| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Best |
| Demographics | 62nd | Good |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2517 Heather Hills Rd, Toledo, OH, 43614, US |
| Region / Metro | Toledo |
| Year of Construction | 1973 |
| Units | 31 |
| Transaction Date | 2004-07-15 |
| Transaction Price | $2,485,000 |
| Buyer | CONSOLIDATED HEATHER LLC |
| Seller | COLUMBIA HEATHER LTD |
2517 Heather Hills Rd, Toledo Multifamily Opportunity
Neighborhood fundamentals point to steady renter demand, with occupancy around 96.6% and a high renter-occupied share measured for the neighborhood, according to WDSuite’s CRE market data.
Located in an Inner Suburb of Toledo, the neighborhood carries a B+ rating and ranks 81st among 244 metro neighborhoods — competitive within the metro and indicative of stable housing dynamics. Occupancy is strong at 96.6% (top quartile nationally), supporting income durability for well-managed assets. Renter-occupied units account for a sizable share of the neighborhood s housing stock (69.1% renter concentration), which typically provides a deeper tenant base for multifamily.
Amenity access is mixed: restaurants are comparatively dense (86th percentile nationally), while daily-needs amenities like groceries, pharmacies, and parks are thinner within neighborhood bounds. Investors should underwrite with the expectation that residents may draw on nearby corridors for essentials, which can still align with stable leasing when commute and value considerations are favorable.
Within a 3-mile radius, population has inched higher in recent years and is projected to expand further, with households also expected to increase — trends that generally translate into a larger tenant base and support occupancy stability. Median contract rent in the 3-mile area remains relatively approachable today with measured growth expected, suggesting room for disciplined rent optimization as quality and finishes improve.
Home values in the neighborhood are lower than many national peers, a context that can modestly increase competition from ownership options. That said, a rent-to-income ratio near 0.26 suggests manageable affordability pressure for many renters, aiding lease retention when paired with attentive operations. The average construction year locally skews to the mid-1980s; properties from the early 1970s may present renovation upside that can enhance competitive positioning against newer stock.
Safety indicators for this neighborhood sit near the national middle overall (crime around the 52nd percentile nationally) and are roughly around the metro median (ranked 120th of 244 Toledo neighborhoods). While violent and property offense levels trail national medians, recent year-over-year declines are notable and point to an improving trend, according to WDSuite s CRE market data.
For investors, the takeaway is trend-aware underwriting: assume baseline, metro-typical security measures and emphasize property-level visibility, lighting, and resident engagement to support retention and asset performance as the broader trend continues to normalize.
Proximity to major employers anchors day-to-day renter demand, with a concentration in manufacturing and industrial headquarters including Dana, Dana Holding, Owens-Illinois, Owens Corning, and Dana Holding Corporation. These institutions provide diverse skilled and administrative jobs within a practical commute, supporting leasing stability.
- Dana — manufacturing/auto parts (2.6 miles)
- Dana Holding — manufacturing/auto parts (2.6 miles) — HQ
- Owens-Illinois — glass packaging (4.6 miles) — HQ
- Owens Corning — building materials (7.3 miles) — HQ
- Dana Holding Corporation — manufacturing/auto parts (9.9 miles)
2517 Heather Hills Rd is a 31-unit, 1973-vintage asset positioned in a neighborhood with strong occupancy and a deep renter base, supporting steady cash flow potential. The earlier vintage relative to the local 1980s-average stock points to practical value-add pathways — unit modernizations and systems updates — to sharpen competitiveness versus newer comparables. Within a 3-mile radius, modest historical growth and projected increases in population and households signal a larger tenant base ahead, helping sustain occupancy and measured rent advancement.
Operating context is balanced: the area s rent-to-income positioning indicates manageable affordability pressure, while home values remain comparatively accessible — factors that call for disciplined pricing and resident retention strategies. According to commercial real estate analysis from WDSuite, neighborhood occupancy trends and employer proximity provide a constructive backdrop, with safety metrics trending in the right direction. Key risks include thinner daily-needs amenities within neighborhood bounds and typical CapEx for a 1970s structure, both manageable with focused asset management.
- Strong neighborhood occupancy and high renter concentration support demand durability
- 1973 vintage offers value-add upside via interior upgrades and system improvements
- 3-mile population and household growth expand the tenant base, aiding lease-up and retention
- Diverse nearby HQ employers underpin workforce housing demand within practical commutes
- Risks: thinner in-neighborhood amenities and typical 1970s CapEx needs require active management