Licking County Multifamily Market Report - January 2026
Licking County Multifamily Market Report – January 2026
Residential (2–4 Units) & Commercial (5+ Units) Activity
Executive Summary
In January 2026, Licking County recorded 10 multifamily transfers. Only 2 qualified as valid arm’s-length market sales, representing $867,000 in verified market volume. Valid sales represented 20% of total recorded transfers during the month. The limited number of valid sales reflects constrained inventory rather than a softening in investor demand.
Residential (2–4 Units): 8 transfers | 1 valid sale | $96,000 per unit (2-unit sale).
Commercial (5+ Units): 2 transfers | 1 valid sale | $84,375 per unit (8-unit sale).
Residential Multifamily (2–4 Units)
The sole valid residential sale (2-unit sale) occurred in Newark. Duplex and small 3–4 unit properties in Newark continue attracting local and regional investors seeking 7.0%–8.0% cap rates depending on rent roll strength and renovation level.
Investor demand remains strongest near downtown corridors, SR‑16 access points, and employment nodes tied to logistics and manufacturing growth. Relative affordability compared to Franklin County continues to support acquisition interest.
Commercial Multifamily (5+ Units)
The single valid commercial sale (8-unit sale) occurred in Buckeye Lake near recreational amenities. Small apartment assets in this submarket are currently trading near a 7% cap rate range.
Buyer activity remains dominated by private regional investors rather than institutional capital.
Regional & Statewide Context
The Columbus Metropolitan Statistical Area* remains one of the Midwest’s more resilient rental markets, supported by employment diversification and population growth.
Recent Class A deliveries in the broader Columbus region may create selective rent pressure on older Class B/C assets lacking capital improvements; however, long-term fundamentals in Newark remain stable.
Statewide, Ohio multifamily markets are transitioning from elevated supply in 2023–2024 toward more balanced absorption. A sharp decline in construction starts during 2024 is expected to moderate new deliveries in 2026–2027.
As excess supply is absorbed, rent growth across Ohio is expected to normalize, with secondary markets such as Licking County benefiting from relative affordability.
Investor Takeaways
Licking County offers lower basis entry compared to Franklin and Delaware counties, supporting yield-focused acquisition strategies.
If interest rates stabilize in 2026, financing conditions may improve purchasing activity and modestly compress cap rates across small multifamily assets.
Market Pricing Snapshot
#MultifamilySales #LickingCountyMultifamily #NewarkMultifamily #BuckeyeLakeMultifamily
*Columbus Metropolitan Statistical Area (MSA): Includes Delaware, Fairfield, Franklin, Hocking, Licking, Madison, Morrow, Perry, Pickaway, and Union counties.
Data reflects recorded transfers through the Licking County Auditor as of January 2026. Prepared by Shumaker Commercial Real Estate for informational purposes.