| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3121 Airport Hwy, Toledo, OH, 43609, US |
| Region / Metro | Toledo |
| Year of Construction | 1978 |
| Units | 100 |
| Transaction Date | 2025-08-04 |
| Transaction Price | $3,811,400 |
| Buyer | BYRNEPORT 2023 LLC |
| Seller | BYRNEPORT OWNER LLC |
3121 Airport Hwy Toledo Multifamily Investment
Neighborhood occupancy is above the metro median and renter concentration is high, according to WDSuite’s CRE market data, supporting demand durability for stabilized operations. These metrics reflect neighborhood conditions rather than property-level performance.
Situated in an Inner Suburb of Toledo, the property benefits from neighborhood occupancy that ranks above the metro median among 244 neighborhoods, indicating comparatively steady leasing conditions. A very high share of renter-occupied housing units in the neighborhood points to a large tenant base, which can help sustain leasing velocity and renewal depth.
The local amenity mix is thin across groceries, parks, and daily services, though restaurant density is relatively stronger versus many U.S. neighborhoods. Investors should underwrite resident convenience accordingly and evaluate the role of on-site amenities in offsetting limited neighborhood services.
Neighborhood home values are low in the regional context, which can create some competition from ownership options; however, prevailing rents trend on the more accessible side, supporting occupancy and lease retention. Based on WDSuite’s multifamily property research, this combination typically supports stable renter demand while requiring disciplined pricing and renewal management.
The average neighborhood construction year skews older than the subject’s 1978 vintage, suggesting the asset may compete well versus aging local stock if common areas and systems are kept current. Investors should still plan for ongoing capital needs typical of late-1970s buildings to maintain positioning and reduce maintenance risk.
Within a 3-mile radius, recent trends show population modestly lower but household counts edging higher, with forecasts calling for additional household growth and smaller average household sizes. This points to a gradually expanding renter pool and supports occupancy stability over the medium term, assuming competitive unit finishes and management.
Safety outcomes trend mixed relative to the metro and nation. The neighborhood’s current crime standing is below the metro median among 244 Toledo neighborhoods and sits around the middle nationally, indicating investors should underwrite prudent security practices.
Encouragingly, WDSuite’s CRE data indicates year-over-year declines in both violent and property offense rates, with improvements that place the neighborhood among stronger improvers metro-wide. While the area still trails safer national peers today, the direction of change is favorable and worth monitoring as part of ongoing risk assessment.
Nearby corporate employers provide a diversified employment base that supports renter demand and commute convenience, including Owens Corning, Dana, Dana Holding, and Owens-Illinois.
- Owens Corning — building materials (4.5 miles) — HQ
- Dana — auto components (5.6 miles)
- Dana Holding — auto components (5.6 miles) — HQ
- Owens-Illinois — glass & packaging (6.9 miles) — HQ
This 100-unit, 1978-vintage community sits in a renter-heavy Toledo neighborhood where occupancy trends are above the metro median, supporting leasing stability. Low neighborhood home values and accessible rents suggest durable rental reliance, though they also call for careful pricing strategy to manage potential competition from entry-level ownership.
According to CRE market data from WDSuite, the broader 3-mile area shows household growth and a shift toward smaller household sizes, which generally expands the renter pool and supports retention. Given the 1978 vintage, investors should budget for ongoing capital projects and targeted value-add to maintain competitive positioning against older local stock.
- Above-metro neighborhood occupancy supports stable leasing and renewal depth
- High neighborhood renter concentration indicates a deep tenant base
- 3-mile household growth and smaller household sizes point to renter pool expansion
- 1978 vintage offers value-add and systems modernization opportunities
- Risks: thinner local amenities and below-average safety vs. national peers warrant prudent underwriting