| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 54th | Good |
| Amenities | 26th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1422 N Chapel St, Louisville, OH, 44641, US |
| Region / Metro | Louisville |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 2014-09-27 |
| Transaction Price | $920,000 |
| Buyer | CHAPEL 24 LLC |
| Seller | SB CHAPEL STREET TOWNHOMES LLC |
1422 N Chapel St Louisville OH 24-Unit Multifamily
Neighborhood occupancy trends are solid and above the metro median, pointing to steady renter demand, according to WDSuite’s CRE market data. With rent-to-income around the 70th percentile nationally, the area supports pricing without overextending tenants, aiding retention and lease stability.
Local dynamics and rental demand
The property sits in a Louisville neighborhood rated A- and ranked 33 of 132 within the Canton–Massillon metro, placing it in the top quartile metro-wide. Investor takeaway: fundamentals are competitive among peer areas, with neighborhood occupancy around the 70th percentile nationally and above the metro median, a constructive backdrop for maintaining leased units.
Renter-occupied housing accounts for roughly a quarter to a third of units in the neighborhood (renter concentration near the metro middle). That mix indicates a stable, repeat tenant base for multifamily while still drawing from nearby owner households that may shift to rentals during life transitions, supporting demand depth.
Within a 3-mile radius, demographics point to a larger tenant base over time: recent population growth and a projected increase in households by the next five-year window suggest more renters entering the market, which can support occupancy stability and future leasing. Household incomes are solid for the region, and rent-to-income metrics near the 70th percentile nationally indicate manageable affordability pressure that can help sustain renewals.
Amenity density is modest (few cafes and parks in close proximity), but essentials are present with some grocery access and neighborhood services. Median home values are moderate for the region, which can introduce some competition from ownership; however, ownership costs remain high enough for many households to rely on multifamily rentals, reinforcing the renter pool and helping preserve pricing power during lease-up.
The asset’s 1977 vintage is slightly older than the neighborhood’s average construction year (early 1980s). Investors should underwrite selective capital improvements and value-add upgrades to enhance competitiveness versus newer stock while leveraging the area’s steady demand profile.
Safety context
WDSuite’s dataset for this neighborhood does not include comparable crime ranks or national percentiles at this time. Without confirmed metrics, investors typically benchmark local safety conditions against metro and national trends when data becomes available and supplement with municipal and insurance reports for on-the-ground context.
Given the neighborhood’s overall standing within the metro, investors can incorporate standard risk management—such as lighting, access controls, and resident screening—into underwriting assumptions while relying on third-party sources to validate recent trend direction before execution.
Nearby employers and renter draw
The area is supported by a diversified employment base that can bolster leasing, led by insurance, manufacturing, energy, and consumer goods employers within commuting distance. These anchors help sustain workforce housing demand and retention for nearby multifamily.
- Erie Insurance Group — insurance services (9.3 miles)
- Goodyear Tire & Rubber — manufacturing (18.4 miles) — HQ
- FirstEnergy — energy & utilities (21.0 miles) — HQ
- J.M. Smucker — consumer packaged goods (26.4 miles) — HQ
- Norfolk Southern — rail & logistics offices (29.5 miles)
Investment thesis
This 24-unit asset offers exposure to a top-quartile Louisville neighborhood within the Canton–Massillon metro, where neighborhood occupancy trends sit above the metro median and around the 70th percentile nationally. According to CRE market data from WDSuite, renter concentration is near the metro middle, indicating a consistent tenant base, while rent-to-income levels support pricing without excessive affordability pressure—favorable for renewal rates and revenue stability.
The 1977 vintage suggests targeted value-add potential. Thoughtful upgrades to interiors or common areas can improve competitive positioning versus early-1980s and newer stock. Within a 3-mile radius, recent population growth and a projected increase in households point to renter pool expansion, which can support steady occupancy and leasing over the hold period. Amenity density is modest, but proximity to diversified employers supports workforce demand and day-to-day leasing durability.
- Above-metro neighborhood occupancy supports stable leasing and cash flow durability
- Rent-to-income near the 70th national percentile underpins pricing and renewals
- 1977 vintage presents value-add and modernization opportunities to enhance NOI
- Diversified nearby employers support workforce housing demand and retention
- Risk: lower amenity density may require emphasizing on-site improvements and management quality