| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 36th | Poor |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 489 La Luz Blvd, Lebanon, OH, 45036, US |
| Region / Metro | Lebanon |
| Year of Construction | 1979 |
| Units | 50 |
| Transaction Date | 1995-03-31 |
| Transaction Price | $3,034,100 |
| Buyer | BENCHMARK LA LUZ ASSOC PTNS |
| Seller | LALUZ |
489 La Luz Blvd Lebanon OH Multifamily Investment
Neighborhood fundamentals point to steady renter demand, with occupancy measured for the neighborhood sitting above the national midpoint and a strong renter concentration, according to WDSuite s CRE market data.
Situated in Lebanon within the Cincinnati metro, the neighborhood is rated B+ and ranks 177 out of 611 metro neighborhoods, which is competitive among Cincinnati neighborhoods. Investors evaluating livability will find daily needs reasonably covered: pharmacies and parks score above national midpoints, restaurants are comparatively plentiful, while cafes are limited. These dynamics suit suburban workforce renters who prioritize convenience over urban retail density.
Neighborhood occupancy is 93.5% (measured for the neighborhood, not the property) and trends in the 62nd national percentile, supporting lease-up and renewal stability relative to many U.S. locations. The renter-occupied share of housing units is 42.2% and sits in a high national percentile, indicating a deeper tenant base for multifamily assets and potential resilience across cycles.
Within a 3-mile radius, population and households have expanded in recent years, with households up meaningfully and forecasts pointing to further growth by 2028. This larger tenant base can support occupancy stability and absorption, even as household sizes edge modestly lower. Projections also suggest an uptick in higher-income households, which can support demand for well-maintained units.
Ownership costs in the surrounding area are moderate in a national context, and the rent-to-income ratio for the neighborhood is around the national midpoint. For investors, this implies manageable affordability pressure that can aid retention while still leaving room for disciplined rent growth, though good lease management remains important where ownership alternatives are attainable.
Neighborhood-level crime benchmarks are not available in WDSuite for this location at this time. Investors typically contextualize safety by comparing city and county resources with property-level incident history and by monitoring operator practices such as lighting, access control, and coordination with local authorities.
The area draws from a broad suburban employment base, with proximity to healthcare, industrial, and corporate services employers that support renter demand and commuting convenience. Notable nearby employers include Anthem Inc Mason Campus II, AK Steel Holding, Humana Pharmacy Solutions, Kroger DCIC, and Prudential Financial.
- Anthem Inc Mason Campus II D corporate offices (10.6 miles)
- AK Steel Holding D corporate offices (14.6 miles) D HQ
- Humana Pharmacy Solutions D corporate offices (15.5 miles)
- Kroger DCIC D corporate offices (17.2 miles)
- Prudential Financial D corporate offices (17.6 miles)
This 50-unit asset is positioned in a competitive Cincinnati suburban neighborhood where neighborhood occupancy is above the national midpoint and the renter-occupied share is elevated, supporting demand depth and day-one leasing stability. Amenities skew toward everyday convenience rather than urban retail, which aligns with workforce-oriented renters and helps sustain renewals. Based on CRE market data from WDSuite, rent-to-income levels and ownership costs point to manageable affordability pressure, reinforcing tenant retention while leaving scope for disciplined pricing.
Within a 3-mile radius, recent gains in population and households and projections for further household growth suggest a larger renter pool over the medium term. Proximity to a diversified suburban employer base underpins commute convenience and broadens the prospective tenant pipeline. The main watch items are potential competition from ownership alternatives in a moderate-cost market and ensuring product quality keeps pace with rising household incomes and expectations.
- Competitive neighborhood within the Cincinnati metro, supporting steady leasing
- Neighborhood occupancy above the national midpoint with an elevated renter-occupied share
- 3-mile radius population and household growth expanding the tenant base
- Proximity to major suburban employers supports demand and retention
- Risk: moderate ownership costs may create competition; disciplined lease management and product quality are important