| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 24th | Poor |
| Demographics | 23rd | Poor |
| Amenities | 41st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2037 Franklin Ave, Toledo, OH, 43620, US |
| Region / Metro | Toledo |
| Year of Construction | 1986 |
| Units | 40 |
| Transaction Date | 2019-06-19 |
| Transaction Price | $917,600 |
| Buyer | TOLEDO202 LP |
| Seller | WARREN SHERMAN HOUSING INC |
2037 Franklin Ave Toledo Multifamily Value-Add Potential
Renter demand is supported by a high renter-occupied share and strong grocery/pharmacy access in the surrounding neighborhood, according to WDSuite’s CRE market data.
Located at 2037 Franklin Ave in Toledo, the property sits in an inner-suburb neighborhood with a high share of renter-occupied housing units (indicative of a deep tenant base for multifamily) and an overall occupancy environment that has room for improvement. The building’s 1986 vintage is newer than much of the area’s housing stock, which skews older, giving this asset a relative competitive edge versus prewar inventory while still leaving room for modernization and common-area upgrades to sharpen positioning.
Local amenities are mixed. Neighborhood data show strong access to essentials, with grocery and pharmacy density ranking among the highest in the metro and in the top quartile nationally, which supports day-to-day livability and resident retention. Dining, cafes, and park access are limited within the neighborhood, so on-site conveniences and transportation access can help offset amenity gaps.
Within a 3-mile radius, demographics point to a stable renter pool today with projections for a larger household base and higher incomes over the next several years. Forecasts indicate increases in households and median incomes, which can support occupancy stability and measured rent growth management. At the same time, current neighborhood rent levels are modest and rent-to-income ratios suggest careful lease management to balance pricing with retention.
Home values in the immediate area are relatively low compared with national benchmarks. For investors, this can introduce some competition from ownership alternatives, but it also underscores the role of multifamily as an accessible housing option; maintaining well-finished, professionally managed units can help sustain leasing velocity and pricing power in this context.
Safety indicators for the neighborhood are weaker than many parts of the Toledo metro, with crime ranked 224 out of 244 metro neighborhoods. Compared with neighborhoods nationwide, safety percentiles are low; however, recent trend data show year-over-year declines in estimated violent offenses, indicating improvement from prior levels. Investors should underwrite to current conditions, consider visibility and lighting, and emphasize professional management practices that support resident comfort.
Proximity to established corporate offices supports workforce housing demand and convenient commutes for residents. Notable nearby employers include Owens Corning, Dana operations, and Owens-Illinois, all listed below with approximate distances.
- Owens Corning — corporate offices (1.2 miles) — HQ
- Dana Holding Corporation — corporate offices (3.1 miles)
- Dana — corporate offices (10.0 miles)
- Dana Holding — corporate offices (10.0 miles) — HQ
- Owens-Illinois — corporate offices (10.6 miles) — HQ
This 40-unit, mid-1980s asset offers a straightforward value-add story: it is newer than the surrounding neighborhood’s predominantly older housing stock, which helps competitive positioning, while common-area and interior updates can further differentiate it. The neighborhood features a high renter-occupied share that deepens the tenant base and strong access to daily needs (grocery and pharmacy), though overall occupancy in the neighborhood is below stronger Toledo submarkets. According to CRE market data from WDSuite, neighborhood occupancy trends and renter concentration point to steady demand with prudent lease management.
Within a 3-mile radius, projections call for growth in households and median incomes alongside rising contracted rents over the next several years, expanding the renter pool and supporting measured revenue upside. That said, local ownership costs are relatively accessible, so underwriting should account for potential competition from entry-level ownership as well as for neighborhood safety perceptions and amenity gaps.
- 1986 vintage offers value-add potential versus older neighborhood stock
- High renter-occupied share supports tenant base depth and leasing stability
- Strong grocery/pharmacy access aids retention despite limited dining/park amenities
- 3-mile forecasts show rising households and incomes to support rent growth
- Risks: below-metro safety metrics and ownership competition; underwrite to current conditions