| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Fair |
| Demographics | 41st | Fair |
| Amenities | 51st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 862 E Iron Ave, Dover, OH, 44622, US |
| Region / Metro | Dover |
| Year of Construction | 2006 |
| Units | 103 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
862 E Iron Ave, Dover OH Multifamily — 103 Units, 2006
Neighborhood signals point to a durable renter base and generally manageable leasing risk, according to WDSuite’s CRE market data, with renter-occupied housing near half of local units at the neighborhood level supporting tenant depth.
Neighborhood dynamics and livability
Positioned in Dover’s inner-suburban setting, the asset sits in a neighborhood rated A- and ranked 7th out of 41 within the New Philadelphia–Dover metro, indicating competitive standing locally. Daily needs are well covered at the neighborhood level: groceries (ranked 3 of 41), pharmacies (2 of 41), and restaurants (3 of 41) are convenient, while parks and cafes rank at the bottom of the metro distribution, suggesting fewer greenspace and coffeehouse options nearby compared with peer areas.
Renter concentration is approximately 51% of housing units in the neighborhood, which supports a deeper tenant pool for multifamily. Neighborhood occupancy is 89.7% and ranks 33 of 41, trailing the metro median; investors should expect property-level operations to play a larger role in sustaining occupancy and lease-up compared with stronger-ranked areas. Median rent-to-income near 0.13 implies relatively lower affordability pressure, a constructive backdrop for resident retention and collections management.
Demographics are aggregated within a 3-mile radius. Over the past five years, total population edged down slightly while the number of households increased, signaling smaller household sizes and steady demand for rental options. Forward-looking projections call for expansion in both population and households, pointing to a larger tenant base that can support leasing stability and absorption.
Local housing stock skews older on average (metro neighborhood average construction year is 1966), which makes a 2006-vintage property comparatively competitive versus much of the surrounding inventory; investors should still plan for mid-life system updates and common-area refreshes to maintain positioning.
Safety context
Neighborhood-level crime data was not available in WDSuite for this location at the time of publication. Without a current rank or percentile, investors should evaluate recent trend data and compare the neighborhood to broader New Philadelphia–Dover metro patterns as part of standard diligence, using consistent timeframes for an apples-to-apples view.
Regional employers within commuting range help support renter demand and retention. The following nearby corporate offices are representative of the employment base accessible to residents.
- Erie Insurance Group — insurance (23.0 miles)
- J.M. Smucker — food manufacturing/CPG (28.4 miles) — HQ
- International Paper Company — paper and packaging (31.9 miles)
- Goodyear Tire & Rubber — tires and rubber manufacturing (37.7 miles) — HQ
- FirstEnergy — electric utility (39.4 miles) — HQ
Why this asset
The 2006 vintage and 103-unit scale position the property as a relatively modern option versus an older neighborhood housing base, supporting competitive appeal with room for targeted value-add. At the neighborhood level, a renter-occupied share near half of units and a low rent-to-income ratio indicate depth of demand and potential for resilient collections, while projections for growth in the 3-mile renter pool point to long-run leasing support.
Neighborhood occupancy trails the metro median, so underwriting should emphasize property-specific operations, marketing, and turn efficiency. Proximity to a diverse set of regional employers within roughly 20–40 miles provides a broad job base to draw residents. According to CRE market data from WDSuite, amenity access for groceries, pharmacies, and restaurants ranks competitively in the metro, offset by fewer parks and cafes.
- 2006 vintage offers competitive positioning versus older neighborhood stock, with mid-life systems updates a manageable capital plan
- Neighborhood renter concentration supports tenant depth; low rent-to-income reinforces retention potential
- 3-mile projections indicate a larger renter pool ahead, supporting occupancy stability and absorption
- Grocery, pharmacy, and restaurant access is competitive among 41 metro neighborhoods, aiding livability
- Risk: neighborhood occupancy ranks below the metro median and limited parks/cafes may require stronger asset-level leasing and activation