| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Best |
| Demographics | 66th | Best |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3588 Wales Ave NW, Massillon, OH, 44646, US |
| Region / Metro | Massillon |
| Year of Construction | 1978 |
| Units | 24 |
| Transaction Date | 2013-09-09 |
| Transaction Price | $1,900,000 |
| Buyer | LIBERTY CREEK RENTAL LLC |
| Seller | WALES RIDGE LLC |
3588 Wales Ave NW Massillon Multifamily Investment
Neighborhood occupancy is strong and renter demand appears resilient for this submarket, according to WDSuite’s CRE market data, supporting an income-focused hold with measured value-add potential.
The property sits in an Inner Suburb of the Canton–Massillon metro where neighborhood fundamentals are solid for workforce-oriented apartments. The area’s neighborhood rating is A and it ranks 7th among 132 metro neighborhoods, placing it above the metro median and competitive for long-term leasing.
Occupancy at the neighborhood level is high, ranking 22 out of 132 (top quartile in the metro) and in the top decile nationally. This backdrop typically supports stable collections and reduces downtime between turns, particularly for well-managed Class B assets.
Renter concentration at the neighborhood level is 35.9% (ranked 36 of 132, competitive among Canton–Massillon neighborhoods and above the national median), indicating a meaningful tenant base for small and mid-size multifamily. With a rent-to-income ratio around 0.11, rents remain relatively accessible versus local incomes, which can support retention and steady renewal activity.
Ownership costs are elevated relative to incomes (value‑to‑income sits in a higher national percentile), and home values trend above many peer areas. For investors, this high-cost ownership market tends to reinforce reliance on rental housing, supporting depth of demand and lease stability for professionally operated assets.
Daily-needs retail access is a practical strength: groceries and pharmacies score above metro medians and sit in higher national percentiles, while café and park density is limited. For multifamily, this mix favors convenience-driven living even if lifestyle amenities are thinner than urban cores.
Within a 3‑mile radius, population and households have expanded in recent years, and forecasts point to further growth and a larger household base by mid‑decade. This trajectory suggests a gradually expanding renter pool that can support occupancy stability and measured rent growth for well-positioned units.
Built in 1978, the asset is older than the neighborhood’s average vintage (mid‑1980s). Investors should plan for targeted capital improvements and modernization to remain competitive against newer stock, with potential to capture value through interior upgrades and systems updates.
Comparable, block‑level crime figures are not available from WDSuite for this neighborhood. Investors typically review city and county public safety resources and property‑level history to gauge on‑the‑ground conditions, trends over time, and any implications for operations, insurance, or security planning.
Proximity to established employers supports a stable commuter tenant base, with nearby roles spanning insurance, consumer goods, manufacturing, utilities, and paper & packaging.
- Erie Insurance Group — insurance (3.5 miles)
- J.M. Smucker — consumer packaged goods (13.7 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing (15.6 miles) — HQ
- FirstEnergy — utilities (17.3 miles) — HQ
- International Paper Company — paper & packaging (22.2 miles)
This 24‑unit, 1978 vintage property offers stable income potential supported by a high‑occupancy neighborhood and a renter base that is sizable for the metro. According to CRE market data from WDSuite, the neighborhood sits in the metro’s top tier for occupancy, while rents remain relatively manageable versus incomes, a combination that favors renewal strength and consistent leasing.
Older construction suggests a practical path for value creation via selective unit renovations and system upgrades to stay competitive against newer stock. Household and population growth within a 3‑mile radius point to a gradually expanding tenant pool, while elevated ownership costs in the area reinforce reliance on multifamily housing — supportive of long‑term demand and collections. Key risks center on asset age and a thinner lifestyle amenity set, which place a premium on operational discipline and targeted capex.
- High neighborhood occupancy supports income stability and reduces downtime between turns.
- Rents are accessible relative to incomes, aiding tenant retention and steady renewals.
- 1978 vintage offers value‑add potential through targeted interior and systems upgrades.
- Expanding 3‑mile household base and strong employer access support sustained renter demand.
- Risks: older asset capex needs and limited café/park density require focused asset management.