| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Fair |
| Demographics | 56th | Good |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 198 Elm St, London, OH, 43140, US |
| Region / Metro | London |
| Year of Construction | 1975 |
| Units | 80 |
| Transaction Date | 2016-11-30 |
| Transaction Price | $1,069,300 |
| Buyer | NEW DEVONSHIRE I LTD |
| Seller | LONDON DEVELOPERS LIMITED PARTNERSHIP |
198 Elm St, London OH — 80-Unit Multifamily Investment
Neighborhood occupancy sits in the low-90% range with a relatively low rent burden, supporting steady leasing and retention, according to WDSuite s CRE market data.
Situated in London, Ohio within the Columbus metro, the neighborhood is rated B+ and ranks 195 out of 580 metro neighborhoods competitive among Columbus areas for investors assessing stability and everyday convenience. Amenity access is mixed: restaurants, groceries, and pharmacies track around national mid-to-upper ranges, while park access is limited. School ratings trend near the national middle, which supports broad renter appeal without commanding a premium solely on academics.
For multifamily fundamentals, the neighborhood s occupancy is around the national middle and has softened modestly over five years, suggesting a focus on asset-level operations and leasing to sustain performance. Renter-occupied share is roughly one-third of housing units (above many areas nationally), indicating a meaningful tenant base for an 80-unit asset. Neighborhood rents benchmark toward the lower end nationally, which, combined with a favorable rent-to-income ratio, points to manageable affordability pressure and potential for measured rent growth where renovations add utility.
Within a 3-mile radius, recent population growth has been positive, even as household counts have fluctuated a pattern consistent with changing household sizes and demographic shifts. Forward-looking projections point to increases in households and incomes by the mid-term outlook, supporting a larger tenant base and occupancy stability. Home values are moderate for the region, creating a relatively accessible ownership landscape that can compete with rentals; however, the low rent-to-income profile helps sustain renter reliance on multifamily housing and can aid lease retention.
Vintage context matters: the property s mid-1970s construction is slightly newer than the neighborhood average year, suggesting competitiveness versus older local stock while still calling for ongoing capital planning around interiors, building systems, and common areas to capture value-add upside.
Safety indicators are mixed in comparative terms. The neighborhood ranks 176 out of 580 in the Columbus metro for overall crime competitive among metro peers. Nationally, violent offense rates benchmark in the stronger range, while property offense levels sit somewhat better than the national middle. Recent year-over-year shifts show some variability, underscoring the value of standard security measures and resident engagement to support retention and asset performance.
Proximity to logistics, retail headquarters, utilities, and healthcare employers supports a diverse renter base and commute convenience for workforce households. Notable nearby employers include Staples Fulfillment Center, Big Lots, Waste Management, Cardinal Health, and American Electric Power.
- Staples Fulfillment Center fulfillment & logistics (2.4 miles)
- Big Lots retail (18.4 miles) HQ
- Waste Management environmental services (20.9 miles)
- Cardinal Health healthcare products & services (22.6 miles) HQ
- American Electric Power electric utility (23.8 miles) HQ
This 80-unit, 1975-vintage asset in London, Ohio offers exposure to a competitive Columbus-metro neighborhood with stable renter demand, moderate home values, and a renter base supported by nearby logistics, retail, utilities, and healthcare employment. Neighborhood occupancy trends hover around the national middle with a low rent-to-income profile, suggesting retention strength and measured pricing power where upgrades enhance livability and functionality according to CRE market data from WDSuite. Demographics within a 3-mile radius point to recent population growth and projections for increasing households and incomes, reinforcing the tenant pipeline over the medium term.
Operationally, lower relative rents and a favorable rent-to-income ratio position value-add renovations to drive returns without overextending affordability. The mid-1970s vintage is slightly newer than the local average, but investors should plan for ongoing systems and interior improvements to sustain competitiveness against both newer product and accessible ownership options in the area.
- Competitive neighborhood standing within the Columbus metro supports demand and leasing stability.
- Low rent-to-income profile provides room for measured rent growth with value-add improvements.
- Diverse nearby employers (logistics, retail HQ, healthcare, utilities) broaden the renter pool.
- Mid-1970s vintage offers renovation and modernization upside for unit interiors and building systems.
- Risks: limited park access, recent variability in property offense trends, and competition from accessible ownership.