| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Fair |
| Demographics | 38th | Poor |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 624 Highland Dr, Lodi, OH, 44254, US |
| Region / Metro | Lodi |
| Year of Construction | 1973 |
| Units | 36 |
| Transaction Date | 2011-02-14 |
| Transaction Price | $790,000 |
| Buyer | LIVING WATER PROPERTIES LLC |
| Seller | POLLACK MICHAEL |
624 Highland Dr Lodi Multifamily Investment
Neighborhood occupancy has been resilient and supports stable leasing conditions in this part of Lodi, according to WDSuite’s CRE market data, positioning the asset for steady cash flow with disciplined operations. A modest rent-to-income profile in the area suggests retention can be supported with thoughtful renewals.
The property sits in a rural neighborhood of the Cleveland–Elyria metro with a B- neighborhood rating, where local services are present but not dense. Grocery access and everyday needs index solidly against national peers (parks and pharmacies trend around the upper half to top quartile nationally), while cafes and childcare are limited. For investors, this points to a practical, value-focused renter base rather than lifestyle-driven demand.
Neighborhood occupancy is strong relative to many U.S. areas, and rents benchmark on the lower side of national distributions. That combination typically supports stable absorption and steady renewal potential. Referencing commercial real estate analysis from WDSuite at the neighborhood level, the share of housing units that are renter-occupied sits around the mid-30s percent, indicating a meaningful but not dominant renter concentration that can underpin multifamily demand while limiting over-competition among rentals.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to continue expanding, with household growth outpacing population as average household size trends lower. For multifamily, that dynamic usually enlarges the tenant base and supports occupancy stability, especially for smaller, efficiently sized units like those common in garden communities.
Median home values in the neighborhood sit below national medians, creating a more accessible ownership market. For investors, that can introduce some competition with entry-level ownership, placing a premium on operational execution, unit make-readies, and modest upgrades to sustain leasing velocity and pricing power. At the same time, rent burdens track as manageable locally, which can aid renewal rates.
Vintage and positioning: Built in 1973, the asset is newer than much of the local housing stock (which skews mid-century), offering a competitive edge versus older product while still presenting classic value-add opportunities such as system updates, interior refreshes, and curb appeal enhancements to support NOI over time.
Safety indicators for the neighborhood land near the lower half of national comparisons, and within the Cleveland–Elyria metro the area ranks closer to the bottom among 569 neighborhoods, signaling elevated crime relative to many peers. Nationally, property incidents benchmark somewhat better than violent incidents, which trend nearer to the middle of U.S. neighborhoods.
Year-over-year readings show volatility in reported incident rates, underscoring the importance of monitoring trend direction and applying standard property-level measures (lighting, access control, resident engagement). Investors should evaluate sub-block patterns over time and align security practices with lender and insurer expectations.
Proximity to diversified employers supports a commuter renter base and leasing durability, with nearby roles spanning paper products, packaged foods, utilities, semiconductors, and manufacturing. The following employers anchor regional employment and are within a practical drive for residents: International Paper, J.M. Smucker, FirstEnergy, Texas Instruments, and Goodyear.
- International Paper Company — paper & packaging (16.6 miles)
- J.M. Smucker — packaged foods (18.0 miles) — HQ
- FirstEnergy — utilities (25.2 miles) — HQ
- Texas Instruments — semiconductors (26.5 miles)
- Goodyear Tire & Rubber — manufacturing (27.2 miles) — HQ
This 36-unit, 1973-vintage asset aligns with workforce housing dynamics in Lodi: neighborhood occupancy is healthy, rents trend below national medians, and the 3-mile area shows population growth and a notable increase in households, suggesting a larger tenant base ahead. According to CRE market data from WDSuite, the local renter-occupied share is meaningful yet not saturated, which can balance demand depth with manageable competitive intensity.
The ownership landscape is comparatively accessible, implying some competition with entry-level buyers; however, manageable rent-to-income levels can support retention with measured renewal strategies. Vintage offers clear value-add pathways—interior updates and building systems modernization—to enhance competitive positioning versus older local stock while supporting occupancy stability and NOI over time.
- Solid neighborhood occupancy and expanding 3-mile household counts support leasing durability.
- 1973 vintage provides value-add upside through targeted renovations and system upgrades.
- Manageable rent-to-income profile aids renewal rates and pricing consistency.
- Diversified nearby employers broaden the commuter renter pool and support demand.
- Risk: More accessible ownership options and variable safety metrics require disciplined operations and asset management.