| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 62nd | Best |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2222 Melrose Dr, Wooster, OH, 44691, US |
| Region / Metro | Wooster |
| Year of Construction | 1995 |
| Units | 50 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2222 Melrose Dr, Wooster OH Multifamily Opportunity
Neighborhood fundamentals point to stable renter demand and steady occupancy, according to WDSuite s CRE market data, supporting consistent performance for a 50-unit asset in this Wooster submarket.
This Wooster neighborhood is rated A+ and classified as Rural among 50 metro neighborhoods, indicating strong overall housing and demographic fundamentals relative to local peers. Occupancy in the neighborhood is competitive among Wooster neighborhoods (ranked 18 of 50) and sits in the top quartile nationally by percentile, a constructive signal for lease-up resilience and renewal stability.
At the property level, 2222 Melrose Dr was built in 1995. With the neighborhood 27s average construction year around 1989, this vintage positions the asset slightly newer than much of the local stock, supporting competitive positioning versus older properties. Investors should still plan for system updates and modernization typical of late-1990s construction to sustain rentability.
Renter-occupied housing in the neighborhood is moderate (around three in ten units), suggesting a balanced but reliable tenant base for multifamily. Within a 3-mile radius, demographics show modest population growth over the past five years with households also edging higher; forecasts point to further population and household gains, which can expand the renter pool and support occupancy stability. Median contract rents in the 3-mile area have trended upward and are projected to continue rising, reinforcing revenue potential while keeping an eye on affordability management.
Local amenities are mixed: cafes and childcare access rank above many Wooster peers (ranks 6 of 50 for each; national percentiles in the 60s), while parks are limited (rank 50 of 50). Grocery and restaurant density track closer to the metro middle. Average school ratings sit below national benchmarks (national percentile in the 30s, rank 15 of 50 locally), which may matter for family-oriented leasing strategies. Home values in the neighborhood are not in a high-cost ownership range by national standards, which can create some competition from for-sale options; however, a moderate rent-to-income profile supports retention and disciplined pricing power.
Neighborhood-level crime statistics are not available in this dataset. Investors typically benchmark safety using city and county trend reports, engage local property management insights, and validate assumptions through insurance quotes and lender due diligence to understand relative risk.
Proximity to manufacturing, food products, insurance, utilities, and tire manufacturing employers supports workforce housing demand and commute convenience for renters, notably International Paper, J.M. Smucker, Erie Insurance Group, FirstEnergy, and Goodyear.
- International Paper Company paper & packaging (1.38 miles)
- J.M. Smucker food products (8.32 miles) HQ
- Erie Insurance Group insurance (25.29 miles)
- FirstEnergy utilities (27.43 miles) HQ
- Goodyear Tire & Rubber tire manufacturing (28.14 miles) HQ
The combination of high neighborhood occupancy (competitive locally and top quartile nationally by percentile) and a moderate renter-occupied share points to durable leasing fundamentals for a 50-unit property at 2222 Melrose Dr. According to CRE market data from WDSuite, neighborhood amenity access is stronger for daily needs like cafes and childcare than for parks, while school ratings trail national averages a mix that suggests dependable working-household demand with some family-oriented leasing headwinds to plan for. The area 27s 3-mile demographics show recent population and household growth with further gains projected, supporting a larger tenant base and occupancy stability.
Built in 1995, the asset is somewhat newer than the neighborhood average, offering a competitive edge versus older stock and potential to capture rent premiums with targeted renovations and system upgrades typical of late-1990s construction. Ownership costs in the area are not elevated by national standards, which can create competition from for-sale housing; however, a moderate rent-to-income profile supports retention and measured pricing strategies. Nearby anchor employers across manufacturing, consumer products, insurance, and utilities provide diversified employment nodes that can underpin demand.
- Competitive occupancy locally and strong national percentile supports leasing stability
- 1995 vintage: newer than area average with value-add potential via targeted renovations
- 3-mile population and household growth expands the tenant base over time
- Diverse nearby employers (manufacturing, food products, insurance, utilities) bolster renter demand
- Risks: limited park access, below-average school ratings, and ownership competition may temper pricing power