| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Fair |
| Demographics | 46th | Fair |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 311 E South St, Wooster, OH, 44691, US |
| Region / Metro | Wooster |
| Year of Construction | 1973 |
| Units | 33 |
| Transaction Date | 2011-08-15 |
| Transaction Price | $525,700 |
| Buyer | WOOSTER RESIDENTIAL PARTNERS LLC |
| Seller | WOOSTER TOWERS LTD |
311 E South St, Wooster OH Multifamily Investment
Neighborhood renter-occupied share is elevated, supporting a deeper tenant base and steady leasing potential, according to WDSuite’s CRE market data. Pricing remains influenced by local incomes and competitive ownership options, favoring disciplined, operations-focused strategies.
311 E South St sits in an Inner Suburb area of Wooster that ranks competitively for amenities within the metro (1 out of 50 neighborhoods). Dining and cafe density trends in the top percentiles nationally, while immediate access to parks and traditional grocery stores is limited. For investors, this mix supports daily convenience and walk-to dining but may require tenants to travel for larger-format essentials.
The neighborhood’s average housing vintage skews older (1930s), while this property’s 1973 construction positions it newer than much of the local stock. That typically supports relative competitiveness with thoughtful upgrades, but investors should still budget for systems modernization and value-add improvements common to 1970s assets.
Tenure patterns point to depth in multifamily demand: the neighborhood shows a high share of renter-occupied housing units (top tier locally), indicating a broader renter pool and potential support for occupancy stability. At the same time, neighborhood occupancy is below the metro median, so underwriting should emphasize leasing execution and tenant retention.
Within a 3-mile radius, recent population change has been modestly negative, yet household incomes have risen and are projected to continue advancing. WDSuite data also indicates households are expected to grow by roughly a fifth by 2028, suggesting a larger tenant base even as demographic composition shifts. Home values in this area sit below national norms, which can create some competition from ownership; however, rent-to-income levels indicate manageable affordability pressure that can aid lease retention and reduce turnover risk.
Safety signals are mixed. Compared with neighborhoods nationwide, this area trends toward stronger safety outcomes overall. Within the Wooster metro, it sits below the metro average, so investors should underwrite security, lighting, and resident engagement accordingly.
Recent trends show a notable improvement in property offense estimates year over year, while violent offense estimates have moved higher. Balancing these opposing trends, prudent operators typically emphasize visibility, access control, and partnership with local resources to support resident experience and retention.
Proximity to manufacturing, consumer goods, utilities, and insurance employers supports workforce housing demand and commute convenience for renters at 311 E South St. The following nearby employers anchor the area’s employment base.
- International Paper Company — paper & packaging (0.94 miles)
- J.M. Smucker — consumer packaged goods (9.79 miles) — HQ
- Erie Insurance Group — insurance (26.40 miles)
- FirstEnergy — utilities (29.44 miles) — HQ
- Goodyear Tire & Rubber — manufacturing (30.06 miles) — HQ
Built in 1973 with 33 units, 311 E South St offers a value-add angle relative to the neighborhood’s older housing stock, with scope for systems updates and cosmetic upgrades to sharpen competitiveness. The submarket features strong amenity access but limited nearby parks and traditional grocery options, reinforcing the importance of on-site convenience and resident services to support retention.
Renter-occupied housing share is high in the neighborhood, indicating depth in the tenant base, while neighborhood occupancy trends sit below the metro median. According to CRE market data from WDSuite, household incomes are rising within a 3-mile radius and households are projected to expand, supporting leasing durability; however, below-national home values can create competition from ownership, arguing for disciplined pricing and renewal management.
- Vintage 1973 asset newer than much of the area, with clear value-add and modernization potential.
- High neighborhood renter concentration supports a deeper tenant base and stable leasing.
- Amenity-rich dining/cafe environment enhances livability and resident appeal.
- Rising incomes and projected household growth within 3 miles support demand and retention.
- Risks: neighborhood occupancy below metro median and ownership competition; requires disciplined pricing, renewals, and CapEx planning.