| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Fair |
| Demographics | 55th | Good |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3401 W Alexis Rd, Toledo, OH, 43623, US |
| Region / Metro | Toledo |
| Year of Construction | 1976 |
| Units | 62 |
| Transaction Date | 2005-12-30 |
| Transaction Price | $1,650,000 |
| Buyer | WINTERHAVEN PROPERTY INVESTMENTS LLC |
| Seller | OH PROPERTIES LTD |
3401 W Alexis Rd Toledo Multifamily Opportunity
Neighborhood multifamily occupancy is in the mid-90% range — a signal of leasing stability for this submarket, according to WDSuite’s CRE market data. With rents positioned at the more affordable end of the metro, the tenant base skews value-seeking, which can support steady retention when managed proactively.
Located in Toledo’s inner-suburb corridor, the property benefits from neighborhood fundamentals that are competitive among 244 metro neighborhoods, with occupancy levels indicating resilient renter demand at the neighborhood scale. Construction in the immediate area skews mid-1970s; this asset’s 1976 vintage is slightly older than the neighborhood average (1975), suggesting investors should plan for targeted capital improvements and potential value-add upgrades to remain competitive against refreshed comparables.
Daily-life amenities trend mixed: parks and pharmacies score in the higher national percentiles, and restaurant density performs well relative to peers, while grocery and café density is thin. Average school ratings are below national medians; for workforce-oriented assets, this often shifts the renter profile toward price-sensitive households and singles rather than school-driven movers. These dynamics typically favor consistent occupancy but require disciplined leasing and renewal management.
Tenure patterns indicate a renter-occupied share around one-quarter of housing units locally, pointing to a primarily owner-occupied area with a moderate but durable renter pool. For multifamily operators, this can translate to stable demand from residents prioritizing value and convenience, with less direct competition from large clusters of rental product in the immediate blocks.
Within a 3-mile radius, recent population change is modestly negative, but incomes have trended upward and household sizes are edging smaller. Projections indicate a largely stable population with smaller households over the next few years, which can expand the number of households and support a broader tenant base even without strong population growth. Lower home values by national comparison imply that ownership is relatively accessible; this can temper rent growth outperformance but also reinforces the role of well-managed apartments as more accessible monthly-cost options, sustaining leasing velocity and retention when pricing remains aligned with value.
Safety indicators for the neighborhood are mixed relative to metro and national benchmarks. The area ranks below the metro median among 244 Toledo neighborhoods, and national percentiles place violent and property crime metrics below the U.S. average. However, year-over-year trends show improvement, with both violent and property offense rates declining, which investors often interpret as a constructive directional signal. As always, underwriting should reflect submarket-level patterns rather than block-by-block assumptions.
The employment base nearby is anchored by manufacturing and building-materials corporates, supporting predictable commute patterns and a steady pool of workforce renters. The list below focuses on major employers within practical commuting distance that underpin leasing and retention.
- Dana Holding Corporation — auto parts (4.7 miles)
- Owens Corning — building materials (7.0 miles) — HQ
- Dana — auto parts (11.1 miles)
- Dana Holding — auto parts (11.1 miles) — HQ
- Owens-Illinois — glass packaging (13.3 miles) — HQ
This 62-unit, 1976-vintage asset sits in an inner-suburban neighborhood with occupancy that is competitive among Toledo peers, supporting expectations for steady leasing. The vintage suggests room for targeted renovations and systems updates, creating potential to enhance rent positioning against older, unrenovated stock while maintaining an appealing value proposition. According to CRE market data from WDSuite, local rents sit on the more affordable end of the spectrum and rent-to-income levels indicate manageable affordability pressure — typically positive for retention, though it can moderate near-term pricing power.
Within a 3-mile radius, population is broadly stable with smaller household sizes projected, which can expand the renter pool even without outsized population growth. Amenity access is mixed but practical (strong parks/pharmacy access, solid restaurant density), and proximity to anchor employers supports consistent tenant demand. Lower ownership costs by national comparison can create some competition from entry-level homebuying, so asset strategy should emphasize value, maintenance quality, and convenience to sustain occupancy and renewal rates.
- Competitive neighborhood occupancy supports stable leasing and cash flow potential.
- 1976 vintage offers value-add potential via targeted renovations and system upgrades.
- Affordable rent positioning and manageable rent-to-income levels favor retention.
- Employer proximity underpins a steady workforce renter base.
- Risks: below-median safety metrics, lower school ratings, and competition from accessible ownership may temper rent growth.