| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Fair |
| Demographics | 41st | Fair |
| Amenities | 51st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 501 S James St, Dover, OH, 44622, US |
| Region / Metro | Dover |
| Year of Construction | 1980 |
| Units | 50 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
501 S James St, Dover OH Multifamily Investment
Renter concentration in the surrounding neighborhood supports a consistent tenant base, according to WDSuite’s CRE market data, while a 1980 vintage points to potential value-add via targeted modernization.
Located in Dover’s inner-suburban fabric of the New Philadelphia-Dover metro, the area ranks 7th of 41 neighborhoods (A- rating), indicating competitive positioning among metro peers. Daily-needs access is a strength: grocery and pharmacy density both rank within the top five of 41 neighborhoods and sit in the top quartile nationally, while restaurants score similarly well. By contrast, parks and cafes are limited, suggesting convenience for essentials but fewer lifestyle amenities nearby.
The neighborhood’s renter-occupied share is 51% (4th of 41), signaling a deep tenant base for multifamily demand. Neighborhood occupancy trends are stable at the metro level but currently sit below the metro median, so operators should emphasize retention and disciplined leasing to sustain performance.
Within a 3-mile radius, demographics point to a resilient renter pool: households have grown even as recent population trends were flat to slightly negative, and WDSuite’s forecasts indicate double-digit population and household growth through 2028—supporting renter pool expansion and lease-up velocity. Median contract rents remain accessible relative to incomes, which can aid retention and reduce turnover risk; at the same time, it may temper near-term pricing power.
The submarket’s housing stock skews older (average vintage 1966), so a 1980 asset can compete well against legacy buildings, though investors should plan for aging systems, common-area refreshes, and selective in-unit upgrades to maintain positioning versus newer deliveries. Home values are modest by national comparison, which can introduce some competition from entry-level ownership; operators may benefit from emphasizing convenience, professional management, and flexible lease terms.
Comparable neighborhood-level crime metrics are not available in WDSuite for this area, so investors should contextualize safety using city and county trend data, property-level incident history, and insurer/lender requirements. As with any asset, underwrite with recent local reports and consider security, lighting, and visibility measures appropriate to the submarket.
Regional employment anchors within commuting range include insurance, food manufacturing, paper products, and industrial headquarters—supporting workforce housing demand and commute-friendly leasing.
- Erie Insurance Group — insurance (23.4 miles)
- J.M. Smucker — food manufacturing (28.4 miles) — HQ
- International Paper Company — paper & packaging (31.8 miles)
- Goodyear Tire & Rubber — manufacturing (38.0 miles) — HQ
- FirstEnergy — utilities (39.7 miles) — HQ
This 50-unit, 1980-vintage property sits in a metro-competitive neighborhood where daily-needs access (grocery, pharmacy, restaurants) is a relative strength and renter concentration is high, underpinning demand depth. Based on commercial real estate analysis from WDSuite, the area’s rent-to-income profile is manageable, favoring retention, while an older surrounding stock gives a 1980 asset a competitive edge with targeted upgrades. Forecasts within a 3-mile radius indicate meaningful population and household growth by 2028, expanding the tenant base and supporting occupancy stability over a longer hold.
Operationally, the neighborhood’s occupancy sits below the metro median and lifestyle amenities like parks and cafes are thin, so performance depends on hands-on management, refreshed finishes, and value positioning versus nearby ownership options. Still, balanced fundamentals, workforce-oriented employers within commuting range, and value-add potential create a clear path to durable cash flows if capital plans are executed thoughtfully.
- High renter concentration supports a deep tenant base for multifamily
- Daily-needs amenities (grocery/pharmacy/restaurants) are metro-competitive, aiding retention
- 1980 vintage offers value-add via systems, common areas, and in-unit updates
- 3-mile forecasts show tenant pool expansion, supporting occupancy over time
- Risks: below-metro occupancy and limited parks/cafes require disciplined leasing and amenity strategy