Cincinnati Appraisal Services

Appraisal

Jan 13

Written By Clarendon

Client

Cincinnati Metropolitan Housing Authority (CMHA)

Skills

Appraisal, Market Studies – Affordable Housing

Project Description

Clarendon has been selected by Cincinnati Metropolitan Housing Authority (CMHA) to provide comprehensive real estate appraisal services for residential and commercial properties throughout Hamilton County, Ohio.

CMHA's portfolio spans approximately 4,900 public housing units, including 1,617 high-rise units, 1,875 family development units, and 1,221 scattered site properties, alongside 113 affordable housing developments. Clarendon will provide appraisal services for properties being considered for RAD conversion under HUD guidelines, as well as future development opportunities involving vacant land, improved land, and commercial buildings.

Market Overview

Cincinnati represents a mature, diversified multifamily market serving as the anchor for the broader Ohio-Kentucky-Indiana metropolitan region with approximately 2.3 million residents. The core Hamilton County market benefits from stable economic fundamentals anchored by healthcare systems, education institutions, financial services, and Fortune 500 corporate headquarters including Procter & Gamble, Kroger, and Fifth Third Bank.

The Greater Cincinnati multifamily market comprises approximately 180,000 rental units organized across distinct submarkets spanning urban core districts, established suburban nodes, and emerging peripheral markets. The market exhibits strong geographic diversity, with urban concentration in Downtown Cincinnati, Over-the-Rhine, Clifton, and Walnut Hills, while major suburban markets include Mason, West Chester Township, Blue Ash, and Montgomery.

From a property composition perspective, the market reflects both historic urban fabric and contemporary development trends. Urban core properties feature a mix of historic rehabilitations and modern high-rise construction, particularly concentrated in the rapidly transforming Over-the-Rhine district and Downtown's central business district. Suburban markets are dominated by garden-style and low-rise communities developed primarily between the 1980s and present, with concentrations in key employment corridors along Interstate 71 and Interstate 75.

Recent development activity has averaged approximately 2,500-3,000 units annually, focused on urban infill sites and suburban mixed-use centers. The market has demonstrated resilient fundamentals through economic cycles, supported by stable employment growth, relatively affordable housing costs compared to peer Midwest markets, and consistent in-migration from higher-cost metropolitan areas. Public housing and affordable housing properties are distributed throughout both urban and suburban submarkets, with significant concentrations in urban neighborhoods and inner-ring suburbs.

The Cincinnati affordable housing market benefits from diverse financing mechanisms including LIHTC equity, FHLB Affordable Housing Program grants, Ohio Housing Finance Agency resources, and HUD programs including RAD conversions and Choice Neighborhoods initiatives. CMHA's portfolio represents a strategically important component of the region's affordable housing stock, serving both urban and suburban communities across Hamilton County.