| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Best |
| Demographics | 89th | Best |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 565 W 1st Ave, Columbus, OH, 43215, US |
| Region / Metro | Columbus |
| Year of Construction | 2013 |
| Units | 108 |
| Transaction Date | 2016-11-09 |
| Transaction Price | $20,200,000 |
| Buyer | Graybul Harrison Park LLC |
| Seller | APRO II - Harrison Park Columbus, LLC, Private Investor, APRO II - Harrison Park Columbus, LLC, PCraicseh/ uEnqitu aivnadle /nsft |
565 W 1st Ave, Columbus Multifamily Investment
Newer 2013 construction in an Inner Suburb location supports competitive positioning versus older local stock, according to WDSuite’s CRE market data. Investor focus: depth of the renter base and proximity to large employers underpin demand stability.
The neighborhood rates A and is competitive among Columbus neighborhoods, ranking 62 out of 580. Demographics score in the top quartile nationally, and the area skews younger with small household sizes—factors that typically translate to steady multifamily demand, based on CRE market data from WDSuite. Note that all occupancy and livability indicators reference the neighborhood, not this specific property.
Renter concentration is high: about 72.7% of neighborhood housing units are renter-occupied (ranked 23 of 580), indicating a deep tenant pool and consistent leasing velocity. At the 3-mile radius, households have grown meaningfully over the past five years and are projected to continue increasing, expanding the local renter pool and supporting occupancy stability.
Ownership costs are elevated for the neighborhood relative to income (value-to-income ranks 19 of 580 and national percentile is high), and home values sit well above many U.S. areas. In investor terms, this high-cost ownership market tends to reinforce reliance on rental housing, aiding pricing power and renewal capture, while the neighborhood rent-to-income ratio near 0.21 suggests manageable affordability pressure for many renters.
Local amenity density is mixed. Parks and pharmacies index high nationally (around the 92nd percentile), supporting day-to-day livability. However, immediate café, grocery, and restaurant counts are limited within the neighborhood. For investors, this implies residents may rely on nearby districts for dining and shopping, while the green space and services still bolster overall appeal.
The average neighborhood construction year trends older (late 1960s), so 2013-built assets like this one are relatively newer and can out-compete legacy stock on finishes, energy efficiency, and operating reliability. That said, investors should still plan for mid-life system maintenance and selective upgrades to sustain positioning.
Neighborhood occupancy runs below the metro median (ranked 469 of 580), and has softened modestly in recent years. With strong renter concentration and continued 3-mile household growth, demand fundamentals appear supportive, but underwriting should reflect potential lease-up friction during slower seasons.
Neighborhood safety indicators trend below national and metro benchmarks. Crime metrics sit in lower national percentiles (e.g., around the bottom quartile), and the crime rank places the area in the lower tier among 580 Columbus neighborhoods. Recent year-over-year figures point to an uptick, so investors should underwrite security measures and consider resident experience initiatives.
Contextually, this pattern is common for dense, employment-proximate urban neighborhoods: proximity to activity centers can elevate reported incidents while still supporting strong renter demand. Operators can mitigate risk through lighting, access control, and partnerships with local resources. All safety references are comparative and pertain to the neighborhood, not the property.
The location draws from a strong downtown and near-downtown employment base that supports workforce and professional renter demand, including Nationwide, American Electric Power, Big Lots, Dr Pepper Snapple Group, and Wesco Distribution.
- Nationwide — insurance and financial services (1.2 miles) — HQ
- American Electric Power — electric utility (1.29 miles) — HQ
- Big Lots — retail (4.98 miles) — HQ
- Dr Pepper Snapple Group — beverage (5.73 miles)
- Wesco Distribution — electrical distribution (5.74 miles)
This 108-unit asset built in 2013 is relatively newer than surrounding neighborhood stock and benefits from a high concentration of renter-occupied housing and access to major employment nodes. According to CRE market data from WDSuite, the neighborhood’s renter share is among the highest in the metro and household counts within a 3-mile radius have been expanding, which supports a larger tenant base and helps stabilize occupancy through cycles.
Elevated neighborhood home values relative to income reinforce reliance on multifamily housing, providing support for rent levels and renewal capture. While neighborhood occupancy trends are below the metro median and safety metrics trail broader benchmarks, proximity to downtown employers and newer physical plant create a platform for durable operations with targeted asset management and prudent capital planning.
- Newer 2013 construction versus older neighborhood stock supports competitive positioning and lower near-term capex.
- Strong renter concentration locally and 3-mile household growth expand the tenant base and support occupancy stability.
- High-cost ownership market reinforces multifamily demand, aiding pricing power and renewals.
- Proximity to major employers underpins leasing velocity and retention among professionals.
- Risks: below-metro neighborhood occupancy and softer safety metrics require active management and security investments.