| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Best |
| Demographics | 62nd | Good |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4863 Heatherdowns Blvd, Toledo, OH, 43614, US |
| Region / Metro | Toledo |
| Year of Construction | 1973 |
| Units | 32 |
| Transaction Date | 2004-07-15 |
| Transaction Price | $2,485,000 |
| Buyer | CONSOLIDATED HEATHER LLC |
| Seller | COLUMBIA HEATHER LTD |
4863 Heatherdowns Blvd Toledo Multifamily Value-Add
Stabilized renter demand in the surrounding neighborhood and a 1973 vintage point to a straightforward value-add and capital planning play, according to WDSuite’s CRE market data. The submarket’s steady occupancy backdrop supports consistent collections while renovations can target rent and retention uplift.
Located in Toledo’s Inner Suburb fabric, the property sits in a B+ rated neighborhood that is competitive among 244 Toledo neighborhoods (ranked 81st), suggesting solid livability without core pricing. Neighborhood occupancy measures 96.6% and sits in the top quartile nationally (81st percentile), reinforcing a stable leasing environment for multifamily assets.
Renter-occupied housing accounts for a high share of neighborhood units (69.1% renter concentration, among the highest in the metro), indicating a deep tenant base that can support sustained leasing velocity. Median contract rents benchmark near the middle of national peers, helping balance revenue growth with retention management.
Within a 3-mile radius, recent population and household counts have inched higher, and forecasts point to meaningful expansion over the next five years, implying a larger tenant base and potential support for occupancy stability. The local adult educational attainment sits above national norms (69th percentile for bachelor’s share), which can underpin steady household incomes and renter demand.
Amenities trend mixed: dining access is comparatively strong (restaurants density in the mid-80s national percentile), while neighborhood counts for cafes, groceries, parks, and pharmacies are limited, signaling a more car-oriented setting. Median home values are lower than many national markets, which can introduce some competition from ownership; however, rent-to-income metrics around 0.26 indicate manageable affordability pressure and generally support lease retention.
The asset’s 1973 construction predates the neighborhood’s average vintage (1985). Investors should plan for ongoing systems upgrades and targeted interior improvements, which can position the property competitively against newer stock while capturing value-add upside.
Safety trends are steady to improving on a comparative basis. The neighborhood’s overall crime profile tracks around the metro midpoint (120th of 244), while its national positioning is slightly better than the median (52nd percentile).
Year over year, both property and violent offense estimates show notable declines, with the pace of improvement outpacing many neighborhoods nationwide (violent offense reduction in the 82nd national percentile; property offense reduction in the 71st). These trends suggest gradual risk moderation rather than a categorical shift and should be framed in underwriting as directionally positive but still requiring standard operational controls.
Nearby corporate offices anchor an employment base tied to auto parts, glass packaging, and building materials—supporting commuter convenience and renter retention at workforce price points.
- Dana — auto parts manufacturing offices (2.6 miles)
- Dana Holding — auto parts manufacturing offices (2.6 miles) — HQ
- Owens-Illinois — glass packaging corporate offices (4.6 miles) — HQ
- Owens Corning — building materials corporate offices (7.3 miles) — HQ
- Dana Holding Corporation — auto parts manufacturing offices (9.9 miles)
This 32-unit, 1973 vintage asset offers a clear value-add path in an Inner Suburb neighborhood with resilient renter demand. Neighborhood occupancy is strong and in the top quartile nationally, supporting collections and reducing downtime risk, while a high renter concentration signals depth in the tenant pool. According to CRE market data from WDSuite, the area’s rent levels are mid-pack nationally, suggesting room to trade renovations for measurable retention and pricing gains without relying on outsized rent jumps.
Demographic data aggregated within a 3-mile radius shows recent stability and a forecasted expansion in population and households over the next five years, indicating a larger renter pool that can reinforce occupancy stability. The older vintage versus neighborhood average implies continued capital planning—targeted system upgrades and interior refreshes—to sharpen competitive positioning against newer stock.
- Occupancy in the top quartile nationally supports steady leasing and collections
- High renter concentration indicates a deep tenant base for multifamily units
- 1973 vintage enables a targeted value-add program to drive NOI
- 3-mile demographics point to a growing renter pool supporting occupancy stability
- Risks: amenity-light setting and accessible ownership options may temper pricing power