| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 47th | Fair |
| Amenities | 24th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2370 Eastgate Rd, Toledo, OH, 43614, US |
| Region / Metro | Toledo |
| Year of Construction | 1976 |
| Units | 44 |
| Transaction Date | 2017-07-14 |
| Transaction Price | $1,280,000 |
| Buyer | EASTGATE APARTMENTS LLC |
| Seller | EASTGATE APARTMENTS LLC |
2370 Eastgate Rd, Toledo OH Multifamily Investment
Neighborhood-level occupancy sits above the national median, supporting steady leasing conditions near South Toledo, according to WDSuite’s CRE market data. Pricing remains accessible versus many metros, which can sustain renter demand and reduce turnover risk.
This Inner Suburb pocket of Toledo offers practical renter appeal rather than destination amenities. Neighborhood restaurant density ranks competitively versus national peers, while groceries are reasonably accessible; however, parks, cafes, childcare, and pharmacies are limited. For investors, this mix often aligns with workforce housing demand and value-focused leasing strategies rather than lifestyle-driven premiums.
At the neighborhood level (not the property), occupancy trends rank in the upper half nationally, pointing to healthy baseline absorption and renewal potential. Median rents here remain below national levels, which, paired with a rent-to-income ratio around mid-range nationally, suggests manageable affordability that can support retention and measured rent growth.
Vintage matters: the property’s 1976 construction is older than the neighborhood’s average 1982 vintage. That gap implies potential capital planning for systems and interiors, but also positions the asset for value-add upgrades to improve competitive standing against newer stock.
Renter-occupied share at the neighborhood level is in a higher national percentile, indicating a meaningful renter concentration that supports a deeper tenant base for multifamily. Within a 3-mile radius, demographics show stable population with an increase in households over the past five years and projections for additional household growth, pointing to a gradually expanding renter pool and support for occupancy stability.
Home values are below national medians at the neighborhood level. In practice, a more accessible ownership market can introduce some competition from for-sale options, but it also supports a renting cohort that values flexibility and price certainty—factors that can aid lease retention when paired with well-managed rent-to-income levels.
Schools score below national norms within the neighborhood, which may limit family-driven premiums; however, proximity to everyday employment centers and services can still underpin demand among working-age renters.
Safety indicators for the neighborhood (not the property) trend mixed: overall crime sits slightly below the national middle, and ranks below the metro median among 244 Toledo neighborhoods. Importantly, recent year-over-year data shows improvement in both violent and property offense rates, suggesting directionally positive momentum.
In national terms, the neighborhood’s violent-offense standing is weaker, while property-offense levels sit closer to mid-pack. For investors, the takeaway is to underwrite prudent security measures and resident-experience initiatives, while noting that recent declines indicate improving conditions relative to last year.
Nearby corporate offices and headquarters provide a diversified employment base that supports renter demand and commute convenience, including Dana, Owens-Illinois, and Owens Corning—all relevant to leasing stability in this part of Toledo.
- Dana — corporate offices (3.1 miles)
- Dana Holding — corporate offices (3.2 miles) — HQ
- Owens-Illinois — corporate offices (4.7 miles) — HQ
- Owens Corning — corporate offices (6.8 miles) — HQ
- Dana Holding Corporation — corporate offices (9.4 miles)
This 44-unit, 1976-vintage asset fits a workforce housing profile in a neighborhood where rents sit below national norms yet occupancy trends (at the neighborhood level) are above the national median. That combination supports steady absorption and renewal leverage, while leaving room for value-add improvements to enhance positioning against newer product. According to CRE market data from WDSuite, renter concentration in the neighborhood is high relative to national peers, reinforcing depth of demand for multifamily units.
Within a 3-mile radius, households have increased and are projected to grow further, expanding the tenant base over the medium term. The local ownership market is comparatively lower-cost, which can introduce competition from for-sale options; however, it also reinforces rent-as-a-service appeal where rent-to-income dynamics are manageable—supporting retention and disciplined rent growth. Investors should budget for capex tied to vintage, and underwrite conservatively on security and amenity programming given limited neighborhood green space and lifestyle amenities.
- Neighborhood occupancy above national median supports leasing stability
- High renter concentration indicates depth of demand for multifamily
- 1976 vintage offers value-add and modernization upside with targeted capex
- 3-mile household growth outlook expands the tenant base and supports renewals
- Risks: amenity gaps and below-average safety require prudent underwriting and operations