| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Best |
| Demographics | 62nd | Good |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2458 Old Stone Ct, Toledo, OH, 43614, US |
| Region / Metro | Toledo |
| Year of Construction | 1976 |
| Units | 28 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2458 Old Stone Ct Toledo 28-Unit Value-Add
Neighborhood occupancy is strong and renter concentration is deep, pointing to steady demand, according to WDSuite’s CRE market data. With 1976 vintage construction and larger average unit sizes, the asset sets up for targeted value-add and retention-focused operations.
Located in an Inner Suburb of Toledo (B+ neighborhood rating), the property sits in a submarket where neighborhood-level occupancy trends are solid. The neighborhood’s occupancy rate ranks 58 out of 244 metro neighborhoods — top quartile locally — and falls in a high national percentile, indicating stability at the neighborhood level rather than for this specific asset. A high share of housing units are renter-occupied in the neighborhood (69.1%), which broadens the tenant pool and supports leasing consistency for multifamily.
Within a 3-mile radius, demographic indicators point to a growing tenant base: population rose modestly in the last five years and is projected to increase by about 14.6% through 2028, with households projected to grow roughly 28.5%. Rising median and mean household incomes in this radius further support demand for quality rental housing and can aid rent collections and renewal performance when paired with disciplined lease management.
Daily-life amenities within the immediate neighborhood footprint are mixed. Restaurant density tests high relative to peers, but measured counts for groceries, parks, pharmacies, cafes, and childcare are limited inside the neighborhood boundary; residents typically draw on services elsewhere in Toledo. School rating data are not provided here; investors should underwrite to broader district trends and property-specific school catchments if relevant to the renter profile.
Home values in the neighborhood benchmark below national norms, and median contract rents sit near metro levels. Combined with a rent-to-income ratio around 0.26 at the neighborhood level, this points to manageable affordability pressure and potential lease retention advantages, though it can temper near-term pricing power compared with high-cost ownership markets. The 1976 vintage is older than the neighborhood’s average construction year (1985), suggesting scope for value-add upgrades to remain competitive against newer stock.
Safety indicators are mixed but improving. The neighborhood’s crime rank is 120 out of 244 within the Toledo metro — roughly around the metro median — while national positioning is slightly better than average overall. Importantly, both violent and property offense rates show year-over-year declines, placing these improvements in stronger national percentiles, which supports a more stable operating environment than headline rates alone imply.
As always, investors should evaluate block-level conditions and recent trendlines during diligence; the figures cited are neighborhood-level and reflect broader patterns rather than conditions specific to the property.
Proximity to established corporate offices underpins local renter demand by shortening commutes and supporting retention for workforce-oriented units. Nearby employers include Dana, Owens-Illinois, Owens Corning, and Marathon Petroleum.
- Dana — corporate offices (2.5 miles)
- Dana Holding — corporate offices (2.6 miles) — HQ
- Owens-Illinois — corporate offices (4.7 miles) — HQ
- Owens Corning — corporate offices (7.4 miles) — HQ
- Marathon Petroleum — corporate offices (38.6 miles) — HQ
This 28-unit property, built in 1976, offers classic value-add potential in a Toledo Inner Suburb where neighborhood-level occupancy trends are strong and renter concentration is high. Larger average unit footprints (around 1,100 sf) support positioning toward retention-minded tenants. Neighborhood rent-to-income and home value context suggest manageable affordability pressure, aiding collections and renewal prospects, while measured amenity gaps can be addressed through onsite enhancements and operations.
Within a 3-mile radius, population and households are projected to expand meaningfully over the next five years, signaling a larger renter pool and supporting occupancy stability. According to CRE market data from WDSuite, the neighborhood’s occupancy ranks in the top quartile locally and national positioning is favorable, indicating resilient demand; pairing this with targeted upgrades and disciplined expense control can capture durable NOI. Investors should plan for capex consistent with a 1970s vintage and underwrite to the possibility of gradual shifts toward ownership in the broader area.
- Strong neighborhood occupancy and deep renter base support stable leasing
- 1976 vintage with value-add upside to compete with newer stock
- Larger average unit sizes align with retention-focused tenant demand
- 3-mile population and household growth indicate an expanding renter pool
- Risks: capex for aging systems, amenity gaps locally, and potential drift toward ownership