| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Fair |
| Demographics | 46th | Fair |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 127 Mel Simon Dr, Toledo, OH, 43612, US |
| Region / Metro | Toledo |
| Year of Construction | 1988 |
| Units | 64 |
| Transaction Date | 2022-04-08 |
| Transaction Price | $10,000,000 |
| Buyer | LG NORTH TOWNE LLC |
| Seller | NORTH TOWNE TOLEDO LLC |
127 Mel Simon Dr Toledo Multifamily Investment
Neighborhood occupancy trends sit near the metro midpoint while renter demand is steady rather than deep, according to WDSuite’s CRE market data. Positioning focuses on durable cash flow with selective upgrades to enhance competitiveness.
The property’s 1988 vintage is newer than the neighborhood’s average construction year of 1973, suggesting comparatively competitive product versus older local stock, while still warranting targeted systems updates or common-area refreshes for modernization. At the neighborhood level, the area ranks 80th out of 244 Toledo neighborhoods (competitive among metro peers), with occupancy around the metro midpoint—supportive for baseline leasing stability without implying outsized pricing power.
Livability is mixed but serviceable for workforce renters. Amenity access ranks 45th of 244 in the metro (top quartile locally), anchored by solid grocery and pharmacy access (nationally in the upper half), though parks and cafe density are limited. These fundamentals point to convenience for daily needs more than lifestyle-driven draw, which can still support retention for value-focused tenants.
Tenure data indicates a thinner renter base in the immediate neighborhood (renter-occupied share at the neighborhood level is modest), which can temper lease-up velocity but also reduce turnover-driven volatility. Within a 3-mile radius, demographics show households roughly flat in recent years alongside a slight population dip, while forecasts point to an increase in households and smaller household sizes—factors that can expand the local renter pool and support occupancy stability, subject to execution.
Home values in the neighborhood track on the lower end nationally, creating a more accessible ownership alternative that can compete with rentals. For multifamily investors, this dynamic argues for value-oriented positioning and careful rent-setting. Rent-to-income levels indicate some affordability pressure, so asset management should emphasize renewal strategies and amenity-lite improvements that justify incremental rent while supporting retention.
Relative to the metro, the neighborhood’s safety profile ranks toward the higher-crime end (215th of 244 Toledo neighborhoods), and its national standing is below the median. However, recent-year trends indicate declines in both violent and property offenses, signaling directional improvement. Investors should underwrite conservative security and operations budgets while recognizing the potential benefit from improving trends over time.
Nearby employment anchors include Dana’s operations and the headquarters for Owens Corning and Owens-Illinois, providing a diversified white-collar and skilled operations base that supports workforce renter demand and commute convenience.
- Dana Holding Corporation — corporate offices (1.6 miles)
- Owens Corning — corporate offices (5.7 miles) — HQ
- Dana — corporate offices (13.5 miles)
- Dana Holding — corporate offices (13.5 miles) — HQ
- Owens-Illinois — corporate offices (14.9 miles) — HQ
127 Mel Simon Dr offers a 64-unit, 1988-vintage asset positioned for stable operations in a neighborhood with mid-pack occupancy and serviceable daily-needs access. The vintage relative to local stock suggests competitive positioning versus older properties, with targeted capex for building systems and unit finishes likely to drive the best returns. According to CRE market data from WDSuite, the immediate area shows steady occupancy and a modest renter concentration, pointing to dependable but measured demand—well suited to value-driven strategies.
Within a 3-mile radius, recent population softness contrasts with projections for household growth and smaller household sizes, which can expand the tenant base and support occupancy over the medium term. Low home values in the neighborhood improve ownership accessibility, which can create competition with rentals; investors should emphasize renewal-focused asset management, pragmatic amenity upgrades, and effective leasing to sustain pricing while managing affordability-related retention risks.
- 1988 vintage relative to older local stock supports competitive positioning with selective modernization
- Mid-pack neighborhood occupancy and daily-needs access underpin baseline leasing stability
- 3-mile projections indicate household growth and smaller household sizes, expanding the renter pool
- Value-oriented strategy with targeted upgrades can balance pricing power and retention
- Risks: thinner local renter base, below-median safety, and ownership competition necessitate conservative underwriting