| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Best |
| Demographics | 38th | Good |
| Amenities | 32nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1355 Western Ave, Chillicothe, OH, 45601, US |
| Region / Metro | Chillicothe |
| Year of Construction | 1973 |
| Units | 118 |
| Transaction Date | 2021-04-19 |
| Transaction Price | $5,950,000 |
| Buyer | FB WESTERN AVENUE LLC |
| Seller | DOGWOOD APARTMENTS LLC |
1355 Western Ave, Chillicothe OH Multifamily Opportunity
Stabilizing renter demand and mid-market rents in the neighborhood point to durable cash flow potential, according to WDSuite’s CRE market data.
This Inner Suburb neighborhood in Chillicothe ranks 4th of 39 metro neighborhoods (top quartile) with an overall A neighborhood rating, signaling competitive fundamentals for workforce housing relative to the broader metro. Neighborhood occupancy is reported at 92.4%, suggesting a solid baseline for lease-up and retention in line with comparable Ohio submarkets.
Local convenience is anchored by above-average grocery and pharmacy access for the metro, while restaurants are present but lifestyle amenities such as cafes and parks are thinner. For investors, this mix typically supports steady day-to-day demand, though lifestyle-driven absorption may rely more on value, management, and in-unit improvements than on destination amenities.
Housing tenure data indicates a meaningful renter-occupied share at the neighborhood level, which supports depth of the tenant base for multifamily. Within a 3-mile radius, recent years show a smaller average household size and a modest increase in total households despite prior population contraction—both consistent with a larger renter pool entering the market. Forward-looking estimates for the 3-mile area call for household growth and a rising renter share over the next five years, a setup that can support occupancy stability and measured rent growth when paired with prudent operations and multifamily property research.
Ownership costs are moderate by national standards, and the neighborhood’s rent-to-income profile is relatively manageable. In practice, this tends to support lease retention and pricing flexibility, though investors should consider competition from for-sale options and the importance of unit-level value to sustain pricing power.
Neighborhood safety indicators trend around the national midpoint, based on WDSuite s comparative measures. Within the Chillicothe metro, ranks place this area on the higher-crime side relative to several peer neighborhoods, while national percentiles indicate a middle-of-the-pack profile rather than an extreme outlier.
Year-over-year estimates point to modest improvement in both property and violent offense rates. For investors, this suggests ongoing monitoring is warranted, with emphasis on asset-level measures (lighting, access control, and resident engagement) and partnership with professional management to support resident experience and retention.
The area is supported by a diversified regional employment base within commuting distance, which can underpin renter demand and renewal stability. Key employers include General Mills, Avnet Services, The Xerox Company, Avnet Services LifeCycle Solutions, and Big Lots.
- General Mills consumer goods (30.5 miles)
- Avnet Services technology services (35.1 miles)
- The Xerox Company business services (35.2 miles)
- Avnet Services LifeCycle Solutions technology services (36.4 miles)
- Big Lots retail headquarters (43.4 miles) HQ
Built in 1973, this 118-unit asset offers potential value-add and capital planning opportunities typical of older stock, with the ability to improve competitive positioning through renovations and operating efficiencies. Neighborhood occupancy is 92.4%, and local rents sit in a mid-market range that can support retention while allowing for measured upgrades. According to CRE market data from WDSuite, the neighborhood scores in the top quartile metro-wide, reinforcing the case for stable demand with disciplined operations.
Within a 3-mile radius, forecasts point to growth in total households and a higher renter share, implying a larger tenant base over the next cycle. Amenity access favors daily needs (groceries and pharmacies), while lifestyle amenities are thinner—an environment where well-executed unit renovations, functional layouts, and professional management often drive leasing performance. Investors should plan for age-related CapEx and remain mindful of a safety profile that tracks near national midpoints.
- Top-quartile neighborhood ranking within the metro supports demand fundamentals
- 1973 vintage creates value-add and modernization levers to enhance NOI
- 3-mile forecasts indicate household growth and rising renter concentration, expanding the tenant base
- Daily-needs retail access helps underpin retention; lifestyle amenities may require in-asset enhancements
- Risks: older systems and a safety profile around national midpoints require proactive management and CapEx planning