-income levels are low by national standards, supporting retention and measured rent steps without overextending residents. According to CRE market data from WDSuite, neighborhood occupancy sits in a mid-80s band with a renter-occupied share under one-third, pointing to steady but finite tenant depth—favoring owners who execute on renewals, turns, and pragmatic capital plans.
Forward-looking 3-mile statistics indicate household growth and a gradually expanding renter pool, while the property’s vintage is newer than the area’s average stock, offering relative competitiveness plus targeted value-add potential (interiors, common areas, and building systems). Key risks include a thinner amenity base and accessible ownership options that may cap peak pricing, making disciplined underwriting and ongoing affordability monitoring essential.
- Workforce-oriented asset with low rent-to-income supporting retention
- Mid-80s neighborhood occupancy and stable leasing backdrop
- 1972 vintage is newer than local average, allowing targeted value-add
- 3-mile outlook points to household growth and a larger renter pool
- Risks: modest amenity density and accessible ownership can temper pricing power