| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 25th | Poor |
| Demographics | 32nd | Poor |
| Amenities | 6th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 475 W Park Ave, Mount Gilead, OH, 43338, US |
| Region / Metro | Mount Gilead |
| Year of Construction | 1990 |
| Units | 30 |
| Transaction Date | 1990-02-22 |
| Transaction Price | $58,000 |
| Buyer | FIRST RICHLAND-MORROW |
| Seller | --- |
475 W Park Ave, Mount Gilead Multifamily Investment
Positioned in a rural pocket of the Columbus, OH metro, the neighborhood shows mid-range occupancy and resilient demand drivers, according to WDSuite’s CRE market data. The investment lens here favors cash flow discipline and value-add execution rather than outsized rent growth assumptions.
Mount Gilead sits within the Columbus, OH metro but operates as a rural neighborhood with limited retail and service density. Amenity access trails most metro areas (ranked near the bottom among 580 Columbus neighborhoods), so renter appeal leans more toward space, price point, and commute patterns than lifestyle amenities. Average school ratings fall around the national midpoint, which can help sustain baseline family renter interest without being a primary demand catalyst.
The property’s 1990 vintage is newer than the neighborhood’s older housing stock (average mid-1950s). That positioning supports competitive leasing versus legacy assets while still leaving room for targeted modernization to sharpen unit finishes and reduce near-term maintenance risk. Neighborhood occupancy is around the middle of national ranges, suggesting steady but competitive leasing conditions rather than scarcity-driven pricing power.
Within a 3-mile radius, renter-occupied housing comprises roughly three in ten units, indicating a smaller but definable tenant base. This renter concentration points to stable workforce demand, with leasing velocity most responsive to competitive pricing and practical amenities (parking, in-unit laundry, reliable systems) instead of high-end finishes. Median contract rents in the area remain relatively low, which can aid retention while moderating near-term rent lift potential.
Also within a 3-mile radius, recent population trends have been soft, but forecasts point to modest population growth and a notable increase in households alongside smaller average household sizes. For multifamily, that combination expands the potential tenant pool and can support occupancy stability, particularly for well-managed, right-sized floor plans that fit value-focused renters.
Home values in the neighborhood are lower than many urban submarkets. In practice, the ownership market can be more accessible, which introduces some competition for renters contemplating buying. For investors, this typically favors a focus on operational execution, retention, and service quality to sustain occupancy, with rent moves paced to local incomes and value delivered.
Safety indicators compare favorably versus many peer areas. The neighborhood ranks 108 out of 580 Columbus metro neighborhoods on overall crime, placing it above the metro average for safety. Nationally, it trends in the safer half, with violent-offense measures in the top decile, indicating comparatively low severe incident rates versus neighborhoods nationwide.
Property-related offenses track better than many areas nationally as well (top quartile), though year-over-year volatility can occur and should be monitored at the submarket level. As always, investors should underwrite with current local data and property-specific history rather than relying solely on neighborhood averages.
Regional employment depth is anchored by major corporates to the south in the Columbus area, offering commute-accessible jobs that can support workforce renter demand. Nearby employers include Cardinal Health (multiple offices), L Brands, and Parker-Hannifin.
- Cardinal Health — corporate HQ (34.3 miles) — HQ
- Fuse by Cardinal Health — technology/innovation office (34.6 miles)
- Cardinal Health — corporate offices (34.6 miles)
- L Brands — corporate HQ (34.7 miles) — HQ
- Parker-Hannifin Corporation — corporate offices (35.1 miles)
This 30-unit, 1990-vintage asset offers a pragmatic value-add profile in a rural Columbus-metro neighborhood where pricing is driven more by practicality than amenities. Newer relative to the area’s older housing base, the property can compete on reliability while selective renovations target rent and retention without overcapitalizing. According to CRE market data from WDSuite, neighborhood occupancy sits around the middle of national ranges, which supports stable operations when paired with disciplined leasing and service consistency.
Within a 3-mile radius, the renter share indicates a defined but smaller tenant base; forecasts show modest population growth and a meaningful increase in households with smaller sizes, expanding the renter pool over time. Lower median rents and a high-ownership context imply measured pricing power; the thesis favors operational execution, thoughtful unit upgrades, and expense control to drive durable cash flow rather than outsized rent growth assumptions.
- 1990 vintage vs. older local stock supports competitive positioning with targeted modernization upside.
- Mid-range neighborhood occupancy and resilient workforce dynamics can underpin stable leasing.
- 3-mile forecasts point to more households and smaller sizes, expanding the tenant base over time.
- Lower rent levels favor retention; measured upgrades can capture incremental rent while preserving value.
- Risks: limited local amenities and ownership competition require disciplined pricing and property management.