| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Fair |
| Demographics | 3rd | Poor |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 27 W 2nd St, Mansfield, OH, 44902, US |
| Region / Metro | Mansfield |
| Year of Construction | 1983 |
| Units | 73 |
| Transaction Date | 2021-11-12 |
| Transaction Price | $2,920,000 |
| Buyer | WEST PARK SENIOR OH LLC |
| Seller | WEST PARK DEVELOPMENT COMPANY |
27 W 2nd St Mansfield 73-Unit Multifamily Opportunity
Neighborhood renter concentration and steady occupancy trends point to durable demand for workforce housing, according to WDSuite’s CRE market data. Investors should view this submarket as a cash flow story with value-add potential rather than a rent-growth outlier.
Located in Mansfield’s Inner Suburb fabric, the property benefits from everyday convenience: neighborhood amenities rank competitive among 54 metro neighborhoods, with cafes, groceries, parks, and pharmacies each landing in the upper national percentiles. This supports resident retention and leasing velocity even as pricing remains value-oriented.
Rents in the immediate neighborhood trend on the lower end of the national distribution, which can help sustain occupancy but limits near-term pricing power. Neighborhood occupancy is in the mid-80s and has trended upward over the past five years, though it sits below the metro median, underscoring the importance of hands-on leasing and renewals management.
A high share of housing units are renter-occupied at the neighborhood level (top tier within the Mansfield metro), signaling a deep tenant base for multifamily. Within a 3-mile radius, demographics show population growth over the last five years alongside an increase in total households and a decrease in average household size, indicating a larger renter pool and demand for smaller units.
Median home values in the neighborhood are low relative to national norms, which can create some competition from entry-level ownership. However, this also positions professionally managed rentals as an accessible option, supporting lease-up and retention for well-maintained product. The area’s average construction vintage skews older, and this 1983 asset is newer than the neighborhood norm—helpful for competitiveness—though selective modernization can still enhance positioning.
Safety indicators are mixed. Compared with U.S. neighborhoods, composite crime measures sit above the national median (stronger than average nationally), yet within the Mansfield metro the neighborhood ranks in a less favorable tier among 54 neighborhoods, suggesting higher relative incident exposure locally. Recent data also show volatility in violent offense trends, warranting prudent security, lighting, and community management practices.
For investors, the takeaway is to underwrite realistic operating protocols and insurance assumptions while noting that national comparisons look comparatively better than intra-metro rankings. Monitoring trend direction and property-level controls remains key to sustaining occupancy and renter satisfaction.
Regional employment anchors within commuting range provide diversified office and corporate support roles that can feed renter demand, led by paper/packaging and food & beverage corporate offices.
- International Paper Company — paper & packaging corporate offices (31.4 miles)
- J.M. Smucker — food & beverage corporate offices (40.1 miles) — HQ
This 73-unit, 1983-vintage property offers a workforce housing profile in a renter-heavy neighborhood, supporting a stable tenant base and consistent renewal opportunities. The asset is newer than the neighborhood’s predominantly pre-war stock, providing a relative edge while still leaving room for targeted value-add—common areas, unit finishes, and systems—where returns can be realized through improved competitiveness rather than outsized rent lifts. According to CRE market data from WDSuite, neighborhood occupancy has improved over five years but sits below the metro median, reinforcing the importance of disciplined leasing and retention strategy.
Within a 3-mile radius, population and household counts have been increasing and are projected to continue rising, which supports a larger tenant base and demand for smaller units as household sizes decline. Neighborhood rents are modest and home values are low by national standards, implying two countervailing forces: steady multifamily demand at accessible price points, and potential competition from entry-level ownership. A rent-to-income profile that shows affordability pressure in the neighborhood argues for careful income screening and proactive renewal management to preserve occupancy and cash flow.
- Renter-occupied share is high locally, deepening the tenant base and supporting leasing stability.
- 1983 vintage is newer than nearby stock, creating competitive positioning with targeted modernization upside.
- Neighborhood amenities and daily services score well, aiding resident retention and renewal rates.
- 3-mile population and household growth expands the renter pool, supporting occupancy over time.
- Risks: below-metro occupancy, mixed safety signals within the metro, and low home values requiring competitive pricing and active lease management.