| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Fair |
| Demographics | 47th | Fair |
| Amenities | 29th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1433 Covington Ave, Piqua, OH, 45356, US |
| Region / Metro | Piqua |
| Year of Construction | 1973 |
| Units | 47 |
| Transaction Date | 2011-06-02 |
| Transaction Price | $1,015,000 |
| Buyer | TILER HOLDINGS LIMITED |
| Seller | MANSON THOMAS D |
1433 Covington Ave, Piqua OH — 47-Unit Multifamily
Neighborhood occupancy is about 92% and renter concentration is in the mid-30% range, suggesting a stable but competitive tenant base for this 47-unit asset, according to WDSuite’s CRE market data.
Located in Piqua within the Dayton–Kettering metro, the neighborhood carries a C+ rating and trends rural in character. Essentials like groceries are accessible at a moderate level relative to the metro, while parks, pharmacies, and cafes are sparse—conditions consistent with a lower-density submarket. For investors, this points to dependable day-to-day convenience but limited lifestyle amenities as a leasing differentiator.
Occupancy in the neighborhood averages 92.1%, placing it around the metro middle of the pack (ranked 144 of 228 neighborhoods; near the national median at the 54th percentile). Median contract rents in the neighborhood sit at the lower end for the region, which, coupled with a rent-to-income ratio near 0.06 (96th percentile nationally), supports retention and cushions affordability pressure—helpful for maintaining occupancy and managing turnover.
The share of renter-occupied housing in the neighborhood is about one-third, indicating a meaningful renter pool without heavy saturation. Within a 3-mile radius, households have grown modestly in recent years despite essentially flat population trends, and projections indicate a larger household base ahead with smaller average household sizes. This combination typically expands the pool of potential renters and supports leasing stability for multifamily assets.
Home values in the neighborhood are lower than national norms, which can create some competition from attainable ownership. However, the same dynamic often sustains renter reliance on multifamily housing for convenience and flexibility, reinforcing demand for well-maintained units. Based on CRE market data from WDSuite, the property’s 1973 vintage is slightly newer than the neighborhood’s average build-year profile, suggesting room for targeted renovations to enhance competitive positioning against older stock.
Safety indicators for the neighborhood are generally around the metro median and below the national median for safety. Property offenses track weaker than national averages, while violent incidents have eased year over year, a constructive trend for long-term operations and tenant retention.
Within the Dayton–Kettering metro, the neighborhood’s overall crime position sits near the center of the 228-neighborhood distribution, and national comparisons place it around the 40th percentile for safety. Investors should underwrite routine security and lighting improvements typical for workforce submarkets, while acknowledging the recent improvement in violent offense trends.
Employment access skews regional, with utility and environmental services representing a portion of the commuter base, supporting steady renter demand tied to essential services.
- Waste Management — environmental services (27.1 miles)
This 47-unit, 1973-vintage asset offers a pragmatic workforce housing play supported by stable neighborhood occupancy and low rent-to-income levels that favor retention and consistent cash flow. According to CRE market data from WDSuite, neighborhood occupancy is around the low-90s with rents positioned on the more accessible side for the metro, indicating room to compete on price and selectively upgrade units to drive renewal quality and reduce turnover.
Demographic patterns within a 3-mile radius show modest recent household growth and projections for a larger household base with smaller average household sizes—factors that typically expand the renter pool and support leasing. Amenity depth is limited and safety sits below national medians, so underwriting should include pragmatic CapEx for exterior/common-area updates, lighting, and curb appeal, aligning value-add scope with measurable rent and retention gains.
- Stable neighborhood occupancy and low rent-to-income support retention and cash flow
- 1973 vintage allows targeted value-add to outcompete older local stock
- Household growth and smaller sizes within 3 miles enlarge the renter pool
- Accessible rent positioning enables competitive pricing and renewal strategy
- Risks: lean amenity base and below-national safety medians require thoughtful CapEx and management