| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 29th | Poor |
| Amenities | 19th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4943 Angola Rd, Toledo, OH, 43615, US |
| Region / Metro | Toledo |
| Year of Construction | 2006 |
| Units | 74 |
| Transaction Date | 2024-10-30 |
| Transaction Price | $3,000,000 |
| Buyer | WATERFORD SENIOR APARTMENTS LLC |
| Seller | TOLEDO ELDERLY II LP |
4943 Angola Rd Toledo Multifamily Investment Outlook
Built in 2006 with 74 units, the asset sits in a renter-heavy neighborhood where occupancy is reported at the neighborhood level and trends above national medians, according to WDSuite s CRE market data. Positioning leans toward durable workforce demand with scope to compete against older local stock.
This Inner Suburb location skews renter-oriented, with a high share of renter-occupied housing units at the neighborhood level that supports a deeper tenant base and day-to-day leasing velocity. Neighborhood occupancy trends are above national medians, which can help underpin income stability through cycles, based on CRE market data from WDSuite.
Vintage matters: the surrounding area s average construction year is 1979, while this property was built in 2006. The newer vintage provides relative competitiveness versus older stock and may limit near-term capital exposure to core systems; however, selective modernization can still be prudent for repositioning and retention.
Livability signals are mixed. Grocery access is comparatively solid for the area (above the national median), and restaurants track around national norms. Parks, cafes, childcare, and pharmacies are thinner locally, which suggests residents may rely on nearby corridors for some services. Average school ratings in the immediate neighborhood are limited in the dataset; investors should underwrite based on catchment-specific checks rather than assuming performance.
Within a 3-mile radius, demographics indicate mild population growth over the past five years with a modest increase in households, and projections suggest further growth in both households and incomes by 2028. This points to renter pool expansion and supports occupancy stability, particularly for well-managed, competitively priced units. Ownership costs in the neighborhood are relatively accessible versus many U.S. markets; while that can introduce some competition from entry-level ownership, the elevated neighborhood renter concentration provides a counterbalance for multifamily demand.
Safety indicators for the neighborhood are weaker than national norms and trend below many Toledo metro neighborhoods. Recent data, however, shows year-over-year declines in violent and property offenses at the neighborhood level, indicating some improvement momentum. Investors should account for additional security, lighting, and resident-engagement measures in underwriting and operations.
Nearby corporate anchors provide a diversified employment base that supports workforce housing demand and commute convenience, including Dana, Dana Holding, Owens-Illinois, Owens Corning, and Marathon Petroleum.
- Dana corporate offices (4.1 miles)
- Dana Holding corporate offices (4.2 miles) HQ
- Owens-Illinois corporate offices (6.5 miles) HQ
- Owens Corning corporate offices (6.6 miles) HQ
- Marathon Petroleum corporate offices (40.4 miles) HQ
At 4943 Angola Rd, the 2006 vintage and 74-unit scale position the asset competitively against an older neighborhood peer set while tapping a renter-centric area where neighborhood occupancy trends sit above national medians, according to commercial real estate analysis from WDSuite. The combination of workforce-oriented pricing, proximity to established employers, and a growing 3-mile household base supports steady leasing and retention potential.
Forward indicators are constructive but call for disciplined execution. Neighborhood-level NOI per unit typically trails national averages, so outcomes should be driven by cost basis, operating efficiency, and targeted upgrades rather than outsized rent growth assumptions. Safety metrics run below national norms; thoughtful property management, resident services, and capital planning can mitigate risk and protect cash flow durability.
- Newer 2006 construction versus older local stock supports competitive positioning and selective value-add
- High neighborhood renter concentration and occupancy above national medians reinforce demand depth
- Employer proximity (Dana, Owens-Illinois, Owens Corning) underpins workforce housing demand and retention
- 3-mile projections point to household and income growth, supporting renter pool expansion
- Risks: below-average neighborhood safety and thinner amenities in select categories; plan for security and targeted capex