| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 62nd | Best |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2216 Melrose Dr, Wooster, OH, 44691, US |
| Region / Metro | Wooster |
| Year of Construction | 1995 |
| Units | 40 |
| Transaction Date | 1995-03-22 |
| Transaction Price | $120,000 |
| Buyer | ALPHA WOOSTER HOUSING CORP |
| Seller | ALPHA PHI ALPHA HOMES IN |
2216 Melrose Dr Wooster Multifamily Investment Opportunity
Neighborhood fundamentals indicate steady renter demand with occupancy competitive among Wooster neighborhoods and top quartile nationally, according to WDSuite’s CRE market data. Positioning within a stable, high-participation rental area supports cash flow resilience without relying on outsized rent growth.
The property sits in an A+ rated neighborhood (ranked 2 out of 50 within the Wooster, OH metro), signaling strong local fundamentals relative to the region. Occupancy at the neighborhood level is competitive among Wooster neighborhoods and in the top quartile nationally, a setup that generally supports lease-up stability and lower downtime risk, per commercial real estate analysis from WDSuite.
Built in 1995, the asset is newer than the neighborhood’s average construction year of 1989. That vintage can enhance competitive positioning versus older stock while still warranting capital planning for mid-life systems and select modernization to sustain rents and retention.
Within a 3-mile radius, demographics point to modest population growth with households projected to increase through 2028. A renter-occupied share around two-fifths in the 3-mile area and just under one-third at the neighborhood level signals a meaningful tenant base while leaving room for further renter pool expansion as households rise. For investors, this suggests depth for workforce-oriented units and potential for stable absorption.
Local amenity access is steady rather than destination-driven: cafes and pharmacies index above national midpoints, while parks are limited. Median school ratings track below national averages, which may cap family-driven premiums but can still align with workforce housing demand. Home values and rent-to-income metrics sit near national mid-range levels, indicating a high-cost ownership market is not the primary driver; instead, balanced costs support lease retention and consistent pricing power without overreliance on concessions.
Neighborhood-level crime data is not available in WDSuite for this location, so comparative safety rankings cannot be provided. Investors typically benchmark city and county trends and emphasize property-level measures (lighting, access control, and visibility) to support tenant retention and operational performance.
Nearby employers span manufacturing, consumer goods, utilities, and insurance, providing a diversified employment base that supports renter demand and commute convenience for workforce tenants. The list below reflects prominent employers by proximity.
- International Paper Company — manufacturing (1.4 miles)
- J.M. Smucker — consumer packaged goods (8.2 miles) — HQ
- Erie Insurance Group — insurance (25.1 miles)
- FirstEnergy — utilities (27.3 miles) — HQ
- Goodyear Tire & Rubber — tire & rubber (28.0 miles) — HQ
2216 Melrose Dr offers 40 units in a neighborhood that ranks near the top of the Wooster metro, with occupancy trends that are competitive locally and strong versus national peers. According to CRE market data from WDSuite, the area’s renter base is meaningful and supported by a diversified set of nearby employers, positioning the asset for consistent tenant demand and manageable turnover.
The 1995 vintage is newer than the neighborhood average, giving the property a competitive edge versus older stock while leaving room for targeted value-add in common areas, interiors, and building systems over the hold. Within a 3-mile radius, population growth and a projected increase in households through 2028 point to a larger tenant base over time, which can support occupancy stability and measured rent advancement.
- Competitive neighborhood occupancy supports leasing stability and reduces downtime risk.
- 1995 vintage relative to a 1989 neighborhood average suggests modernization upside with solid baseline competitiveness.
- Diversified nearby employers bolster workforce housing demand and tenant retention potential.
- 3-mile household growth outlook indicates a gradually expanding renter pool over the next several years.
- Risks: below-average school ratings and limited parks may temper family-driven premiums; periodic capex for mid-life systems should be planned.