| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Best |
| Demographics | 62nd | Good |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2550 Heather Hills Rd, Toledo, OH, 43614, US |
| Region / Metro | Toledo |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2004-07-15 |
| Transaction Price | $2,485,000 |
| Buyer | CONSOLIDATED HEATHER LLC |
| Seller | COLUMBIA HEATHER LTD |
2550 Heather Hills Rd Toledo Multifamily Investment
Neighborhood multifamily occupancy is 96.6%, supporting stable cash flow potential according to WDSuite’s CRE market data. Renter demand is reinforced by a high renter-occupied housing share in the surrounding area.
Located in Toledo’s Inner Suburb with a B+ neighborhood rating, the area presents steady renter appeal driven by high neighborhood occupancy and a sizeable renter-occupied housing base. At 69.1% renter-occupied units, the neighborhood offers depth to the tenant pool, a positive for leasing velocity and retention in multifamily assets.
Relative positioning is solid: the neighborhood’s occupancy rank is 58 out of 244 metro neighborhoods, placing it in the top quartile among Toledo submarkets, and its occupancy sits in the top quartile nationally. Restaurants are comparatively dense (86th percentile nationally), while other day-to-day amenities cluster less densely nearby, suggesting residents may rely on a short drive for groceries, pharmacies, parks, and childcare.
Vintage context matters for this asset: the property was built in 1973, older than the neighborhood’s average construction year (1985). Investors should consider capital planning and potential value-add scope (systems, interiors, common areas) to maintain competitiveness against newer stock while leveraging strong neighborhood occupancy.
Demographics within a 3-mile radius point to a stable-to-expanding renter base: population and households have grown modestly in recent years, with WDSuite data indicating further growth in households through the forecast period. This supports occupancy stability and broad demand for larger floorplans. Median contract rents in the 3-mile area remain accessible relative to incomes, which can aid lease-up and retention, though it may temper near-term pricing power.
Ownership costs in the neighborhood are comparatively accessible versus many national markets (home values sit around the 25th percentile nationally). For investors, this can introduce some competition with entry-level ownership; however, the neighborhood’s high renter concentration and strong occupancy mitigate demand volatility for multifamily.
Safety indicators are mixed but improving. Overall crime sits around the national median (52nd percentile nationwide), while violent and property incident rates trend lower than national medians in recent readings. Notably, both violent and property offenses show meaningful year-over-year declines, placing those improvements in the stronger tiers nationally.
Within the Toledo metro, the neighborhood ranks 120 out of 244 on crime, indicating mid-pack performance among local areas. For underwriting, the recent downward trend in incidents supports prudent but not overly conservative loss assumptions, with standard security and lighting improvements serving as practical mitigations.
The immediate employment base features nearby corporate offices that support steady renter demand and commute convenience for workforce tenants, including Dana, Dana Holding, Owens-Illinois, Owens Corning, and Dana Holding Corporation.
- Dana — corporate offices (2.6 miles)
- Dana Holding — corporate offices (2.6 miles) — HQ
- Owens-Illinois — corporate offices (4.6 miles) — HQ
- Owens Corning — corporate offices (7.3 miles) — HQ
- Dana Holding Corporation — corporate offices (10.0 miles)
This 24-unit property, built in 1973 with larger average floorplans (about 992 sq. ft.), is positioned to benefit from a high renter-occupied housing share and top-quartile neighborhood occupancy. According to commercial real estate analysis from WDSuite, the submarket’s steady renter demand and accessible area rents support leasing stability, while older vintage creates clear value-add pathways to enhance competitiveness versus 1980s-and-newer stock.
Demographics within a 3-mile radius show modest recent growth and a projected increase in households, indicating a larger tenant base over the next few years and support for occupancy stability. Balanced home values imply some competition from ownership, but the neighborhood’s renter concentration and commuting access to multiple corporate offices provide durable multifamily demand drivers. Investors should underwrite with attention to capital planning and operating discipline given lower average NOI per unit across the neighborhood relative to national peers.
- High neighborhood occupancy with strong renter-occupied housing share supports leasing stability
- 1973 vintage offers value-add potential to reposition against newer competitive set
- 3-mile demographics point to household growth, reinforcing depth of the tenant base
- Proximity to multiple corporate offices underpins workforce renter demand
- Risks: lower neighborhood NOI per unit and uneven amenity density may temper near-term pricing power