| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Fair |
| Demographics | 46th | Fair |
| Amenities | 48th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 333 Mel Simon Dr, Toledo, OH, 43612, US |
| Region / Metro | Toledo |
| Year of Construction | 1989 |
| Units | 97 |
| Transaction Date | --- |
| Transaction Price | $10,000,000 |
| Buyer | NORTH TOWNE TOLEDO LLC |
| Seller | NORTHTOWNE VILLAS LLC |
333 Mel Simon Dr Toledo 97-Unit Multifamily Investment
Neighborhood occupancy sits near the metro middle with steady renter demand and improving safety trends, according to WDSuite’s CRE market data.
Rated B+ within the Toledo metro (ranked 80 out of 244 neighborhoods), the area around 333 Mel Simon Dr offers balanced fundamentals for workforce housing. Grocery access is a relative strength — neighborhood grocery density performs in the top quartile nationally — and restaurants track above national averages, while parks and cafes are limited. These dynamics support daily convenience for residents, though outdoor and third-space options are thinner than in amenity-rich urban cores.
The property’s 1989 vintage is newer than the neighborhood’s average construction year of 1973. That positioning can enhance competitiveness versus older stock; investors should still plan for modernization of building systems and potential common-area updates typical of late-1980s assets.
Renter-occupied housing accounts for roughly a quarter of neighborhood units, indicating a more ownership-leaning area. For multifamily investors, that points to a moderate but durable tenant base rather than a concentrated renter cluster, with leasing supported by nearby services and commute access within the metro.
Within a 3-mile radius, recent years show a slight population contraction alongside essentially flat household counts, suggesting smaller household sizes and stable unit demand. Looking forward, forecasts indicate an increase in households and a smaller average household size, which would expand the tenant base and support occupancy stability. Neighborhood rents start from a relatively low base and are projected to grow, reinforcing revenue potential if paired with prudent lease management.
Home values here are lower than many U.S. neighborhoods, which can create some competition from ownership alternatives. For multifamily, this typically requires a focus on value, convenience, and quality to sustain pricing power and retention, particularly as rent-to-income levels suggest some affordability pressure to monitor.
Safety indicators are below national averages at present, and the neighborhood ranks in the lower quartile among 244 Toledo metro neighborhoods for crime. Even so, year-over-year trends show improvement, with both violent and property offense rates moving downward. Investors should frame underwriting with conservative assumptions on security and operating practices while recognizing the recent directional gains.
The employment base features nearby manufacturing and building materials corporations that support steady renter demand through diverse blue- and white-collar roles, including Dana, Owens Corning, and Owens-Illinois.
- Dana Holding Corporation — corporate offices (1.6 miles)
- Owens Corning — building materials HQ & corporate (5.7 miles) — HQ
- Dana — corporate offices (13.6 miles)
- Dana Holding — corporate offices (13.6 miles) — HQ
- Owens-Illinois — glass packaging (14.9 miles) — HQ
This 97-unit, 1989-built asset offers a practical entry point into Toledo’s workforce housing segment. The location’s strengths are everyday convenience — notably strong grocery access and above-average restaurant density — and a tenant base supported by nearby corporate employers. According to CRE market data from WDSuite, the surrounding neighborhood’s occupancy trends sit near the metro median, suggesting stable operations with room to drive performance through targeted upgrades and focused leasing.
The vintage provides a relative edge versus older local stock while still allowing for value-add through system modernization and unit/interior refreshes. Within a 3-mile radius, forecasts point to household growth and smaller household sizes, expanding the renter pool and supporting absorption. Ownership is comparatively accessible in this submarket, so positioning on quality, convenience, and professional management will be important for retention and pricing discipline as rents rise from a low base.
- 1989 vintage competitive versus older area stock, with modernization upside
- Stable neighborhood occupancy near metro median supports consistent cash flow potential
- Strong grocery and solid dining access enhance daily livability for tenants
- Nearby corporate employers underpin demand across blue- and white-collar roles
- Risks: below-average safety metrics, moderate renter concentration, and ownership competition require prudent underwriting and tenant retention focus