| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Fair |
| Demographics | 57th | Good |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3124 Corduroy Rd, Oregon, OH, 43616, US |
| Region / Metro | Oregon |
| Year of Construction | 1976 |
| Units | 24 |
| Transaction Date | 2009-10-05 |
| Transaction Price | $3,179,000 |
| Buyer | EASTWYCK APARTMENTS LLC |
| Seller | DUNBAR REAL ESTATE CO |
3124 Corduroy Rd Oregon OH Multifamily Investment
Neighborhood occupancy trends point to durable renter demand relative to the metro, according to WDSuite’s CRE market data. Investors should expect steady lease-up potential supported by competitive submarket fundamentals rather than outsized growth.
Located in Oregon, Ohio within the Toledo metro, the neighborhood is rated B+ and functions as an inner suburb with stable housing dynamics. Neighborhood occupancy sits in the competitive tier among 244 metro neighborhoods and is in the top quartile nationally, a positive indicator for revenue stability and renewal potential.
Amenity access is mixed: grocery availability ranks strong (42 of 244; high national percentile), while parks, pharmacies, cafes, and childcare are sparse locally. Restaurant density is competitive for the metro. Average school ratings hover slightly above the national median (about 3 of 5), which can support family renter retention compared with lower-rated areas.
Tenure patterns signal nuance for demand. At the neighborhood level, the share of housing units that are renter-occupied is relatively modest (around one-fifth), which can limit immediate depth. However, demographic statistics aggregated within a 3-mile radius indicate a larger renter-occupied share and a broader tenant base, helping support leasing pipelines for smaller assets.
Pricing context is favorable for managing affordability. Median contract rents remain moderate locally and the rent-to-income ratio ranks in a high national percentile, suggesting limited affordability pressure and potential room for thoughtful rent growth management. Median home values and a low value-to-income ratio imply a more accessible ownership market by national standards, which can create competition with for-sale options; operators should emphasize convenience and quality to sustain pricing power.
Within a 3-mile radius, recent years saw soft population and household totals, but forward-looking projections indicate an increase in households and incomes by mid-decade, expanding the potential renter pool and supporting occupancy stability. These trends, based on CRE market data from WDSuite, align with steady, needs-based demand more than speculative growth.
Comparable safety data for this specific neighborhood is not available in the current release. For underwriting, investors commonly benchmark against nearby Toledo neighborhoods and metro trends to gauge relative conditions over time rather than relying on block-level assumptions. When data is updated, percentile and rank comparisons can help position the area versus regional averages.
Proximity to established corporate employers supports a commuter tenant base and leasing stability. The nearby employment mix is anchored by building materials, auto components, and packaging headquarters and offices noted below.
- Owens Corning — building materials (3.2 miles) — HQ
- Dana Holding Corporation — auto components (4.6 miles)
- Owens-Illinois — glass packaging (12.7 miles) — HQ
- Dana — auto components (13.0 miles)
This 24-unit property, built in 1976, is newer than the neighborhood’s mid-century average, offering relative competitiveness versus older local stock. The vintage suggests manageable modernization needs while preserving potential value-add through unit refreshes, common-area updates, and systems upgrades as part of capital planning. According to CRE market data from WDSuite, neighborhood occupancy performs above metro medians and in the upper tiers nationally, pointing to resilience for renewals and cash flow stability.
Demand drivers are steady rather than speculative: a larger 3-mile renter pool, strong grocery access, and moderate rent levels that help manage affordability pressure. At the same time, a more accessible ownership market in the area means some competition for households, and limited neighborhood amenity depth (parks, pharmacies, cafes, childcare) may require operators to lean on convenience, maintenance, and service quality to sustain retention.
- Occupancy in competitive tiers vs. metro and top quartile nationally supports revenue stability
- 1976 vintage offers value-add and modernization potential relative to older local stock
- 3-mile demographics indicate a broader renter base and income growth, supporting leasing
- Moderate rents and high rent-to-income positioning enable disciplined rent management
- Risks: accessible ownership options and thin amenity mix may temper pricing power