| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Fair |
| Demographics | 60th | Best |
| Amenities | 39th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 601 W Park Ave, Hubbard, OH, 44425, US |
| Region / Metro | Hubbard |
| Year of Construction | 1978 |
| Units | 57 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
601 W Park Ave, Hubbard OH multifamily investment
Neighborhood-level occupancy is competitive among metro peers, supporting leasing stability for this 57-unit asset, according to WDSuite’s CRE market data. Renter concentration is modest in the immediate area, so demand skews toward smaller, workforce-oriented units and steady renewals over rapid lease-up.
The property sits in a suburban pocket of Hubbard within the Youngstown–Warren–Boardman metro where the neighborhood rates as competitive among 222 local neighborhoods (A-). Occupancy in the neighborhood is 94.5% and ranks competitively (74th of 222), indicating resilient rent rolls relative to many metro peers, based on CRE market data from WDSuite.
Livability signals are mixed but serviceable for workforce housing. Grocery access ranks strong (22nd of 222; 79th percentile nationally), and childcare density also performs well (30th of 222; 74th percentile nationally). Restaurant coverage is comparatively robust (17th of 222; 82nd percentile nationally), while cafes, parks, and pharmacies are limited in the immediate neighborhood. For investors, this suggests daily needs are met nearby, with some discretionary amenities requiring a slightly wider drive-shed.
Tenure patterns point to a smaller renter base: renter-occupied units account for roughly one-fifth to one-quarter of housing and are above the metro median in rank terms (95th of 222). That positioning supports a stable—though not deep—tenant pool for multifamily, favoring consistent renewals and measured absorption versus rapid turnover.
Within a 3-mile radius, demographics indicate a largely mature population with smaller household sizes and limited recent population change. Forecasts in WDSuite point to modest population growth over the next five years alongside a decline in average household size, which can translate into more households and a broader renter pool even if overall population gains are moderate. Rent-to-income levels in the neighborhood sit in a favorable range (67th percentile nationally), which can aid retention and reduce acute affordability pressure. By contrast, the area’s high-cost ownership market is not the driver here; ownership costs remain relatively accessible compared with national norms, which can temper outsized pricing power for rentals and warrants disciplined lease management.
Vintage context: the asset’s 1978 construction is newer than the neighborhood’s older average stock (1962). That relative positioning can help competitiveness versus aging comparables, though investors should still plan for system modernizations typical of late-1970s buildings.
Comparable crime rankings were not available from WDSuite for this neighborhood. Investors commonly benchmark neighborhood safety against metro and county trends and may review local law enforcement or third-party indices for additional context. Given the suburban setting, consider property-level measures (lighting, access control) and proximity to services when underwriting retention and insurance assumptions.
Regional employment anchors within commuting range support renter demand for workforce housing, led by transportation and healthcare distribution employers noted by WDSuite.
- Norfolk Southern — rail & transportation operations (15.0 miles)
- Cardinal Health — healthcare distribution (41.8 miles)
This 57-unit, 1978-vintage multifamily asset benefits from a suburban location where neighborhood occupancy is competitive among metro peers, supporting stable rent rolls and measured pricing power. The property is newer than much of the surrounding housing stock, offering a relative edge versus older comparables while leaving room for targeted system upgrades and value-add renovations. According to WDSuite’s commercial real estate analysis, the local renter base is modest but steady, with favorable rent-to-income dynamics that can aid renewal rates. Daily-needs amenities test well at the neighborhood level, reinforcing convenience-driven retention.
Key considerations include the area’s relatively accessible ownership costs, which can limit aggressive rent growth, and mixed amenity depth beyond essentials. Demographic trends within a 3-mile radius point to smaller household sizes and a projected increase in households, which can expand the renter pool even if population growth remains gradual. Underwriting that emphasizes resident retention, modest rent steps, and selective capex should align with the submarket’s durable, workforce-driven demand.
- Competitive neighborhood occupancy supports leasing stability
- 1978 vintage is newer than local average, enabling targeted value-add
- Favorable rent-to-income dynamics aid renewals and cashflow consistency
- Essential amenities (grocery, childcare, restaurants) nearby reinforce retention
- Risks: modest renter base and accessible ownership options may temper pricing power