| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Fair |
| Demographics | 44th | Fair |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1602 Adams St, Toledo, OH, 43604, US |
| Region / Metro | Toledo |
| Year of Construction | 2003 |
| Units | 69 |
| Transaction Date | 2024-12-06 |
| Transaction Price | $2,600,000 |
| Buyer | NEW CHENEY FLATS LLC |
| Seller | TORREY HILL APARTMENTS TWO LLC |
1602 Adams St, Toledo Multifamily Investment Opportunity
Positioned in a renter-heavy downtown-adjacent area with steady neighborhood occupancy, the asset benefits from dense amenities and proximity to major employers, according to WDSuite’s CRE market data. The investment angle centers on durable tenant demand and operational consistency, with room to create value through targeted updates.
The property sits in an Inner Suburb setting of Toledo with an A- neighborhood rating (rank 44 of 244), indicating competitive fundamentals among metro neighborhoods. Amenity access is a clear strength: restaurants (rank 2 of 244), cafes (rank 3 of 244), pharmacies (rank 4 of 244), and groceries (rank 20 of 244) place the area in the top quartile locally and well above national averages, supporting leasing velocity and resident retention for workforce and urban-oriented renters.
Built in 2003, the asset is considerably newer than the neighborhood’s average vintage of 1926. Newer construction helps competitiveness versus older housing stock and may reduce near-term capital exposure; however, investors should still plan for mid-life system updates and selective modernization to drive rent premiums.
Neighborhood occupancy is roughly middle-of-the-pack for the Toledo metro, while the surrounding area shows a high renter concentration, indicating a sizable tenant base for multifamily. Within a 3-mile radius, households have trended smaller over time and renter demand is supported by accessible urban amenities. A rent-to-income ratio near 0.22 suggests moderate affordability pressure, which may aid lease retention but warrants disciplined rent management.
Demographics within a 3-mile radius show recent population softness but a projected expansion in the coming years, alongside increases in household counts and incomes. These trends point to a larger tenant base and improving price tolerance over the medium term, which can support occupancy stability and measured rent growth if operations remain focused on value and resident experience. Park access is limited locally, so on-site or nearby private amenities can further differentiate the asset.
Safety indicators place the neighborhood toward the higher-crime end of the Toledo metro (rank 221 of 244), and below average compared with neighborhoods nationwide. That said, recent year-over-year data shows declining incident rates for both violent and property offenses, suggesting gradual improvement. Investors should plan for appropriate security measures and resident communication to support retention and on-site experience.
Proximity to established corporate employers supports renter demand through short commutes and workforce stability. Nearby anchors include Owens Corning, Dana’s corporate offices and headquarters, Owens-Illinois, and Marathon Petroleum.
- Owens Corning — corporate offices (0.98 miles) — HQ
- Dana Holding Corporation — corporate offices (3.32 miles)
- Dana Holding — corporate offices (9.94 miles) — HQ
- Owens-Illinois — corporate offices (10.45 miles) — HQ
- Marathon Petroleum — corporate offices (43.29 miles) — HQ
1602 Adams St offers a 69-unit, 2003-built asset in a dense amenity pocket that ranks in the top tier locally for restaurants, cafes, and daily-needs retail. The newer vintage is competitive against older neighborhood stock and provides a platform for targeted value-add through unit and common-area updates. According to CRE market data from WDSuite, neighborhood occupancy trends are around the metro middle, while the surrounding area maintains a sizable renter base—favorable for demand depth and leasing stability.
Within a 3-mile radius, forecasts point to growth in population, households, and incomes over the next five years, expanding the tenant pool and supporting measured rent gains if affordability is managed carefully. Safety metrics trail metro norms but have improved year over year; underwriting should incorporate prudent security investments, conservative loss assumptions, and asset management focus on resident experience.
- Dense amenity base and short commutes to major employers support demand and retention
- 2003 construction is competitive versus older neighborhood stock, with value-add through modernization
- Surrounding 3-mile area shows growing households and rising incomes, expanding the renter pool
- Neighborhood occupancy near metro middle suggests steady operations with disciplined lease management
- Risk: safety profile trails metro and national norms; plan for security measures and conservative underwriting