| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Poor |
| Demographics | 23rd | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 340 Eastern Ave, Newark, OH, 43055, US |
| Region / Metro | Newark |
| Year of Construction | 1979 |
| Units | 108 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
340 Eastern Ave, Newark OH Multifamily Investment
Neighborhood renter concentration and steady occupancy point to durable cash flow potential, according to WDSuite’s CRE market data, with positioning suited to workforce demand in Newark and the broader Columbus metro.
Located in Newark’s inner-suburban fabric of the Columbus, OH metro, the property sits in a neighborhood rated B- (ranked 305 of 580 metro neighborhoods), indicative of mid-pack fundamentals. Amenity access trends above national averages for several daily-needs categories — parks, pharmacies, cafes, and groceries — supporting resident convenience and lease retention.
Renter-occupied housing accounts for an estimated 53.3% of units in the neighborhood (90th percentile nationally), signaling a deep tenant base for multifamily. Neighborhood occupancy is 91.5%, near the national middle (52nd percentile), which supports income stability for professionally managed assets; this is a neighborhood metric, not the property’s performance.
Within a 3-mile radius, population and household counts have inched higher in recent years, and WDSuite trends point to continued growth over the next five years alongside a modest decline in average household size. For investors, that combination typically expands the renter pool and supports leasing velocity, particularly for well-managed, reasonably sized units.
Home values in the neighborhood remain comparatively low versus national norms, which can present some competition from entry-level ownership. However, the area’s rent-to-income positioning (around 0.21 at the neighborhood level) suggests manageable affordability pressure that can aid retention and reduce turnover volatility when paired with disciplined lease management.
The asset’s 1979 construction is newer than the neighborhood’s older housing stock (average vintage 1945). That positioning can be competitively advantageous versus pre-war buildings, while still warranting targeted capital planning for systems modernization and interior refresh to capture value-add upside.
Safety indicators sit around the national middle overall, per WDSuite. The neighborhood is competitive among Columbus neighborhoods (crime rank 172 of 580), while national percentiles point to property and violent offense levels below the national median. Notably, both categories show year-over-year improvement, indicating a favorable directional trend. These are neighborhood-level metrics and not block-specific conditions.
Proximity to regional corporate operations supports a broad commuter tenant base, with daily access to distribution, consumer goods, and corporate headquarters within commuting range of Newark.
- Autozone Distribution Center — distribution (26.3 miles)
- L Brands — corporate offices (27.0 miles) — HQ
- Dr Pepper Snapple Group — consumer goods (28.2 miles)
- Wesco Distribution — distribution (28.4 miles)
- Avnet Services - LifeCycle Solutions — technology services (31.5 miles)
This 108-unit, 1979-vintage asset offers scale in a renter-oriented Newark neighborhood, with occupancy stability in the area and amenity access that supports resident retention. According to CRE market data from WDSuite, neighborhood renter concentration is high and occupancy trends near national averages, suggesting a broad tenant base and manageable volatility when professionally operated. The 1979 vintage is newer than much of the local housing stock, positioning the property well versus older comparables while leaving room for targeted value-add upgrades to enhance competitiveness.
Within a 3-mile radius, modest recent increases in population and households, coupled with forecasts for further household growth and slightly smaller household sizes, imply incremental renter pool expansion and support for stabilized leasing. While comparatively low neighborhood home values may introduce some competition from ownership, rent-to-income levels indicate moderate affordability pressure, which can underpin retention with prudent lease and expense management.
- Renter-heavy neighborhood and steady area occupancy support income stability
- 1979 vintage offers relative competitiveness versus older stock with value-add potential
- 3-mile radius shows population and household growth, bolstering the tenant base
- Amenity access above national averages aids retention and leasing
- Risks: below-average school ratings, crime metrics below national median despite improvement, and potential competition from entry-level ownership