| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Fair |
| Demographics | 45th | Fair |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 424 Grosvenor Ave NW, Massillon, OH, 44647, US |
| Region / Metro | Massillon |
| Year of Construction | 1979 |
| Units | 25 |
| Transaction Date | 2020-02-26 |
| Transaction Price | $1,122,000 |
| Buyer | MAYFLOWER SENIOR HOUSING LP |
| Seller | NATIONAL CHR RESIDENCES MAYFLOWER APTS M |
424 Grosvenor Ave NW Massillon Multifamily Opportunity
Neighborhood occupancy is competitive among Canton–Massillon submarkets and supports steady renter demand, according to WDSuite’s CRE market data. With a meaningful renter-occupied presence in the 3-mile radius and modest rent levels, the asset’s positioning favors leasing stability over cycle swings.
Livability indicators suggest daily-needs convenience: grocery and pharmacy access trends above national norms (both in higher national percentiles), and park access performs well for the metro. Cafe and childcare density, however, is limited locally, which may modestly affect lifestyle appeal but has less bearing on workforce housing demand.
The neighborhood’s occupancy rate sits in the top quartile nationally and is competitive among Canton–Massillon neighborhoods (ranked better than 40% of 132 areas), signaling resilient demand for multifamily. Local rent levels benchmark in the lower national percentiles, which can enhance absorption and retention for value-priced units.
Construction vintage averages mid-1950s across the neighborhood; this property’s 1979 build is newer than much of the local stock, offering relative competitiveness versus older assets while still warranting capital planning for systems and common-area refreshes typical of late-1970s buildings.
Within a 3-mile radius, households have grown even as population edged down, indicating smaller household sizes and a gradual shift toward more households per capita. A renter-occupied share around one-third in this radius points to a stable tenant base, and projected increases in households over the next five years support ongoing demand for rental units and occupancy stability.
Ownership costs in this neighborhood trend on the lower end nationally, which can introduce some competition from entry-level ownership options. Even so, relatively manageable rent-to-income dynamics suggest room for tenant retention and disciplined pricing, particularly for well-maintained units.
Neighborhood safety metrics should be interpreted in context. Compared with Canton–Massillon peers, the area ranks closer to the middle-to-lower tier (rank positions are measured against 132 neighborhoods), yet nationally it performs above average overall, placing around the 60th percentile for broad crime measures and the high 70s to mid-90s percentiles for certain property and violent crime indicators. This translates to comparatively stronger standing versus many U.S. neighborhoods, but not among the strongest within the metro.
Recent trends are mixed: estimates indicate property incidents have eased year over year, while violent offense rates show a recent increase. Investors should incorporate standard security, lighting, and access-control measures and monitor local policing and community initiatives as part of ongoing risk management rather than relying solely on year-to-year fluctuations.
The workforce base features insurance, food manufacturing, rubber and tire, paper, and regulated utility employers within commuting range, supporting steady renter demand for Class B/C multifamily geared toward everyday commuters.
- Erie Insurance Group — insurance (6.9 miles)
- J.M. Smucker — food manufacturing (11.9 miles) — HQ
- Goodyear Tire & Rubber — rubber & tire (18.6 miles) — HQ
- International Paper Company — paper & packaging (19.6 miles)
- FirstEnergy — regulated utility (19.9 miles) — HQ
This 25-unit 1979 asset offers relative competitiveness versus older neighborhood stock and benefits from a renter base supported by steady occupancy at the neighborhood level. Lower-to-moderate local rent positioning underpins absorption and lease retention, while daily-needs access (grocery, pharmacy, parks) aligns with workforce housing fundamentals. According to CRE market data from WDSuite, occupancy performance ranks favorably nationally and is competitive within the metro, reinforcing the case for stable cash flow with disciplined operations.
Within a 3-mile radius, households have increased and are projected to expand further, pointing to a larger tenant base over time even as average household sizes shift. Proximity to diversified employers across insurance, food manufacturing, utilities, and industrials supports consistent leasing demand. The 1979 vintage suggests planning for selective systems upgrades and unit renovations to capture value-add upside and support rent growth within affordability guardrails.
- Competitive neighborhood occupancy and manageable rent-to-income dynamics support retention
- 1979 vintage enables targeted renovations for value-add and operational upside
- Diversified nearby employers underpin steady workforce renter demand
- Daily-needs access (grocery, pharmacy, parks) aligns with renter priorities
- Risks: lower metro-relative safety ranks and limited cafe/childcare density warrant prudent management and leasing strategies