| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Poor |
| Demographics | 38th | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 63 Centennial Dr, West Salem, OH, 44287, US |
| Region / Metro | West Salem |
| Year of Construction | 1986 |
| Units | 34 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
63 Centennial Dr West Salem Multifamily Opportunity
Steady renter demand at the neighborhood level and limited new supply set a base case for stable operations, according to WDSuite’s CRE market data. Neighborhood occupancy is reported at 92.4% (a neighborhood metric, not property-specific), suggesting a balanced leasing backdrop for a 34-unit asset.
Livability is shaped by a rural setting with sparse day-to-day amenities nearby; cafes, groceries, parks, and pharmacies are limited within this neighborhood cluster. Restaurants score comparatively better (competitive among Wooster neighborhoods) while most other amenities rank in the lower half locally and below the national median, per WDSuite.
At the neighborhood level, occupancy is 92.4% and sits around the national mid-range (national percentile 56). Within the Wooster metro’s 50 neighborhoods, this places the area below the metro median for occupancy rank, but still consistent with stable leasing conditions for workforce housing. Renter-occupied units represent 19.4% of housing, implying a smaller but durable tenant base; lease-ups may be slower than in urban submarkets, yet renewal potential can be solid where rents remain manageable.
The property’s 1986 vintage is newer than the neighborhood’s older stock (average construction year 1943 among 50 metro neighborhoods), which can aid competitiveness versus legacy inventory. That said, systems from the 1980s may require targeted capital improvements for modernization and to support a light value-add plan.
Homeownership costs are relatively accessible in this area (median home values are lower than many metros), which can create competition with renting. However, WDSuite indicates a low neighborhood rent-to-income ratio near 0.10, signaling limited affordability pressure that can support retention and disciplined pricing. Within a 3-mile radius, population softened slightly in recent years while household counts increased and are projected to grow further; smaller household sizes and a forecast increase in households through 2028 point to a gradually expanding renter pool and support long-run occupancy. This commercial real estate analysis suggests demand is steady but not overheated, aligning with a hold-or-improve strategy rather than an aggressive lease-up play.
Comparable safety context is important for underwriting; however, metro-reported crime metrics for this specific neighborhood are not available in WDSuite’s dataset. Investors typically benchmark trends against nearby Wooster-area neighborhoods and municipal reports to gauge relative safety and any directional shifts over time.
Commuter access to regional employers supports workforce housing demand, with proximity to corporate offices including International Paper, J.M. Smucker, FirstEnergy, Goodyear, and Texas Instruments. These employment nodes can aid leasing stability and renewal retention for residents with drive-to-work commutes.
- International Paper Company — corporate offices (15.0 miles)
- J.M. Smucker — corporate offices (20.0 miles) — HQ
- FirstEnergy — corporate offices (32.0 miles) — HQ
- Texas Instruments — corporate offices (32.8 miles)
- Goodyear Tire & Rubber — corporate offices (33.7 miles) — HQ
63 Centennial Dr offers a 34-unit, 1986-vintage profile that is comparatively newer than much of the surrounding housing stock, creating a positioning edge versus older properties while leaving room for selective upgrades. Neighborhood occupancy is 92.4% and renter concentration is modest, indicating steady—but not supply-constrained—demand. According to CRE market data from WDSuite, low rent-to-income levels locally support retention and measured rent growth, while a 3-mile radius shows household growth and smaller household sizes that can incrementally expand the renter base over the next few years.
The rural context means limited nearby amenities and an owner-tilted market, yet drive-time access to major employers like J.M. Smucker, FirstEnergy, and Goodyear underpins workforce demand. The investment case centers on maintaining stable occupancy, capturing operational efficiencies, and pursuing targeted value-add where returns are supported by income levels rather than rapid lease-up assumptions.
- 1986 vintage offers a competitive edge versus older neighborhood stock with potential for targeted upgrades
- Neighborhood occupancy of 92.4% and low rent-to-income indicate retention-oriented income stability
- 3-mile area shows rising household counts and smaller household sizes supporting a gradually expanding renter pool
- Proximity to regional employers (Smucker, FirstEnergy, Goodyear) supports workforce housing demand
- Risks: owner-tilted market and accessible homeownership can slow lease-up; rural amenity base may limit rent premiums