| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Best |
| Demographics | 55th | Good |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4955 Higbee Ave NW, Canton, OH, 44718, US |
| Region / Metro | Canton |
| Year of Construction | 1979 |
| Units | 100 |
| Transaction Date | 2008-03-11 |
| Transaction Price | $2,695,000 |
| Buyer | VILLAGE TOWER SENIOR HOUSING LTD |
| Seller | VILLAGE TOWER APARTMENTS INC |
4955 Higbee Ave NW Canton Multifamily Investment
Positioned in a high-amenity inner suburb of Canton, the asset benefits from a deep renter base and accessible neighborhood rents that support retention, according to CRE market data from WDSuite. Neighborhood occupancy is around the low-90s and has been relatively steady, reinforcing demand durability for a 100-unit community.
The property sits in an Inner Suburb location with an A+ neighborhood rating and ranks 2 out of 132 neighborhoods in the Canton-Massillon metro, indicating strong overall fundamentals. Dining and daily-needs access are a clear strength: restaurant and cafe density ranks 3rd and 4th out of 132 metro neighborhoods, respectively, with cafe access also placing in the top quartile nationally. Grocery and pharmacy access are solid relative to the metro, supporting everyday convenience for residents.
For multifamily demand, renter concentration at the neighborhood level is high, with a majority of occupied housing units renter-occupied. That depth contrasts with the broader 3-mile area, where renters account for roughly one-third of occupied units, suggesting this immediate pocket functions as a rental hub and can support leasing velocity and renewal activity.
Neighborhood rents sit on the more accessible end of the metro, and the rent-to-income ratio is moderate, which can aid lease retention and reduce turnover risk. At the same time, the neighborhood’s ownership market shows elevated value-to-income levels relative to the metro, reinforcing reliance on multifamily housing and helping sustain demand.
Within a 3-mile radius, WDSuite data shows population and households have grown over the last five years, with additional household growth expected over the next five. This points to a larger tenant base and supports occupancy stability. Average household size is edging lower in the forecast, which can increase demand for smaller formats typical of garden and mid-rise multifamily.
Vintage considerations matter: the asset was built in 1979, while the neighborhood’s average construction year trends newer. Older stock can create value-add and capital planning opportunities to enhance competitive positioning against 1990s-vintage peers, particularly in a submarket where amenity access is a differentiator.
Neighborhood-level crime metrics are not available in WDSuite for this location at this time. Investors typically benchmark safety by comparing neighborhood readings to city and metro trends and by reviewing multi-period movements rather than single-year snapshots.
Given the lack of quantified crime ranks here, prudent underwriting would incorporate third-party datasets and property-level security measures, and align tenant-experience investments with broader Inner Suburb patterns observed across the Canton-Massillon region.
Proximity to established corporate employers supports commuter convenience and a stable renter base, led by insurance, manufacturing, utilities, consumer goods, and paper/packaging offices listed below.
- Erie Insurance Group — insurance (0.6 miles)
- Goodyear Tire & Rubber — tire & rubber (14.5 miles) — HQ
- FirstEnergy — electric utility (16.6 miles) — HQ
- J.M. Smucker — consumer foods (17.6 miles) — HQ
- International Paper Company — paper & packaging (26.1 miles)
This 100-unit, 1979-vintage asset offers durable demand drivers in an A+ Inner Suburb pocket with top-tier amenity access and a concentrated renter base. Neighborhood rents are relatively accessible and rent-to-income levels are moderate, supporting retention and operational stability, while elevated ownership value-to-income ratios in the area help sustain reliance on rentals. Based on CRE market data from WDSuite, neighborhood occupancy sits around the low-90s and has eased only modestly in recent years, consistent with steady leasing fundamentals.
The 3-mile area shows recent population and household growth with further household expansion forecast, indicating a larger tenant pool over time. Given the asset’s older vintage relative to neighborhood norms, a targeted value-add program focused on interiors and systems can enhance competitive standing versus 1990s stock and capture demand generated by nearby employment and amenities.
- A+ Inner Suburb location ranked 2 of 132 metro neighborhoods, with strong dining and daily-needs access
- High neighborhood renter concentration and moderate rent-to-income support stable occupancy and renewals
- 3-mile radius shows growing households and a larger tenant base, supporting leasing durability
- 1979 vintage presents value-add and capital planning opportunities versus newer 1990s peers
- Risks: neighborhood occupancy has softened slightly and incomes vary locally, which may cap near-term pricing power; park amenities are limited within the immediate area