| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 47th | Fair |
| Amenities | 24th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2641 Eastgate Rd, Toledo, OH, 43614, US |
| Region / Metro | Toledo |
| Year of Construction | 1973 |
| Units | 61 |
| Transaction Date | 2013-05-24 |
| Transaction Price | $3,500,000 |
| Buyer | ANDOVER TOLEDO LLC |
| Seller | LB-RPR I ASSET HOLDINGS LLC |
2641 Eastgate Rd Toledo Multifamily Investment
Neighborhood fundamentals point to steady renter demand with occupancy in the low 90s, according to WDSuite’s CRE market data. Positioning a 1973, mid-size asset here favors pragmatic value-add with attention to operations and capital planning.
Situated in Toledo’s inner suburb fabric, the property benefits from neighborhood occupancy near the mid-90% range and a renter-occupied share around the mid-40s. That renter concentration (share of housing units that are renter-occupied) supports a deeper tenant base and helps stabilize leasing for multifamily assets.
Everyday needs are serviceable: restaurant density is competitive among Toledo neighborhoods, and grocery access is solid for the metro. Cafes, parks, and pharmacies are thinner immediately nearby, which may modestly affect walk-to amenity appeal but is typical for inner-suburban pockets.
Within a 3-mile radius, households have inched higher even as population has been relatively flat in recent years, pointing to smaller household sizes and a steady flow of renters. Forecasts indicate growth in both households and incomes through the mid-term, which generally expands the renter pool and supports occupancy stability. Median contract rents sit at accessible levels for the region, and rent-to-income ratios around the mid-teens suggest manageable affordability pressure that can aid retention and lease management.
The asset’s 1973 vintage is older than the neighborhood’s average construction year, creating a classic value-add profile: targeted unit renovations and system upgrades can improve competitive positioning versus newer stock while planning for ongoing capex. Home values in the area are lower relative to national levels, which can introduce some competition from ownership, but also helps maintain demand for more accessible multifamily options, supporting steady leasing.
Safety patterns here are mixed relative to the metro and nation. The neighborhood sits below the national median on safety, and crime levels are higher than in many Toledo neighborhoods. However, recent year-over-year trends show meaningful declines in both property and violent offenses, indicating directionally improving conditions. Investors typically underwrite with conservative assumptions while recognizing that continued improvement can support tenant retention and operations.
- Dana — automotive components (3.15 miles)
- Dana Holding — automotive components (3.17 miles) — HQ
- Owens-Illinois — glass packaging (4.45 miles) — HQ
- Owens Corning — building materials (6.71 miles) — HQ
- Dana Holding Corporation — automotive components (9.54 miles)
Nearby corporate anchors provide a diversified employment base that supports workforce renter demand and commute convenience, including automotive, packaging, and building materials employers listed below.
This 61-unit, 1973 property aligns with a pragmatic value-add thesis: neighborhood occupancy trends are healthy and renter concentration is supportive of demand depth, while accessible rent levels and a moderate rent-to-income profile back lease retention. Based on commercial real estate analysis from WDSuite, the area’s amenity mix favors daily needs over lifestyle, and recent crime trends are improving even if safety still trails stronger Toledo submarkets.
Within a 3-mile radius, households are projected to grow alongside rising incomes, expanding the tenant base and supporting sustained occupancy. The older vintage suggests planning for systems, common area, and interior updates to enhance competitiveness versus newer stock, with underwritten reserves sized for ongoing capex.
- Healthy neighborhood occupancy and renter-occupied share support stable leasing
- Value-add upside from 1973 vintage via targeted renovations and system upgrades
- Household and income growth within 3 miles bolster the tenant pipeline
- Accessible rent levels aid retention and operational flexibility
- Risk: safety metrics remain weaker than metro leaders; underwrite with conservative assumptions