| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 29th | Poor |
| Amenities | 19th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4855 Angola Rd, Toledo, OH, 43615, US |
| Region / Metro | Toledo |
| Year of Construction | 2001 |
| Units | 80 |
| Transaction Date | 2024-10-30 |
| Transaction Price | $3,200,000 |
| Buyer | WATERFORD SENIOR APARTMENTS LLC |
| Seller | TOLEDO ELDERLY LIMITED PARTNERSHIP |
4855 Angola Rd, Toledo OH — 2001 Multifamily with Stable Renter Base
Neighborhood occupancy is holding in the low-90s with a high renter-occupied share, suggesting steady leasing conditions, according to WDSuite’s CRE market data. The property’s 2001 vintage positions it competitively versus older nearby stock while allowing for targeted upgrades over time.
The property sits in an inner-suburb pocket of Toledo where neighborhood occupancy is 93.2% (above the national median), and renter-occupied housing is elevated relative to most areas, indicating a deeper tenant pool for multifamily. These metrics reflect the neighborhood, not the asset, and point to demand that can support leasing stability and renewal rates, based on CRE market data from WDSuite.
Construction in the surrounding neighborhood skews older (average 1979), while this asset was built in 2001. The newer vintage can support competitive positioning against legacy properties and may limit near-term capital needs compared with older stock, while still leaving room for selective modernization to lift rents or reduce downtime.
Within a 3-mile radius, the population has inched up and households have grown, with forecasts indicating further expansion and income gains by 2028. This points to a gradually enlarging renter base that can support occupancy and absorption, though lease management should account for affordability sensitivity given local income levels and a median rent environment that remains accessible to a broad set of renters.
Local amenities are mixed: grocery access tracks slightly above national norms, but cafes, childcare, and parks score low, which may temper lifestyle appeal. School ratings in the area test below metro and national averages; investors should weigh this against workforce-oriented demand drivers and proximity to major employers when underwriting.
Relative to the Toledo metro, the neighborhood’s crime rank (218 out of 244 neighborhoods) indicates below-average safety performance. Nationally, it sits below the median for safety; however, year-over-year trends show meaningful improvement, with violent offense rates declining at a pace that places the area in the top quartile for improvement nationwide. These are neighborhood-level indicators intended to frame context rather than predict property-specific outcomes.
For underwriting, this mix suggests balancing conservative assumptions on security and retention with the recognition that recent trendlines have improved. Monitoring continued movement in neighborhood statistics can help calibrate operating strategies over the hold period.
Nearby corporate offices and headquarters provide a steady employment base that supports renter demand and retention, particularly for workforce housing. Key employers within commuting distance include Dana, Dana Holding, Owens Corning, Owens-Illinois, and Dana Holding Corporation.
- Dana — corporate offices (4.24 miles)
- Dana Holding — corporate offices (4.25 miles) — HQ
- Owens Corning — corporate offices (6.56 miles) — HQ
- Owens-Illinois — corporate offices (6.58 miles) — HQ
- Dana Holding Corporation — corporate offices (8.44 miles)
This 80-unit, 2001-vintage asset benefits from a high-renter neighborhood profile and occupancy that is above national medians, supporting day-one leasing stability. Relative to the area’s older housing stock, the property’s vintage offers competitive positioning with potential to capture incremental rent through targeted updates rather than heavy capex, according to CRE market data from WDSuite.
Within a 3-mile radius, modest recent population growth and a rise in households—alongside forecasts for continued expansion—point to a larger tenant base over the medium term. Amenity depth is mixed and neighborhood safety metrics trail metro leaders, so prudent underwriting should reflect slightly higher operating oversight and resident retention strategies while still recognizing durable workforce demand and proximity to major employers.
- High renter concentration and above-median neighborhood occupancy support stable leasing
- 2001 vintage outcompetes older local stock with selective value-add potential
- Expanding 3-mile household base indicates a growing tenant pool over the hold
- Proximity to major employers underpins demand for workforce-oriented units
- Risks: below-median neighborhood safety and thinner amenity mix warrant conservative ops