| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Poor |
| Demographics | 50th | Fair |
| Amenities | 30th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 214 N Market St, Somerset, OH, 43783, US |
| Region / Metro | Somerset |
| Year of Construction | 2005 |
| Units | 47 |
| Transaction Date | 2023-07-19 |
| Transaction Price | $1,288,133 |
| Buyer | NATIONAL CHURCH RESIDENCES SOMERSET LANE SOME |
| Seller | SOMERSET LANE INC |
214 N Market St, Somerset OH Multifamily Investment
2005-vintage, 47-unit asset positioned in a rural submarket where renter demand is supported by ownership costs that trend high relative to incomes, according to WDSuite’s CRE market data. Neighborhood occupancy is moderate, so disciplined operations and value-focused amenities can help sustain leasing.
Somerset sits within the Columbus, OH metro and reflects a rural profile with limited daily conveniences but some nearby services. Neighborhood amenity positioning is above the metro median overall (rank 263 of 580), with competitive access to pharmacies and cafes versus other Columbus neighborhoods (ranks 144 and 123 of 580, respectively), though groceries and parks are sparse. For investors, this mix suggests residents rely on a handful of local nodes and regional drives for errands, so onsite practicality (parking, package, Wi‑Fi) can differentiate.
The local housing stock skews older (average 1929), while the subject property’s 2005 construction is materially newer than nearby comparables. Newer vintage can support competitive positioning versus aging inventory, though investors should still underwrite ongoing systems upkeep and potential light modernization to meet renter expectations.
Neighborhood renter concentration is measured at the neighborhood level, with renter-occupied housing around the metro middle (27.3%). This indicates a modest but present tenant base; pairing pragmatic unit finishes with reliable maintenance can help drive retention. Neighborhood occupancy is moderate (87.1%), signaling that marketing and leasing discipline remain important to sustain steady absorption.
Within a 3-mile radius, demographics show a small population that edged down over the last five years while household counts are projected to rise by the next period and average household size to trend lower. This combination points to more households across a similar population base—supportive for multifamily demand via a larger pool of potential renters and smaller household formations that can favor 1–2 bedroom configurations. Based on CRE market data from WDSuite, ownership costs sit in higher national tiers (value-to-income near the top quartile nationally), which can sustain renter reliance on multifamily housing even as incomes mix shifts.
Affordability dynamics are mixed: neighborhood rent-to-income ratios trend on the higher side nationally, which implies some tenant affordability pressure. For owners, that favors measured rent growth, resident services that improve perceived value, and close attention to renewal strategies.
Comparable safety data at the neighborhood level is not available in the current WDSuite release for this area. Investors typically benchmark Somerset against the broader Columbus metro and peer rural submarkets, monitor property-level security measures, and track any emerging trends as updated datasets are published.
Regional employment anchors within commuting range include distribution and major corporate headquarters in the Columbus metro, supporting workforce housing demand and leasing stability for residents commuting to AutoZone, L Brands, Nationwide, American Electric Power, and Big Lots.
- Autozone Distribution Center — distribution (24.5 miles)
- L Brands — corporate offices (35.8 miles) — HQ
- Nationwide — insurance (38.8 miles) — HQ
- American Electric Power — utilities (38.9 miles) — HQ
- Big Lots — retail headquarters (44.1 miles) — HQ
Built in 2005 with 47 units, 214 N Market St offers a newer-vintage option in a neighborhood dominated by pre‑war housing, which can translate into lower near-term capital needs and stronger competitive positioning versus older stock. Neighborhood occupancy is moderate, so results will hinge on hands‑on leasing, practical amenities, and resident experience. Ownership costs trend elevated relative to incomes (top-tier value-to-income positioning nationally), which helps sustain rental demand even as the tenant base remains cost-conscious.
Within a 3-mile radius, recent population has been flat to slightly down, yet household counts are projected to increase with smaller average household sizes—conditions that can expand the renter pool and support steady absorption. According to CRE market data from WDSuite, rent-to-income levels are on the higher side nationally, pointing to affordability pressure that favors measured rent growth and renewal-focused strategies.
- 2005 vintage is materially newer than area stock, supporting competitive positioning and manageable near-term capex
- Elevated ownership costs in the region reinforce reliance on rentals, aiding tenant retention
- Projected rise in households within 3 miles with smaller sizes supports demand for 1–2 bedroom units
- Moderate neighborhood occupancy requires active leasing, value-focused amenities, and renewal management
- Affordability pressure (higher rent-to-income) is a risk; plan for measured rent growth and service-driven retention