| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 29th | Poor |
| Amenities | 19th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3958 Airport Hwy, Toledo, OH, 43615, US |
| Region / Metro | Toledo |
| Year of Construction | 1995 |
| Units | 56 |
| Transaction Date | 2021-10-29 |
| Transaction Price | $1,330,000 |
| Buyer | SCHAICH TERRY L |
| Seller | AIRPORT MANOR LLC |
3958 Airport Hwy Toledo Multifamily Investment
1995 vintage and a renter-heavy neighborhood support durable demand and competitive positioning versus older local stock, according to WDSuite’s CRE market data. Neighborhood occupancy trends in the low 90s point to steady leasing conditions for stabilized operations.
Constructed in 1995, the property is newer than the area’s typical 1970s-era stock, which can enhance leasing competitiveness versus older product while still warranting selective modernization for systems and interiors over the hold period. Average unit sizes near 600 sf align with workforce-oriented demand, supporting efficient layouts and rent positioning.
The surrounding neighborhood’s renter concentration is high (measured as the share of housing units that are renter-occupied), signaling a deep tenant base for multifamily. Neighborhood occupancy is around 93% and sits near the 60th percentile nationally, indicating stability relative to many U.S. neighborhoods based on CRE market data from WDSuite. Rents benchmark on the modest side locally, which helps sustain demand and can support retention; a rent-to-income profile near one-quarter suggests manageable affordability pressure with prudent lease management.
Within a 3-mile radius, household counts have inched higher even as population edged down, pointing to smaller household sizes and a broader pool of renters. Forward-looking estimates indicate growth in households and incomes through 2028, which would expand the tenant base and support occupancy stability and measured rent growth if realized. Median school ratings track on the low end among metro and national norms, which may temper appeal for family renters; positioning to singles and small households can mitigate this.
Amenities are mixed: neighborhood grocery access is competitive among Toledo neighborhoods (ranked better than many peers out of 244), while parks, cafes, childcare, and pharmacies are thin locally, suggesting residents rely on nearby corridors for daily needs. Home values are lower than national norms, which can create some competition from entry-level ownership; however, the area’s high renter concentration indicates sustained reliance on rental housing and supports leasing depth.
Safety conditions trend weaker than many Toledo neighborhoods, with the area ranking 218 out of 244 on crime measures. In national terms, the neighborhood sits below average safety percentiles, so operators should plan for appropriate security, lighting, and resident engagement. Notably, recent data show a meaningful year-over-year decline in estimated violent offense rates, indicating an improving trend even if levels remain elevated compared with national norms.
Proximity to established corporate employers supports a steady renter pipeline and commute convenience, notably in auto parts and advanced materials. The list below highlights nearby anchors that can underpin leasing and retention.
- Dana — auto parts (4.8 miles)
- Dana Holding — auto parts (4.8 miles) — HQ
- Owens Corning — building materials (5.6 miles) — HQ
- Owens-Illinois — glass packaging (6.5 miles) — HQ
- Dana Holding Corporation — auto parts (7.8 miles)
This 56-unit, 1995-built asset offers relative competitiveness versus older neighborhood stock and benefits from a renter-heavy area that supports depth of demand. Neighborhood occupancy trends sit near the national median, and modest rent levels help sustain retention while leaving room for targeted value-add to capture incremental revenue. Within a 3-mile radius, rising household counts and projected income gains suggest a larger tenant base ahead, reinforcing leasing stability if those trends materialize. According to CRE market data from WDSuite, local fundamentals are steady rather than frothy, which suits cash-flow and pragmatic value-add strategies.
Key considerations include limited nearby lifestyle amenities, comparatively weaker safety metrics versus many Toledo neighborhoods, and potential competition from accessible ownership options. These risks can be addressed through focused operations: security and lighting, resident services, and unit upgrades that differentiate the property against older alternatives.
- 1995 vintage provides a competitive edge against older neighborhood inventory with selective modernization upside
- Renter-heavy neighborhood and near-median occupancy support stable leasing and retention
- Within 3 miles, household and income growth projections expand the tenant base and support measured rent growth
- Modest rent levels aid affordability management and reduce turnover risk versus pricier submarkets
- Risks: below-average safety, lean amenity base, and ownership alternatives require operational focus and careful pricing