| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 42nd | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2840 Pickle Rd, Oregon, OH, 43616, US |
| Region / Metro | Oregon |
| Year of Construction | 1972 |
| Units | 120 |
| Transaction Date | 2019-06-12 |
| Transaction Price | $12,183,800 |
| Buyer | PICKLE ROAD APARTMENTS LTD |
| Seller | R J LLOYD & CO LTD |
2840 Pickle Rd, Oregon OH Multifamily Investment
Positioned in an inner-suburban pocket with solid service amenities and a renter concentration near half of housing units, this asset offers durable tenant demand; according to WDSuite’s CRE market data, neighborhood occupancy trends warrant attentive leasing strategy but remain supported by daily-needs retail nearby.
The property sits in an Inner Suburb of the Toledo metro with an A- neighborhood rating and a competitive standing among 244 metro neighborhoods. Daily-needs retail is a relative strength: grocery and pharmacy densities place the area well above national norms, and cafes and restaurants are also abundant, supporting convenience-driven renter appeal.
Amenity access outperforms many peers nationally (grocery and pharmacy counts are in the 90th percentile or better), while park and formal childcare options are limited. Average school ratings trend below the national mid-point, which can influence renter profiles toward workforce households seeking value and proximity to employment rather than school-driven location selection.
Neighborhood occupancy is softer than national averages, but the renter-occupied share is high relative to the country, indicating depth in the tenant base and potential for steady leasing when management focuses on retention and renewal execution. Median contract rents are on the lower end nationally, which can support lease stability, though it may temper near-term pricing power.
The building’s 1972 vintage is slightly older than the neighborhood’s average year built. That age profile points to capital planning needs and potential value-add upside through targeted unit and system upgrades to enhance competitive positioning against newer stock.
Demographic statistics are aggregated within a 3-mile radius. Recent years show flat to modestly declining population and households, but forward-looking projections indicate population growth and a sizable increase in households, suggesting a larger tenant base and support for occupancy stability over the medium term. Household incomes are rising in the outlook, which can underpin gradual rent growth from today’s relatively accessible levels.
Safety metrics compare favorably to many neighborhoods nationwide: overall crime levels sit above the national median for safety, and property offense indicators are strong, landing in a top national percentile with a sharp year-over-year improvement. This backdrop can aid resident retention and leasing.
Signals are mixed in the short term, however. While property-related offenses improved materially over the past year, violent offense trends ticked up from a low base, so operators should maintain standard security protocols and resident engagement. Within the Toledo metro (244 neighborhoods), this area performs competitively on several safety dimensions but merits continued monitoring like most inner-suburban locations.
Proximity to major employers in manufacturing and materials supports a broad workforce renter base and commute convenience. Nearby anchors include Owens Corning, Dana corporate offices, and Owens-Illinois, with additional Dana operations in the wider radius.
- Owens Corning — building materials (3.0 miles) — HQ
- Dana Holding Corporation — automotive components (6.1 miles)
- Owens-Illinois — glass & packaging (11.1 miles) — HQ
- Dana — automotive components (11.8 miles)
- Dana Holding — automotive components (11.8 miles) — HQ
This 120-unit, 1972-vintage asset offers a value-add angle in an inner-suburban location with strong daily-needs amenity access and a renter base that is deep relative to national norms. Median rents in the neighborhood skew lower nationally, supporting occupancy and renewal potential, while rising household incomes in the 3-mile radius point to gradual improvement in rent coverage over time. Based on commercial real estate analysis from WDSuite, neighborhood occupancy has been softer, so execution will rely on targeted renovations and disciplined leasing to capture demand.
Capital planning should prioritize systems and unit modernization to sharpen competitiveness versus newer supply. Employer proximity (materials and automotive components) and improving property offense trends support retention. Risks include below-median school ratings, limited parks/childcare amenities, and near-term volatility in violent offense trends; disciplined operations can mitigate these factors.
- Value-add potential from 1972 vintage through targeted unit and systems upgrades
- Strong daily-needs amenity access (grocery/pharmacy/cafe density) supports leasing
- Deep renter base and accessible rents bolster retention and renewal execution
- Proximity to major employers (materials and automotive) enhances workforce demand
- Risks: softer neighborhood occupancy, below-median schools, limited parks/childcare, and mixed short-term safety signals