| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Fair |
| Demographics | 43rd | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 110 S Jackson St, Spencer, OH, 44275, US |
| Region / Metro | Spencer |
| Year of Construction | 1998 |
| Units | 34 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
110 S Jackson St, Spencer, Ohio Multifamily Investment
Neighborhood occupancy runs high (about 99.5% in this rural pocket), supporting stable leasing potential for a 34‑unit asset, according to WDSuite’s CRE market data. Rents remain modest relative to incomes, which can aid retention and reduce turnover risk.
The property sits in a rural area of the Cleveland–Elyria metro where neighborhood occupancy is strong—ranked 39th among 569 metro neighborhoods and in the top quartile nationally—signaling durable demand for existing rental stock. Median rents here trend below many metro peers while the neighborhood rent-to-income ratio near 0.11 suggests manageable affordability pressure, which can support pricing resilience without overextending tenants, based on CRE market data from WDSuite.
Day-to-day amenities are sparse locally (few cafes, groceries, parks, or restaurants within immediate proximity), so the setting is more car-oriented than walkable. For investors, this typically skews demand toward value-conscious renters who prioritize space and price over amenity density. Home values in the neighborhood are relatively moderate for the region, which can mean some competition from ownership options; however, the combination of high occupancy and measured rents still supports steady multifamily demand and lease retention.
The neighborhood s housing stock is older on average (circa 1921), while this property was built in 1998. The newer vintage provides a relative competitive edge versus many nearby units, though selective modernization and system updates may be prudent for long-term positioning.
Within a 3-mile radius, households have grown even as population edged lower, indicating smaller household sizes and potential renter pool expansion. This dynamic, coupled with a renter-occupied share around one-fifth locally, points to a stable but finite tenant base—suitable for workforce housing strategies that emphasize affordability and retention.
Safety indicators benchmark favorably in national context. Property offenses are in a high national safety percentile, and violent incidents also score better than most neighborhoods nationwide, according to WDSuite s CRE data. This positioning generally supports tenant retention and insurability without implying block-level conditions.
At the metro level, the area compares competitively to many Cleveland–Elyria neighborhoods. Investors should continue routine risk management (lighting, access controls, and community standards) while recognizing that the broader safety profile aligns with stable suburban-rural communities.
Regional employment is anchored by manufacturing, consumer goods, energy, and technology employers within commuting distance, supporting workforce housing demand and lease stability for residents employed across these hubs: International Paper, Texas Instruments, J.M. Smucker, TravelCenters of America, and FirstEnergy.
- International Paper Company packaging & paper (22.8 miles)
- Texas Instruments semiconductors (24.9 miles)
- J.M. Smucker consumer foods (25.6 miles) HQ
- Travelcenters Of America travel center operator (27.5 miles) HQ
- FirstEnergy electric utility (31.7 miles) HQ
This 34-unit property, built in 1998, benefits from a high-occupancy rural submarket where neighborhood rents are supported by a low rent-to-income profile and limited new supply pressure. The vintage is newer than the area s older housing stock, offering relative competitiveness with scope for targeted value-add (interiors, common areas, and building systems) to capture steady renter demand and support occupancy stability.
Households within a 3-mile radius are increasing even as overall population trends slightly lower, indicating smaller household sizes and a gradually diversifying tenant base. According to CRE market data from WDSuite, the neighborhood s high occupancy and manageable affordability backdrop position the asset for consistent leasing performance, though limited walkable amenities and accessible ownership costs suggest a strategy centered on retention, convenience, and operational efficiency.
- Strong neighborhood occupancy and modest rent-to-income dynamics support durable cash flow potential.
- 1998 vintage is competitive versus older area stock, with selective renovation upside.
- Household growth within 3 miles and workforce employers within commuting distance reinforce tenant demand.
- Risks: limited walkable amenities, competition from homeownership, and rural leasing depth require disciplined operations and pricing.