| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Fair |
| Demographics | 60th | Good |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2954 W Central Ave, Toledo, OH, 43606, US |
| Region / Metro | Toledo |
| Year of Construction | 1976 |
| Units | 96 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2954 W Central Ave, Toledo Multifamily Investment
Neighborhood fundamentals point to steady renter demand and occupancy near the metro median, according to WDSuite’s CRE market data. This Inner Suburb location supports everyday convenience, while neighborhood statistics reflect conditions for the area rather than the property itself.
The property sits in an Inner Suburb pocket of Toledo rated A and ranked 37 out of 244 neighborhoods—competitive within the metro and effectively in the top quartile locally. Area positioning supports day-to-day convenience for residents and broadens the potential tenant base for a 96-unit asset.
Amenity access is a relative strength: neighborhood measures show high densities of restaurants and grocery stores compared with most Toledo neighborhoods, while pharmacies are also readily accessible. Park access and formal childcare options are limited in the immediate neighborhood, which may require targeted marketing toward renters who prioritize retail, dining, and commute convenience over green space or on-block childcare.
Schools average about 3.0 out of 5 (31 of 244 in the metro), which is competitive among Toledo neighborhoods and generally around the national midpoint. Neighborhood occupancy is around the low 90s with modest softening over five years; for investors, this suggests stable leasing with a need for active renewal and pricing management. Renter-occupied housing accounts for a majority share in the neighborhood (54.7% renter concentration), indicating a deeper tenant pool and support for multifamily demand.
Within a 3-mile radius, demographics point to a slight population dip in recent history but projections show population growth and a meaningful increase in households alongside smaller average household sizes. This combination typically expands the renter pool and can support occupancy stability. Median contract rents in the 3-mile area have risen over the past five years, and neighborhood rent-to-income ratios near 0.18 indicate manageable affordability—favorable for retention and sustained collections. Median home values in the neighborhood are comparatively low for the region, which can introduce some competition from ownership; however, the location and convenience profile can support lease retention for renters prioritizing flexibility.
Built in 1976, the asset is newer than the neighborhood’s average construction year (1954). That vintage can offer relative competitiveness versus older stock, while still leaving room for targeted system upgrades and common-area refreshes to enhance positioning.
Safety indicators are mixed. The neighborhood’s crime rank is toward the higher side within the metro (180 of 244), and national comparisons place the area below the median for safety. However, recent year-over-year data shows materially lower estimated violent and property offense rates, indicating an improving trend that investors can track over subsequent periods.
In practical terms, this means underwriting should reflect conservative assumptions on security and operating protocols today, while acknowledging the recent downward trajectory in reported offense rates. Positioning that emphasizes onsite management presence and amenity value can help support leasing and retention.
The area benefits from access to established corporate employers that anchor regional jobs and support renter demand through commute convenience. Notable nearby employers include Owens Corning, Dana Holding Corporation/Dana, and Owens-Illinois.
- Dana Holding Corporation — auto components (4.5 miles)
- Owens Corning — building materials (4.8 miles) — HQ
- Dana — auto components (8.6 miles)
- Dana Holding — auto components (8.6 miles) — HQ
- Owens-Illinois — glass packaging (10.5 miles) — HQ
2954 W Central Ave offers scale at 96 units with a 1976 vintage that is newer than much of the surrounding housing stock, providing a competitive baseline versus older assets while leaving room for targeted renovations. Neighborhood metrics indicate a renter-leaning area with occupancy around the metro median and amenity strength in dining, groceries, and pharmacies—factors that help support day-to-day livability and leasing velocity.
Within a 3-mile radius, projections show population growth, a notable increase in households, and smaller household sizes over the next five years—trends that typically expand the tenant base and support occupancy stability. At the same time, comparatively low area home values can introduce ownership competition, and safety metrics remain below average despite recent improvement. According to CRE market data from WDSuite, these dynamics point to steady demand with prudent attention to security, targeted CapEx, and disciplined lease management.
- 96-unit scale with 1976 vintage—competitive versus older stock with value-add potential
- Amenity-rich neighborhood (food, grocery, pharmacy) supports leasing and retention
- 3-mile outlook shows population growth and more households, expanding the renter pool
- Manageable rent-to-income dynamics support collections and renewal potential
- Risks: below-average safety today and potential competition from ownership options