| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Fair |
| Demographics | 60th | Best |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 53 Cleveland Ave, Centerburg, OH, 43011, US |
| Region / Metro | Centerburg |
| Year of Construction | 1999 |
| Units | 37 |
| Transaction Date | 1997-11-12 |
| Transaction Price | $79,000 |
| Buyer | CENTERBURG COURTS LIMITED |
| Seller | --- |
53 Cleveland Ave, Centerburg OH Multifamily Opportunity
Neighborhood occupancy is in the mid-90s with an A-rated profile and stable renter demand, according to WDSuite’s CRE market data. For investors, this points to durable cash flow potential in a predominantly owner-occupied area that still supports multifamily leasing.
This rural A-rated neighborhood is competitive among Mount Vernon neighborhoods (26 total), offering steady livability drivers for workforce renters. Local amenities are modest but balanced for a small market, with schools averaging 4.0 out of 5 and amenities such as cafes, childcare, parks, and groceries present at lighter densities typical of rural settings.
Occupancy in the neighborhood is strong around the mid-90s, suggesting leasing stability and limited turnover risk relative to many small-town submarkets. The area’s rent-to-income levels indicate limited affordability pressure, which can support retention and disciplined rent management rather than aggressive growth assumptions.
Within a 3-mile radius, demographics show households have grown recently and are projected to increase further even as total population trends slightly down, signaling smaller household sizes and a broader household base. For multifamily, that shift can expand the tenant pool over time and support occupancy even with modest net population change.
Home values sit in a middle range for Ohio, creating a market where ownership is attainable for some households while multifamily remains relevant for residents prioritizing flexibility. In this context, rental assets compete on convenience and value proposition rather than pure price alone, which can aid lease retention.
Safety indicators are favorable compared with neighborhoods nationwide. According to CRE market data from WDSuite, the area sits in a high national percentile for lower violent offense rates and has seen a meaningful year-over-year decline in estimated property offenses. For investors, this supports resident retention and reduces reputation risk relative to less secure submarkets.
While no neighborhood is risk-free, recent improvement trends and strong comparative standing suggest stable operating conditions rather than a security-driven drag on leasing or collections. Always pair underwriting with current, property-level measures and standard risk controls.
Proximity to regional corporate employers supports commuter demand and broadens the tenant base. The nearby employment mix includes retail headquarters, distribution, consumer goods, and healthcare services.
- L Brands — retail HQ (20.5 miles) — HQ
- Wesco Distribution — distribution (23.5 miles)
- Dr Pepper Snapple Group — consumer goods (24.7 miles)
- Fuse by Cardinal Health — healthcare technology (26.0 miles)
- Cardinal Health — healthcare services (26.3 miles) — HQ
Built in 1999, this 37-unit asset is newer than much of the local housing stock, positioning it competitively versus older properties while leaving room for targeted modernization to drive rent premiums and reduce near-term capex surprise. Neighborhood occupancy trends in the mid-90s and an A-rated profile point to durable leasing performance. Based on CRE market data from WDSuite, rent-to-income levels suggest manageable affordability pressure, supporting retention-focused revenue management.
Within a 3-mile radius, recent and forecast increases in households alongside modest population contraction indicate smaller household sizes and a widening renter base over time. Combined with proximity to major regional employers, this supports ongoing demand even in a predominantly owner-occupied area, though expectations should remain measured on rent growth pace.
- 1999 vintage offers competitive positioning vs. older local stock with selective value-add potential
- Mid-90s neighborhood occupancy supports cash flow stability and lease retention
- Household growth within 3 miles expands the tenant base despite flat-to-down population
- Regional employers within ~20–30 miles underpin commuter-driven renter demand
- Risk: owner-leaning tenure may temper rent growth; underwriting should emphasize operational efficiency