| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Good |
| Demographics | 38th | Best |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 246 Pinehurst Blvd, Waverly, OH, 45690, US |
| Region / Metro | Waverly |
| Year of Construction | 1983 |
| Units | 39 |
| Transaction Date | 2024-01-22 |
| Transaction Price | $2,710,000 |
| Buyer | PINEHURST MULTIFAMILY APARTMENTS LLC |
| Seller | PINEHURST LLC |
246 Pinehurst Blvd, Waverly OH — 39-Unit Multifamily Position
Steady renter demand at the neighborhood level and a 1983 vintage create a practical value-add path, according to WDSuite’s CRE market data. Neighborhood occupancy trends and rent levels suggest room for operational improvement while maintaining income resilience.
The property sits in a suburban neighborhood rated A, ranking 2nd among 16 neighborhoods in the region — competitive positioning that supports investor interest. Neighborhood occupancy is measured for the neighborhood (not the property) and sits below the regional middle of the pack, indicating lease-up and retention will depend on effective management and pricing discipline rather than automatic absorption.
Renter-occupied housing accounts for a meaningful share of units locally (nationally high percentile), signaling a workable tenant base for a 39-unit asset and helping sustain leasing velocity. Median contract rents in the neighborhood are on the lower side relative to the nation with notable five-year growth, which can support collections while preserving pricing flexibility. The rent-to-income profile indicates manageable affordability pressure — a constructive backdrop for renewal strategies and occupancy stability.
Local amenities skew toward daily needs: groceries, restaurants, cafes, childcare, and pharmacies register around or above mid-national percentiles, while park access is limited. Average school ratings trail the national median, which may shift demand toward value-oriented units and emphasizes the importance of property-level finishes and services to capture households prioritizing convenience. Demographic statistics are aggregated within a 3-mile radius; recent population growth in the area expands the renter pool and helps underpin day-to-day demand for workforce housing.
Vintage context matters: the building’s 1983 construction stands newer than the neighborhood’s older housing stock (average year 1957), supporting competitive positioning versus legacy properties. Investors should still plan for targeted modernization of aging systems and interiors to align with current renter expectations and to reinforce occupancy in a submarket where neighborhood-level occupancy trends are not top quartile.
Safety trends show a mixed but workable profile. Compared with neighborhoods nationwide, the area performs well — overall crime sits in an above-average national percentile, violent offense rates benchmark in the top tier nationally, and recent violent incidents have trended down. At the regional scale, however, crime ranks closer to the higher end (ranked 3rd among 16 neighborhoods), so asset operations should incorporate standard prevention, lighting, and monitoring measures to sustain tenant retention and protect NOI.
Property-related offenses show some recent volatility, underscoring the benefit of proactive site management and coordination with local resources. Framing these signals comparatively — stronger nationally, more mixed within the region — helps set realistic assumptions for leasing and expense planning.
Employment access skews regional, supporting workforce housing dynamics and commute convenience for residents. Key nearby employer presence includes food manufacturing operations.
- General Mills — food manufacturing (25.2 miles)
This 39-unit asset offers attainable rents and a tenant base supported by a nationally high renter-occupied share, with local population growth expanding the renter pool. Neighborhood occupancy (measured for the neighborhood, not the property) trails the regional leaders, but newer relative vintage (1983 vs. older area stock) provides a competitive edge once maintenance and targeted upgrades are addressed. Based on CRE market data from WDSuite, rent levels remain manageable against incomes, suggesting balanced pricing power with attention to retention.
The neighborhood ranks 2nd among 16 in the region, daily-needs amenities are present, and commute access to regional employers supports steady leasing. Risks are centered on regional safety rankings, limited park access, and below-median school scores, which place a premium on property-level operations, lighting, and service to drive occupancy stability.
- Competitive neighborhood rank (2 of 16) with daily-needs amenities supporting leasing
- 1983 construction newer than local stock, enabling value-add via targeted modernization
- Renter-occupied share is nationally strong, reinforcing depth of the tenant base
- Manageable rent-to-income dynamics support retention and measured rent growth
- Risks: regional safety ranking, limited parks, and below-median school ratings require proactive operations