| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Best |
| Demographics | 64th | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 375 Main St, Bellville, OH, 44813, US |
| Region / Metro | Bellville |
| Year of Construction | 2005 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
375 Main St Bellville Multifamily with Stable Demand
Neighborhood occupancy trends sit slightly above the national midpoint, according to WDSuite's CRE market data, pointing to steady renter demand and measured pricing power for professionally managed assets.
Bellville's suburban setting offers a quiet residential base, and the neighborhood ranks 15 out of 54 within the Mansfield metro, making it competitive among Mansfield, OH neighborhoods. While local walkable amenities are limited within the immediate neighborhood, residents typically access retail and services by car along nearby corridors, which is common for suburban product.
Occupancy at the neighborhood level trends modestly above the national midpoint, based on CRE market data from WDSuite, which supports underwriting for stable leasing and renewal performance. Renter-occupied housing represents a meaningful share of units and is competitive among Mansfield neighborhoods, indicating a sufficient tenant base for small and mid-size multifamily properties.
Within a 3-mile radius, recent population growth alongside rising incomes expands the renter pool; projections point to more households by 2028, which should broaden demand for rental units and support occupancy stability. If households increase faster than population, investors should anticipate shifts in household composition and plan unit mixes and amenities accordingly.
Ownership costs in the neighborhood sit on the higher side relative to local incomes compared with many peer areas in the metro, which can reinforce reliance on multifamily rentals and aid retention. At the same time, rent-to-income levels are favorable by national comparison, suggesting manageable affordability pressure and room for disciplined rent optimization without overextending residents.
The average housing stock in the neighborhood skews older (1960s era), so a 2005 vintage asset can compete well against older properties; investors should still plan for mid-life system replacements and selective upgrades to maintain positioning against renovated comparables.
Comparable neighborhood-level safety metrics are not available in WDSuite for this specific area, so investors typically benchmark perceptions and trends against Mansfield, OH metro patterns and nearby suburban peers. Given incomplete data, it is prudent to assess historical trendlines and on-the-ground conditions before finalizing lease-up or retention assumptions.
For underwriting, consider how safety perceptions influence tenant retention, marketing costs, and achievable rents, and pair market data with professional third-party diligence to calibrate assumptions at the property level.
Regional employers within commuting range help support a steady workforce renter base, including paper and packaging, food products, and retail corporate offices noted below.
- International Paper Company — paper & packaging (33.7 miles)
- J.M. Smucker — food products (42.6 miles) — HQ
- L Brands — retail corporate offices (43.5 miles) — HQ
Built in 2005 with 24 units, the property is newer than much of the surrounding 1960s housing stock, offering a competitive edge versus older rentals while still warranting capital planning for mid-life mechanical systems and targeted upgrades. Neighborhood occupancy sits modestly above national norms, according to CRE market data from WDSuite, and a meaningful share of renter-occupied housing supports a reliable tenant base.
Within a 3-mile radius, recent population growth and rising incomes strengthen demand for well-managed rentals, with projections indicating more households by 2028 that can support occupancy stability. Ownership costs are relatively elevated locally while rent-to-income levels remain favorable by national comparison, a combination that can aid lease retention and measured pricing power, though investors should monitor forward rent expectations given indications of flat-to-softer nominal rents in some forecasts.
- 2005 vintage competes well against older neighborhood stock; plan for mid-life systems and selective upgrades
- Neighborhood occupancy modestly above national midpoint supports stable leasing and renewals
- 3-mile radius shows population growth and income gains, expanding the tenant base and supporting retention
- Elevated ownership costs with favorable rent-to-income levels can sustain demand for rentals and measured pricing power
- Risks: limited walkable amenities and potential for softer nominal rent growth warrant conservative revenue assumptions