| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 62nd | Best |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1905 Portage Rd, Wooster, OH, 44691, US |
| Region / Metro | Wooster |
| Year of Construction | 1977 |
| Units | 84 |
| Transaction Date | 1999-04-30 |
| Transaction Price | $2,850,000 |
| Buyer | FOXS PRIDE LTD |
| Seller | HOFFMAN ROBERT G |
1905 Portage Rd, Wooster OH Multifamily Opportunity
Neighborhood occupancy remains high and stable, according to WDSuite’s CRE market data, suggesting durable renter demand near the property. Investor focus centers on steady lease-up prospects supported by a balanced renter base measured at the neighborhood—not the property—level.
Positioned in a rural pocket of Wooster, the neighborhood is rated A+ and ranks 2 out of 50 within the metro—placing it in the top quartile among metro neighborhoods. For investors, this signals resilient local fundamentals rather than a core urban dynamic, with day-to-day needs supported by a modest base of cafes, groceries, and pharmacies. Parks access is limited, which may temper lifestyle appeal for some residents, but service-oriented amenities are reasonably reachable.
Neighborhood occupancy is 97.7% (competitive among 50 Wooster neighborhoods and top quartile nationally), a positive indicator for lease stability. Median contract rents in the neighborhood have risen over the last five years, while the rent-to-income ratio sits at a relatively manageable level, supporting retention and measured pricing power rather than aggressive rent pushes. Note that these metrics reflect the broader neighborhood and not this specific property.
The property’s 1977 vintage is older than the neighborhood’s average stock (1989). That age gap points to potential value-add via interior updates and systems modernization, as well as the need for prudent capital planning to maintain competitiveness against newer supply.
Tenure patterns indicate a moderate share of renter-occupied housing units in the neighborhood alongside a larger owner base, which generally supports steady multifamily demand without excessive turnover. Within a 3-mile radius, demographics show recent population and household growth with projections calling for additional increases in both population and households over the next five years—an expansion that can widen the tenant base and support occupancy stability.
Home values in the neighborhood sit below high-cost gateway markets, creating a context where ownership is comparatively accessible while still leaving room for apartments to compete on convenience and flexibility. For investors, this mix typically supports leasing consistency, with pricing strategies calibrated to retention and renewal rather than outsized rent spikes.
Comparable safety data at the neighborhood level is not available in the current WDSuite release for this location. Investors should contextualize on-the-ground conditions with city and county sources and evaluate property-level measures (lighting, access control, visibility) alongside broader Wooster trends where verified.
Nearby employers provide a diversified base of industrial, consumer products, utilities, and insurance roles that help sustain renter demand through commute convenience. The list below highlights key names within a practical drive radius that can support leasing and retention.
- International Paper Company — paper & packaging operations (1.5 miles)
- J.M. Smucker — consumer packaged goods (8.0 miles) — HQ
- Erie Insurance Group — insurance services (25.0 miles)
- FirstEnergy — electric utility (27.1 miles) — HQ
- Goodyear Tire & Rubber — manufacturing & corporate (27.8 miles) — HQ
1905 Portage Rd offers exposure to a high-occupancy Wooster submarket where neighborhood-level stability and balanced renter concentration underpin consistent leasing. Based on CRE market data from WDSuite, the surrounding neighborhood posts strong occupancy and measured rent growth, pointing to steady cash flow potential when paired with disciplined renewal management.
Constructed in 1977, the asset is older than the area’s average vintage, suggesting value-add opportunities through unit renovations and building system upgrades to enhance competitive positioning versus 1980s–1990s stock. Within a 3-mile radius, projections indicate population and household increases over the next five years, which can expand the tenant base and support occupancy durability. Affordability remains manageable relative to local incomes, favoring retention-led strategies over aggressive rent lifts.
- High neighborhood occupancy supports leasing stability and renewal performance
- 1977 vintage presents clear value-add and modernization upside with targeted capex
- 3-mile radius demographics point to a larger tenant base and sustained demand
- Balanced rent-to-income context supports retention-focused pricing power
- Risks: rural amenity mix and below-average school ratings may temper certain renter segments