| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Fair |
| Demographics | 32nd | Fair |
| Amenities | 7th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3658 County Road 550, Frankfort, OH, 45628, US |
| Region / Metro | Frankfort |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 1996-09-24 |
| Transaction Price | $269,500 |
| Buyer | BUCKEYE COMMUNITY FOUR LTD P/S AN OHIO L |
| Seller | --- |
3658 County Road 550 Frankfort Multifamily Investment
Rural setting with stable affordability and a renter base projected to deepen within a 3-mile radius, supporting steady leasing. Mid-sentence validation, according to WDSuite’s CRE market data, indicates low rent-to-income pressures that can aid tenant retention.
This rural pocket of the Chillicothe, OH metro offers a quiet setting and basic access to daily needs; amenities are sparse locally, with limited cafes, parks, and childcare options. Grocery access is present but not dense, so residents may rely on nearby towns for a fuller retail mix.
Neighborhood occupancy trends trail much of the metro, which means investors should underwrite extra time for lease-up and focus on property-level differentiation. However, rents in this area remain modest relative to incomes, supporting retention and lowering near-term affordability pressure from an operator’s standpoint.
Within a 3-mile radius, demographics point to population growth and an increase in households, implying a larger tenant base over the next few years. The area’s renter-occupied share is expected to rise, which can improve depth of demand for smaller multifamily assets like this 24-unit property, provided management executes on marketing and value delivery.
Home values are comparatively accessible in the regional context, which can introduce some competition with ownership options. Even so, a low rent-to-income baseline supports lease stability for renters who prioritize value and smaller, more efficient units. These dynamics, based on CRE market data from WDSuite, suggest a pragmatic focus on affordability and basic finishes over premium amenities.
Safety indicators compare favorably to national norms, with violent-offense measures landing in a stronger national percentile range, signaling comparatively lower serious crime versus many U.S. neighborhoods. Property offenses also benchmark better than national averages, though operators should remain attentive to standard safeguards and monitoring.
Year-over-year signals show a recent uptick in property-related incidents, so underwriting should include prudent security protocols, lighting, and resident communication. At the metro level (Chillicothe, 39 neighborhoods), the area does not rank among the top performers, reinforcing the value of routine risk management and coordination with local resources.
Regional employment is anchored by logistics and corporate services in the greater Columbus corridor, supporting workforce housing demand and reasonable commute access for residents. Nearby employers include Avnet Services, The Xerox Company, Avnet Services - LifeCycle Solutions, Staples Fulfillment Center, and Big Lots.
- Avnet Services — corporate services (32.7 miles)
- The Xerox Company — corporate offices (32.8 miles)
- Avnet Services - LifeCycle Solutions — corporate services (34.0 miles)
- Staples Fulfillment Center — distribution & fulfillment (35.6 miles)
- Big Lots — corporate offices (38.2 miles) — HQ
This 24-unit asset offers an efficiency-oriented unit profile and a value-forward position in a rural submarket where rents remain modest relative to incomes. Neighborhood occupancy trails the metro, so the strategy hinges on consistent operations and affordability-driven positioning. According to CRE market data from WDSuite, local rent-to-income levels are low, which can support retention, while 3-mile demographic projections point to population growth and more households—factors that can expand the renter pool and support steady absorption.
Homeownership remains comparatively accessible in the region, which may limit pricing power, but it also encourages renters who prefer lower monthly housing costs and value convenience. With limited amenity competition nearby, emphasis on reliability, curb appeal, and basic in-unit updates can be effective levers to sustain occupancy and manage turns.
- Efficiency-focused unit mix and modest rents support leasing velocity
- 3-mile demographics indicate population growth and a larger renter base over time
- Low rent-to-income levels aid retention and lease stability
- Operational upside via reliable maintenance, curb appeal, and targeted in-unit updates
- Risks: below-metro neighborhood occupancy and limited local amenities may temper rent growth