| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 21st | Poor |
| Demographics | 29th | Good |
| Amenities | 27th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 300 Mulberry Ave, Pomeroy, OH, 45769, US |
| Region / Metro | Pomeroy |
| Year of Construction | 1977 |
| Units | 20 |
| Transaction Date | 2018-12-18 |
| Transaction Price | $1,510,000 |
| Buyer | POMEROY COLONIAL PARK LP |
| Seller | WODA COLONIAL PARK LIMITED PARTNERSHIP |
300 Mulberry Ave Pomeroy OH 20-Unit Multifamily
Stabilizing renter demand and improving neighborhood occupancy trends suggest steady leasing fundamentals, according to WDSuite’s CRE market data. Metrics reference neighborhood conditions rather than this property specifically.
With an A- neighborhood rating and a rank of 4 among 18 Meigs County neighborhoods, this location is competitive locally while maintaining small-town dynamics. Occupancy in the neighborhood has improved over the past five years, supporting a more durable leasing environment for nearby multifamily assets; note these are neighborhood indicators, not property performance figures.
Daily needs are reasonably served by nearby essentials: the neighborhood ranks first for grocery store density and second for pharmacies among 18 local neighborhoods, while cafes and parks are sparse—typical for a rural setting. This mix supports convenience but not destination-driven foot traffic, aligning with workforce and local-service tenant profiles.
Renter-occupied housing accounts for a moderate share of neighborhood units (34.8%), indicating a defined tenant base without oversaturation. Median contract rents in the area skew low and rent-to-income ratios are moderate, which can promote retention but may temper near-term pricing power. Low home values in the broader area signal a more accessible ownership market, which can introduce competition with rentals; effective leasing and unit positioning remain important.
The average neighborhood building vintage is older (1935), while this asset’s 1977 construction is comparatively newer versus much of the local stock, which can bolster competitiveness against older properties; however, capital planning for aging systems and selective modernization should be anticipated. Local demographic indicators (aggregated within a 3-mile radius) point to modest population growth and slightly larger household sizes over time, reinforcing a stable tenant base for smaller-format units.
Safety signals are mixed when viewed locally versus nationally. Within Meigs County, the neighborhood’s crime rank sits toward the higher end (rank 17 out of 18), indicating it trails most local neighborhoods. In national comparisons, however, area property and violent offense metrics track above the median, placing the neighborhood in a relatively safer position than many areas nationwide. Investors should prioritize standard property-level measures—lighting, access control, and resident engagement—while monitoring local trends over multiple periods rather than a single-year change.
Regional employment access is oriented toward commuting, with proximity to a major packaged foods employer supporting workforce housing demand. The following nearby employer anchors the commute shed:
- General Mills — packaged foods (27.2 miles)
This 20-unit property built in 1977 offers relative competitiveness versus the neighborhood’s older housing stock, with potential value-add through systems upgrades and targeted interior improvements. Neighborhood occupancy has strengthened over the last five years, and a moderate renter concentration supports a defined tenant base. According to commercial real estate analysis from WDSuite, low local rents and manageable rent-to-income levels can aid retention, though they may temper rent growth; balancing unit quality and operating efficiency will be key.
Essential retail access (groceries, pharmacies) is stronger than typical for rural neighborhoods, while limited lifestyle amenities reflects a practical, needs-based tenant profile. Low home values suggest ownership is comparatively accessible, a potential competitive factor for entry-level renters; positioning the asset around convenience, reliability, and predictable operating costs can help sustain occupancy stability through cycles.
- 1977 vintage is newer than much of the neighborhood stock, with value-add upside through selective modernization
- Neighborhood occupancy trends improving, supporting leasing stability (neighborhood metric, not property performance)
- Essentials-driven location (strong grocery and pharmacy access) aligns with workforce tenant demand
- Moderate rent-to-income levels support retention; focus on efficiency to protect margins
- Risk: accessible ownership options and mixed local safety ranking require disciplined pricing, asset management, and security practices