| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 40th | Poor |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1223 E 2nd St, Franklin, OH, 45005, US |
| Region / Metro | Franklin |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 2006-07-31 |
| Transaction Price | $625,000 |
| Buyer | SMITH ROY |
| Seller | GREENWOOD TED A |
1223 E 2nd St, Franklin OH — 24-Unit Multifamily
Neighborhood occupancy sits around 93.6%, supporting stable leasing dynamics for smaller units, according to WDSuite’s CRE market data. Position in an inner-suburban pocket offers demand from local workforce tenants while keeping operational scope manageable.
Located in Franklin within the Cincinnati metro’s inner suburbs, the neighborhood carries an A- rating and ranks 146 out of 611 metro neighborhoods, placing it in the competitive tier locally. Grocery, restaurant, and pharmacy access score above the metro median, while café density is moderate; childcare options are thinner, which can skew the renter mix toward singles and couples rather than families. Average school ratings are around the middle of the pack, which may temper demand from school-driven renters but does not preclude steady occupancy for workforce-oriented product.
Construction year for the property is 1977, older than the neighborhood’s average vintage of 1992. For investors, this typically points to capital planning needs (systems, exterior, and common areas) and potential value-add levers to enhance competitive positioning against newer stock. Unit sizes average 308 sq. ft., suggesting efficiency-oriented layouts where interior upgrades and space-optimization can influence rentability and turnover control.
The neighborhood’s occupancy rate is around 93.6% and the share of housing units that are renter-occupied is approximately 48%, indicating a meaningful renter base to support multifamily demand. Within a 3-mile radius, recent population change has been roughly flat, but household counts are projected to increase into the next five years, implying a larger tenant base even as average household size trends slightly smaller. This combination typically supports occupancy stability for well-managed, functional units.
Home values in the area sit below national high-cost markets, and rent-to-income ratios trend moderate. For investors, this usually means rental housing remains comparatively accessible, supporting retention and steady leasing, but it can also create some competition from ownership options. Based on CRE market data from WDSuite, local rent levels have risen over time while remaining in line with household incomes, which can help sustain demand without overextending affordability.
Comprehensive, neighborhood-level crime statistics are not available in WDSuite for this location, so investors should benchmark safety using city and county resources and recent trend reports. A practical approach is to compare recent policing and incident data against Cincinnati metro norms and to evaluate block-level conditions during site visits and lease-up planning.
Regional employment is driven by a mix of corporate offices spanning insurance, healthcare services, utilities, consumer goods, and steel—supporting a broad workforce renter base and commute convenience to major job nodes.
- Anthem Inc Mason Campus II — healthcare services (17.6 miles)
- AK Steel Holding — steel (18.1 miles) — HQ
- Humana Pharmacy Solutions — pharmacy services (19.5 miles)
- Duke Energy — utilities (21.0 miles)
- Cincinnati Financial — insurance (21.9 miles) — HQ
This 24-unit asset combines small-footprint layouts with workforce demand drivers in a neighborhood that ranks 146 out of 611 in the Cincinnati metro—competitive among local peers. Occupancy in the surrounding neighborhood is about 93.6%, and the share of renter-occupied housing is meaningful, reinforcing depth for multifamily leasing. The 1977 vintage is older than nearby stock, signaling both capital expenditure needs and value-add potential to improve rentability versus 1990s-era comparables. According to CRE market data from WDSuite, local rent levels and rent-to-income dynamics point to generally sustainable affordability, which can support tenant retention.
Within a 3-mile radius, population has been steady while households are projected to grow, expanding the renter pool as average household sizes edge lower. Amenity access is serviceable (groceries, restaurants, pharmacy), and schools trend around the middle, positioning the property primarily for working professionals and smaller households. Pricing power is likely to be management-driven—via upgrades, unit turns, and expense control—rather than dependent on outsized market appreciation.
- Competitive inner-suburban location with neighborhood occupancy near 93.6%, supporting baseline leasing stability.
- 1977 vintage offers clear value-add angles (systems, interiors, curb appeal) to compete with newer local stock.
- 3-mile household growth outlook suggests a larger tenant base and supports retention for efficient units.
- Balanced rent-to-income dynamics can aid renewals, though ownership options may create some competitive pressure.
- Risks: aging systems and capex timing, mid-tier school ratings, and the need for operational execution to drive NOI.