| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 42nd | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2842 Pickle Rd, Oregon, OH, 43616, US |
| Region / Metro | Oregon |
| Year of Construction | 1974 |
| Units | 120 |
| Transaction Date | 2019-06-12 |
| Transaction Price | $12,183,800 |
| Buyer | PICKLE ROAD APARTMENTS LTD |
| Seller | R J LLOYD & CO LTD |
2842 Pickle Rd, Oregon OH Multifamily Investment
Amenity-rich inner suburb with a sizable renter base supports stable tenant demand, according to WDSuite’s CRE market data, noting that all occupancy and rent figures reflect the surrounding neighborhood—not the property itself.
Located in Oregon within the Toledo metro, the neighborhood scores A- overall (ranked 53 of 244), signaling competitive positioning among metro peers. Food and daily-needs access are a standout: grocery, pharmacy, and restaurant density rank among the strongest in the metro (all within the top 10 of 244), with national percentiles generally in the 90s—supportive of renter convenience and lease retention.
Multifamily fundamentals are mixed but investable. Neighborhood occupancy trends have softened over the past five years, while the share of renter-occupied housing is elevated relative to national norms (top quartile nationally), indicating depth in the tenant pool. Median contract rents in the neighborhood sit well below national levels, which can aid lease-up and renewal pricing strategy while requiring disciplined expense and capital planning.
Vintage context matters here: the property’s 1974 construction is slightly older than the neighborhood’s average 1976 vintage. For investors, that points to potential value-add through unit renovations and building system updates to compete effectively against similar stock.
Demographics aggregated within a 3-mile radius show a broadly stable population base with expectations for growth in population and households through the forecast period, expanding the tenant base and supporting occupancy stability. Rising household incomes in the same radius further underpin demand for professionally managed rental housing.
Schools score below national medians (average around 2.0/5 at the neighborhood level), which can temper appeal for some households; however, the strong concentration of nearby amenities and everyday services helps sustain renter demand typical of inner-suburban workforce housing.
Ownership context: neighborhood home values are lower than national averages, and value-to-income sits near national mid-range. This can introduce some competition from entry-level ownership, yet relatively accessible rents and robust amenity access support retention and steady occupancy for well-managed assets.
Safety indicators convey a mixed but improving picture versus recent history. Within the Toledo metro (244 neighborhoods), the neighborhood’s overall crime position is comparatively favorable by national percentile, while metro rank signals room for continued improvement. Notably, property-offense estimates show a sharp year-over-year decline, which is a constructive trend for resident sentiment and retention.
Investors should also note recent volatility in violent-offense estimates at the neighborhood level. While single-year swings can be noisy, maintaining active monitoring, lighting and access-control upgrades, and coordination with local community resources can help support on-site safety expectations over time.
Nearby anchor employers provide a diversified white-collar and industrial employment base that supports renter demand and commute convenience, including Owens Corning, Dana Holding Corporation, Owens-Illinois, Dana, and Dana Holding.
- Owens Corning — building materials (3.0 miles) — HQ
- Dana Holding Corporation — auto parts (6.1 miles)
- Owens-Illinois — glass packaging (11.1 miles) — HQ
- Dana — auto parts (11.8 miles)
- Dana Holding — auto parts (11.8 miles) — HQ
With 120 units and 1974 construction, this asset offers scale in an inner-suburban location where renter concentration is elevated and daily-needs amenities are abundant. According to CRE market data from WDSuite, neighborhood rents are comparatively accessible versus national levels, supporting broad demand and renewal traction when paired with pragmatic expense control.
The slightly older vintage relative to the neighborhood average suggests clear value-add pathways through interior upgrades and selective building system improvements. Forward-looking household and population growth within a 3-mile radius point to a larger tenant base over time, while proximity to major employers underpins leasing stability.
- Amenity density and commuter access support durable renter demand and retention.
- 1974 vintage presents value-add potential through renovations and system upgrades.
- Accessible neighborhood rent levels broaden the tenant pool and aid lease-up.
- Nearby corporate employers provide a stable employment base for residents.
- Risks: softer neighborhood occupancy trend, below-average school scores, and variable safety readings warrant active asset management.