| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 62nd | Best |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2320 Melrose Dr, Wooster, OH, 44691, US |
| Region / Metro | Wooster |
| Year of Construction | 2005 |
| Units | 26 |
| Transaction Date | 2004-11-02 |
| Transaction Price | $160,000 |
| Buyer | PIGEON CREEK I INC |
| Seller | A M RODRIGUEZ ASSOCIATES INC |
2320 Melrose Dr Wooster 26-Unit Multifamily
Neighborhood occupancy is strong and renter demand is supported by steady household incomes, according to WDSuite’s CRE market data; figures cited reflect neighborhood conditions, not the property. This location offers durable cash flow potential with moderate rent levels relative to local incomes.
Located in Wooster, the property sits in a neighborhood rated A+ (2 of 50 locally), placing it above the metro median for overall fundamentals. Cafes and pharmacies score competitively among Wooster neighborhoods (both ranked within the top 12 of 50), while parks are limited, which suggests lifestyle appeal leans more toward daily convenience than open-space access.
Occupancy in the neighborhood is high and has improved over the last five years, supporting revenue stability for professionally managed multifamily. Rent levels track as moderate relative to incomes, which can help manage affordability pressure and support retention. These metrics describe the neighborhood and not the specific property.
Within a 3-mile radius, demographics indicate a stable tenant base with modest population growth in recent years and additional expansion projected through 2028, pointing to a larger renter pool over time. The renter-occupied share within this radius is roughly one-third, offering depth for leasing while still leaving room for demand capture from nearby single-family renters.
Home values in the neighborhood are lower than major coastal markets, implying a more accessible ownership landscape that can create some competition for renters; however, moderate rents and above-median neighborhood occupancy help sustain multifamily demand and leasing velocity. Average school ratings trend below national norms, which may require targeted positioning for family renters but does not preclude workforce demand.
Comparable safety metrics for this specific neighborhood are not available in WDSuite’s dataset. Investors typically benchmark neighborhood trends against city and county reports and track multi-year patterns rather than block-level snapshots to evaluate resident sentiment and leasing risk.
Given the absence of rank and percentile visibility, a prudent approach is to align underwriting assumptions with broader market evidence and verify with local sources (police blotters, municipality dashboards) to confirm trend direction before setting reserves or renewal strategies.
The area draws from a diverse employment base across manufacturing and regional corporate offices, supporting workforce housing demand and commute convenience for renters. Notable nearby employers include International Paper, J.M. Smucker, Erie Insurance, FirstEnergy, and Goodyear.
- International Paper Company — paper & packaging (1.5 miles)
- J.M. Smucker — consumer foods (8.2 miles) — HQ
- Erie Insurance Group — insurance (25.2 miles)
- FirstEnergy — utilities (27.3 miles) — HQ
- Goodyear Tire & Rubber — manufacturing (28.0 miles) — HQ
Built in 2005, the 26-unit asset is newer than the area’s average vintage, giving it a competitive position versus older local stock while still warranting planning for mid-life system updates and selective modernization. Neighborhood occupancy trends run above the metro median and rents remain moderate relative to incomes, which together support stable leasing and renewal performance, based on CRE market data from WDSuite.
Within a 3-mile radius, population and household counts have been stable with additional growth projected through 2028, indicating a gradually expanding tenant base. The renter-occupied share is meaningful but not dominant, suggesting steady demand with some competition from ownership; positioning the asset as a reliable, well-managed option can help sustain pricing and absorption.
- 2005 vintage offers competitive positioning versus older local stock, with manageable mid-life capex planning.
- Above-median neighborhood occupancy supports revenue stability and renewal potential.
- Moderate rents relative to incomes provide room for disciplined pricing without overextending affordability.
- Diverse nearby employers bolster workforce housing demand and reduce commute friction.
- Risks: below-average school ratings, limited park access, and some competition from ownership options may require targeted leasing and amenity strategy.