| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 20th | Poor |
| Demographics | 27th | Poor |
| Amenities | 29th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3531 Hillman St, Youngstown, OH, 44507, US |
| Region / Metro | Youngstown |
| Year of Construction | 1978 |
| Units | 100 |
| Transaction Date | --- |
| Transaction Price | $3,800,000 |
| Buyer | GROVEWOOD MANOR OH TC LP |
| Seller | --- |
3531 Hillman St Youngstown Multifamily Investment
Neighborhood renter demand is supported by a moderate renter-occupied share and improving household trends within 3 miles, according to WDSuite’s CRE market data, suggesting stable leasing potential with cautious rent growth expectations.
The property sits in a Suburban Youngstown neighborhood rated C, positioned 176 out of 222 metro neighborhoods — below the metro median but still competitive for workforce housing. Neighborhood occupancy is ranked 215 of 222, indicating below-median occupancy versus the metro; investors should underwrite thoughtfully for leasing velocity while noting that occupancy has edged up over the past five years.
The area’s housing stock skews older (average vintage 1933; rank 161 of 222), which makes a 1978 asset relatively newer than much of the immediate competition. That positioning can be advantageous for leasing and maintenance, though investors should still plan for system updates and common-area modernization consistent with an asset of this age.
Local livability is mixed: restaurants are comparatively dense (top quartile nationally), while grocery, parks, and pharmacies are sparse by neighborhood measures. Renter-occupied housing accounts for 26.6% of units in the neighborhood (a moderate renter concentration), which supports a tenant base for multifamily while leaving room to capture demand from nearby employment hubs.
Within a 3-mile radius, demographics show a recent population dip but a forecast increase in households by 2028, pointing to a larger tenant base over the medium term. Median contract rents in the 3-mile area have risen in recent years with further growth forecast, while neighborhood rents remain low versus national norms; this supports retention but may limit near-term pricing power. Home values are low for the neighborhood relative to national levels, which can introduce competition from ownership options, so value-driven amenities and unit updates can be important for lease management.
Neighborhood safety indicators are mixed but generally comparable to broader norms: overall crime levels are around the national middle (national percentile ~53) and competitive among Youngstown–Warren–Boardman neighborhoods by rank (63 out of 222). Property offenses benchmark favorably (top quartile nationally) with a recent year-over-year decline, which supports resident retention and asset operations.
Violent offense benchmarks are better than the national median (around the 60th percentile), yet the most recent one-year trend shows volatility. Investors should monitor local enforcement and neighborhood initiatives as part of ongoing risk management rather than relying on block-level assumptions.
Proximity to regional employers supports a commuting renter base and helps underpin leasing, particularly for workforce-oriented units. Notable nearby employers include Norfolk Southern, Cardinal Health, Goodyear Tire & Rubber, Erie Insurance Group, and Dick's Sporting Goods.
- Norfolk Southern — transportation & logistics (12.4 miles)
- Cardinal Health — healthcare distribution (39.8 miles)
- Goodyear Tire & Rubber — manufacturing (42.5 miles) — HQ
- Erie Insurance Group — insurance (43.1 miles)
- Dick's Sporting Goods — retail corporate (43.7 miles) — HQ
This 100-unit 1978 asset offers scale in a neighborhood where much of the housing stock predates World War II, giving the property a relative competitive edge versus older comparables. Neighborhood occupancy trends rank below the metro median, so underwriting should emphasize thoughtful leasing strategies; however, within a 3-mile radius, forecasts point to household growth and rising incomes, which can support a larger renter pool and occupancy stability over time. Based on CRE market data from WDSuite, low neighborhood rent levels favor retention while signaling measured revenue upside tied to targeted renovations and management.
Given low neighborhood home values, ownership can be relatively accessible, creating potential competition with rentals; positioning the asset with durable finishes, efficient unit turns, and resident services can help sustain pricing and reduce turnover. The vintage implies ongoing capital planning for systems and common areas, but also practical value-add avenues that align with workforce demand and regional employment access.
- Scale advantage: 100 units support operating efficiency and professional management.
- Competitive vintage: 1978 construction is newer than much of the neighborhood stock, aiding leasing versus older assets.
- Demand outlook: 3-mile household growth and income gains support a larger tenant base and retention.
- Managed upside: low neighborhood rent levels suggest measured renovation-driven revenue opportunities.
- Key risks: below-metro occupancy ranking and ownership competition warrant conservative lease-up and pricing assumptions.