| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 63rd | Best |
| Amenities | 40th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 937 E Park Ave, Columbiana, OH, 44408, US |
| Region / Metro | Columbiana |
| Year of Construction | 2001 |
| Units | 68 |
| Transaction Date | 2015-07-29 |
| Transaction Price | $13,250,000 |
| Buyer | CSL Whispering Pines LLC |
| Seller | RRT LLC |
937 E Park Ave Columbiana Multifamily Investment
Neighborhood occupancy is elevated and trending stable, supporting consistent cash flow potential for a 2001-vintage, 68-unit asset, according to WDSuite s CRE market data. Renter demand is reinforced by a sizable renter-occupied base and solid household incomes in the surrounding area.
Columbiana s inner-suburb location carries an A+ neighborhood rating and ranks 1st out of 51 Salem metro neighborhoods, signaling strong fundamentals for multifamily. Neighborhood occupancy sits in the high 90s and has improved over the past five years, placing the area in the top quartile nationally for occupied housing a constructive backdrop for lease stability and renewals.
Vintage is a differentiator: the property was built in 2001 versus a neighborhood average year built near the late 1960s. Newer construction relative to surrounding stock can strengthen competitive positioning for operations and renter appeal, while investors should still plan for routine modernization and systems upkeep as the asset approaches mid-life.
Tenure patterns point to demand depth. Roughly two-fifths of neighborhood housing units are renter-occupied, a renter concentration that supports a durable tenant base without overreliance on any single cohort. Within a 3-mile radius, household counts have edged higher in recent years, and projections indicate more households by 2028, implying a larger renter pool and support for occupancy.
Livability drivers are balanced. Public schools in the neighborhood are top-rated (ranked 1st of 51 locally and at the 100th percentile nationally), which can bolster long-term resident retention. Everyday amenities are moderate groceries, restaurants, parks, and childcare are accessible at or modestly above national norms, while cafes and pharmacies are limited suggesting convenience for essentials with some lifestyle gaps to monitor in leasing narratives.
Affordability supports pricing flexibility. Neighborhood rents benchmark below national norms, and rent-to-income ratios are favorable, which can reduce near-term retention risk and provide measured room for revenue management. Home values are moderate for the region, so ownership competition exists; however, a broad high-cost ownership dynamic is not present, keeping multifamily positioned for steady demand rather than purely cost-driven capture.
Safety indicators compare well. The neighborhood s overall crime positioning is competitive among the 51 Salem metro neighborhoods and sits in the upper quartile nationally, indicating relatively favorable conditions versus many U.S. neighborhoods. Recent year-over-year data show notable declines in both property and violent offenses, reinforcing a constructive trend rather than a one-off result.
As always, crime varies by micro-location and time of day; investors should confirm patterns around key demand drivers (schools, shopping corridors, and major arterials) during diligence. The directional improvement and above-median standing within the metro support leasing stability and resident retention assumptions.
Regional employers within commuting range provide a diversified employment base that can sustain renter demand, with rail, healthcare, retail, insurance, and manufacturing anchors represented by Norfolk Southern, Cardinal Health, Dick's Sporting Goods, Erie Insurance Group, and Goodyear Tire & Rubber.
- Norfolk Southern rail operations (21.2 miles)
- Cardinal Health healthcare distribution (33.2 miles)
- Dick's Sporting Goods retail corporate offices (33.8 miles) HQ
- Erie Insurance Group insurance (40.0 miles)
- Goodyear Tire & Rubber manufacturing & corporate (43.6 miles) HQ
937 E Park Ave benefits from top-ranked neighborhood fundamentals within the Salem, OH metro and occupancy that tracks in the upper tier nationally. The 2001 vintage positions the asset newer than the area s average stock, supporting competitive leasing while leaving room for targeted value-add through common-area refreshes and systems updates. Within a 3-mile radius, rising household counts and projections for further increases point to renter pool expansion, supporting occupancy stability and measured rent growth.
Affordability metrics are favorable for revenue management; neighborhood rents trend below national norms and rent-to-income ratios are manageable, which can aid retention while allowing disciplined optimization. According to CRE market data from WDSuite, the neighborhood s renter-occupied share and strong school ratings complement steady demand drivers, while moderate home values suggest some competition from ownership that investors should underwrite.
- Top-ranked neighborhood among 51 metro peers with high, improving occupancy supporting leasing stability
- 2001 construction offers competitive positioning versus older local stock with selective value-add potential
- 3-mile household growth and projections indicate renter pool expansion and sustained demand
- Favorable rent-to-income dynamics enable disciplined pricing while supporting retention
- Risks: limited cafe/pharmacy amenities and moderate ownership costs may compete for residents; underwrite accordingly