| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Poor |
| Demographics | 37th | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1026 Wamba Ave, Toledo, OH, 43607, US |
| Region / Metro | Toledo |
| Year of Construction | 2003 |
| Units | 42 |
| Transaction Date | 2022-10-14 |
| Transaction Price | $3,000,000 |
| Buyer | WESTWOOD UNIVERSITY APARTMENTS LLC |
| Seller | WESTWOOD CAMPUS VIEW APTS LLC |
1026 Wamba Ave Toledo 42-Unit Multifamily Opportunity
Neighborhood renter-occupied share is elevated and occupancy has improved in recent years, supporting a deeper tenant base according to WDSuite’s CRE market data. The asset’s 2003 vintage positions it competitively versus older local stock while leaving room for targeted modernization to drive retention.
Located in Toledo’s Inner Suburb fabric, the property benefits from everyday convenience more than lifestyle amenities. Grocery access ranks above the metro median (rank 47 out of 244), and restaurant density is in the top quartile nationally, while parks, pharmacies, cafes, and childcare options are comparatively limited in the immediate neighborhood. For investors, this mix suggests dependable daily‑needs access with fewer experiential draws, influencing renter profiles toward value and proximity rather than leisure.
The building’s 2003 construction stands newer than the neighborhood’s average vintage (1954, rank 155 of 244). Newer construction can reduce near‑term capital surprises and compete effectively against older stock; however, systems are now two decades old and may benefit from selective renovations or energy‑efficiency upgrades to enhance leasing and retention.
Renter-occupied housing accounts for a higher share of units in the neighborhood (rank 32 of 244; top decile nationally), indicating a broad tenant pool and support for multifamily absorption. Neighborhood occupancy is below national norms but has trended upward in the last five years, which can help stabilize cash flow as leasing conditions continue to normalize.
Within a 3-mile radius, recent trends show steady households alongside smaller average household sizes, and projections point to population growth and more households by 2028. A larger renter pool with smaller household sizes typically supports multifamily demand and leasing velocity, particularly for functional floor plans. Median home values in the neighborhood are lower in a national context, which can create some competition from entry-level ownership; investors should calibrate pricing and amenity packages to sustain lease retention rather than rely solely on rent growth.
Safety metrics are mixed relative to the metro and nation. The neighborhood’s crime rank places it below the metro median (rank 167 out of 244), but year-over-year trends show improvement, with both violent and property offense rates declining according to WDSuite’s data. Nationally, the area sits below the median percentile for safety, yet the recent downward movement indicates conditions have been easing rather than deteriorating. Investors should incorporate practical measures—lighting, access control, and resident engagement—to support retention and perception.
Proximity to major corporate offices underpins renter demand via steady employment and reasonable commutes. Key nearby employers include Owens Corning, Dana, Owens-Illinois, and Marathon Petroleum, offering diversified white‑collar and industrial roles that can support leasing stability.
- Owens Corning — building materials HQ (3.8 miles) — HQ
- Dana Holding Corporation — automotive components (5.2 miles)
- Dana — automotive components (7.3 miles)
- Owens-Illinois — glass packaging HQ (8.8 miles) — HQ
- Marathon Petroleum — energy HQ (42.5 miles) — HQ
This 42‑unit asset offers a practical entry point into Toledo’s renter-heavy neighborhood context, where the share of renter-occupied housing ranks in the top decile nationally and neighborhood occupancy has been improving. The 2003 vintage is newer than the area’s average stock, supporting competitive positioning with scope for value‑add through targeted interior upgrades and operational enhancements. According to CRE market data from WDSuite, daily‑needs access is solid (notably groceries and restaurants), while lifestyle amenities are thinner—an important cue for amenity programming and marketing.
Within a 3‑mile radius, forward projections indicate population growth and an increase in households by 2028 alongside smaller household sizes, which typically expands the renter pool and supports occupancy stability. Lower neighborhood home values can introduce competition with ownership, but measured rents and a focus on livability, security, and energy efficiency can sustain retention and pricing power.
- Renter-heavy neighborhood and improving occupancy support depth of tenant demand.
- 2003 construction competes well versus older stock with value‑add upside from selective upgrades.
- Solid grocery and restaurant access aids day‑to‑day livability and leasing appeal.
- 3‑mile projections of population and household growth point to a larger renter pool over the medium term.
- Risks: below‑median safety, amenity gaps (parks/pharmacies/cafes), and potential competition from entry‑level ownership.