| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 47th | Fair |
| Amenities | 24th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1840 Garden Ridge Dr, Toledo, OH, 43614, US |
| Region / Metro | Toledo |
| Year of Construction | 1987 |
| Units | 34 |
| Transaction Date | 2009-10-09 |
| Transaction Price | $1,350,000 |
| Buyer | MIDLAND AGENCY OF NORTHWEST OHIO INC |
| Seller | MIX REAL ESTATE HOLDINGS LLC |
1840 Garden Ridge Dr Toledo Multifamily Investment
Neighborhood occupancy is steady and renter demand is supported by a sizable renter-occupied housing base, according to CRE market data from WDSuite. For investors, this points to stable tenancy potential with room to optimize operations at the submarket level.
Located in Toledo’s inner-suburban fabric, the property benefits from neighborhood fundamentals that skew toward renter demand. The neighborhood 2 1s renter-occupied share is 44.4% (share of housing units), which signals a meaningful tenant base and demand depth for multifamily product. Neighborhood occupancy (measured for the neighborhood, not this asset) is above the national median, supporting expectations for leasing stability.
Daily convenience is serviceable: grocery access is comparatively strong relative to many U.S. neighborhoods, and restaurant density is also competitive, while parks, pharmacies, cafes, and childcare options are thinner locally. School rating indicators are weaker relative to metro norms, which can influence household mix and may warrant targeted marketing to workforce renters.
From a cost context, local home values are moderate for the region, which can introduce some competition from ownership; however, rent-to-income levels around the area are manageable, helping support lease retention and pricing discipline. Educational attainment in the surrounding area is healthy, with the share of residents holding a bachelor 2 1s degree landing in a higher national percentile, a positive signal for diversified renter demand.
Demographics aggregated within a 3-mile radius show population levels roughly stable in recent years, while household counts edged higher. Forward-looking projections point to increases in both households and population, which would expand the tenant base and support occupancy and absorption if realized, based on WDSuite 2 1s CRE market data.
Built in 1987, the asset is slightly newer than the neighborhood 2 1s average vintage. This positioning can be advantageous versus older stock, though investors should still plan for system modernization and common-area updates to remain competitive.
Safety indicators for the neighborhood (relative to 244 Toledo metro neighborhoods) track weaker than the metro median, indicating elevated crime exposure compared with many peer areas. Nationally, the neighborhood 2 1s safety metrics align closer to lower percentiles.
That said, recent year-over-year trends show improvement: both property and violent offense estimates declined over the last year, suggesting conditions have been easing. Investors should underwrite with conservative assumptions, prioritize standard security measures, and monitor trend continuity alongside local policy and community initiatives.
Proximity to major employers supports a consistent renter pipeline and convenient commutes, particularly tied to automotive manufacturing and building materials corporate offices listed below.
- Dana — automotive supplier offices (3.4 miles)
- Dana Holding — automotive supplier headquarters and offices (3.4 miles) — HQ
- Owens-Illinois — packaging and glass manufacturing (5.4 miles) — HQ
- Owens Corning — building materials manufacturing (6.7 miles) — HQ
This 34-unit, 1987-vintage asset at 1840 Garden Ridge Dr is positioned for durable tenancy supported by above-median neighborhood occupancy and a meaningful renter-occupied housing share. Nearby grocery and restaurant density add day-to-day convenience, while moderate ownership costs and manageable rent-to-income dynamics support retention and pricing power. Based on commercial real estate analysis from WDSuite, forward projections within a 3-mile radius point to growth in households and population, which would expand the renter pool and underpin leasing stability if realized.
The vintage provides a competitive edge versus older stock, with potential to capture value through targeted renovations and system updates. Underwriting should remain prudent given neighborhood safety ranks below metro median; however, recent declines in estimated offense rates and the presence of major employers within commuting distance support demand resilience and occupancy durability.
- Above-median neighborhood occupancy and sizable renter base support stable leasing
- 1987 construction offers competitive positioning with value-add modernization potential
- 3-mile forecasts indicate household and population growth expanding the tenant pool
- Proximity to major employers enhances demand, commute convenience, and retention
- Risk: Safety metrics trend below metro median; continue security best practices and conservative underwriting