| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Poor |
| Demographics | 6th | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2929 N Summit St, Toledo, OH, 43611, US |
| Region / Metro | Toledo |
| Year of Construction | 1973 |
| Units | 36 |
| Transaction Date | 2014-12-22 |
| Transaction Price | $165,000 |
| Buyer | JYA INVESTMENTS LLC |
| Seller | JA2 INVESTMENT LLC |
2929 N Summit St Toledo Multifamily Investment
Neighborhood metrics point to a deep renter base and accessible rents supporting lease retention, according to WDSuite s CRE market data. With renter-occupied housing comprising the majority of nearby units, investors can underwrite steady demand while monitoring occupancy normalization at the neighborhood level.
Situated in Toledo s Inner Suburb fabric, the neighborhood skews heavily renter-occupied (share of housing units), indicating a broad tenant pool for multifamily assets. Neighborhood occupancy trends trail the metro median, so operators should emphasize leasing efficiency and renewal strategies to sustain stability. Grocery access is a relative bright spot, landing in the top quartile nationally, while park access also scores competitively versus U.S. neighborhoods. By contrast, few cafes, restaurants, and pharmacies nearby point to limited discretionary amenity density.
The average construction year in the neighborhood is older housing stock, while the property s 1973 vintage is newer than the local norm. That positioning can be advantageous versus pre-war inventory, though investors should plan for system upgrades and targeted renovations to sharpen competitiveness against newer product elsewhere in the metro.
Within a 3-mile radius, demographics show a modest population dip in recent years but an outlook for household growth and smaller household sizes through 2028, which can expand the renter pool and support occupancy over time. Median contract rents in this 3-mile area remain accessible relative to incomes, anchoring demand and aiding renewal probability rather than pushing immediate pricing risk.
Home values in the immediate neighborhood are comparatively low for the metro, which can introduce some competition from ownership alternatives; however, the renter concentration and accessible rent-to-income dynamics suggest durable depth for workforce-oriented units. Operators can lean on value, maintenance responsiveness, and unit upgrades to drive retention and reduce turnover.
Safety conditions compare unfavorably to many Toledo neighborhoods, with the area ranking near the lower end among 244 metro neighborhoods. Relative to national patterns, indicators align below the national median; however, recent data shows a notable year-over-year decline in violent offenses, signaling improvement that investors should monitor over subsequent periods.
Prudent asset management including lighting, access control, and resident engagement can support on-site conditions, while tracking neighborhood-level trend lines against broader metro and national benchmarks provides context without over-weighting short-term fluctuations.
Proximity to established corporate offices supports workforce housing demand and commute convenience for renters, with nearby employment anchored by Dana and Owens Corning as well as additional corporate nodes farther south.
- Dana Holding Corporation — corporate offices (2.8 miles)
- Owens Corning — corporate offices (3.0 miles) — HQ
- Dana — corporate offices (12.8 miles)
- Dana Holding — corporate offices (12.8 miles) — HQ
- Owens-Illinois — corporate offices (13.1 miles) — HQ
This 36-unit, 1973-vintage asset offers a practical value-add profile in a renter-heavy neighborhood where accessible rents underpin a broad tenant base. While neighborhood occupancy runs below the metro median, renewal-focused operations and targeted upgrades can enhance leasing durability. Grocery and park access compare favorably at the national level, which helps day-to-day livability and supports retention. Based on commercial real estate analysis from WDSuite, local rent levels relative to incomes suggest room for disciplined rent management without overextending affordability.
Forward-looking 3-mile demographics indicate household growth and smaller household sizes through 2028, which can translate to renter pool expansion and incremental occupancy support. Investors should balance these fundamentals with pragmatic risk controls around safety and amenity scarcity, prioritizing curb appeal, maintenance, and resident services to differentiate versus older neighborhood stock.
- Renter-heavy neighborhood supports a deep tenant base and steady leasing velocity
- 1973 vintage allows targeted value-add and system modernization to outperform older local stock
- Accessible rents relative to incomes aid renewal probability and pricing flexibility
- 3-mile outlook shows household growth and smaller household sizes, supporting demand
- Risks: below-metro occupancy, limited discretionary amenities, and safety headwinds require active management