| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 22nd | Poor |
| Demographics | 25th | Poor |
| Amenities | 29th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 515 5th St NW, Canton, OH, 44703, US |
| Region / Metro | Canton |
| Year of Construction | 2008 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
515 5th St NW Canton Multifamily Investment
2008-vintage, 44-unit asset positioned in a renter-heavy pocket of Canton where neighborhood occupancy has trended softer than the metro but grocery access is strong, according to WDSuite’s CRE market data.
Located in an Inner Suburb setting, the property benefits from practical, everyday amenities and a tenant base skewed toward renter-occupied housing. The neighborhood’s renter concentration is 53.9% of housing units, indicating a deeper pool of prospective residents and potential demand stability for multifamily operators.
Livability is anchored by grocery convenience: neighborhood grocery density ranks 2nd out of 132 metro neighborhoods, placing it in the top quartile nationally. By contrast, sit-down cafes, parks, and pharmacies are limited within the neighborhood. Overall amenity positioning is competitive among Canton-Massillon neighborhoods (rank 50 of 132), supporting daily needs but suggesting residents may travel a bit farther for discretionary options.
For investors, the key operating consideration is that neighborhood occupancy is lower than the metro median and sits in a lower national percentile, pointing to a leasing environment that rewards strong property management and targeted marketing. Median contract rents in the neighborhood are relatively low, and the rent-to-income ratio signals moderate affordability pressure, which can aid retention but may temper aggressive near-term pricing power.
School outcomes in the surrounding area are below national averages, which can influence family-driven demand but is often less determinative for workforce-oriented properties. On the other hand, the asset’s 2008 construction is notably newer than the neighborhood’s older housing stock (average vintage 1914), offering relative competitiveness versus legacy buildings while still warranting periodic system upgrades and light renovations to sustain positioning.
Demographic statistics aggregated within a 3-mile radius show modest population contraction in recent years alongside steady household counts, with WDSuite data indicating a forecast increase in both population and households over the next five years. This outlook implies a gradual expansion of the renter pool that can support occupancy stability as units turn.
Neighborhood-level crime rankings are not available from WDSuite for this location, so metro comparisons and property-level security practices are the best reference points. Investors commonly evaluate trends at the Canton-Massillon metro level and monitor building operations (lighting, access control, and tenant screening) to contextualize risk and retention.
The area draws on a diversified employment base within commuting range, supporting workforce housing demand and lease retention. Notable nearby employers include Erie Insurance, Goodyear, J.M. Smucker, FirstEnergy, and International Paper.
- Erie Insurance Group — insurance services (4.4 miles)
- Goodyear Tire & Rubber — manufacturing (18.5 miles) — HQ
- J.M. Smucker — consumer foods (20.5 miles) — HQ
- FirstEnergy — utilities (20.8 miles) — HQ
- International Paper Company — paper & packaging (28.6 miles)
515 5th St NW offers a 2008-vintage, mid-size multifamily footprint in a neighborhood with a high share of renter-occupied units and strong grocery access. The asset’s newer construction stands out against an older local housing base, positioning it well versus legacy stock while leaving room for targeted updates to elevate finishes and systems. According to CRE market data from WDSuite, neighborhood occupancy trails metro levels, so performance is likely driven by hands-on leasing, competitive amenities, and value-oriented unit mix.
Within a 3-mile radius, forecasts point to growth in both population and households over the next five years, indicating a gradual renter pool expansion that can support occupancy stability. At the same time, relatively low neighborhood rents and ownership costs suggest balanced pricing power: good for retention and lease renewal probability, but a reminder to underwrite rent growth conservatively and focus on operational execution.
- 2008 construction offers competitive positioning versus older neighborhood stock with manageable modernization needs
- Renter-occupied housing share supports demand depth and leasing velocity for workforce-oriented units
- Strong grocery access and diversified nearby employers bolster day-to-day livability and retention
- Forecast growth within 3 miles indicates a larger tenant base that can support occupancy over time
- Risk: neighborhood occupancy runs below metro levels and discretionary amenities are limited, warranting active leasing and conservative rent assumptions