| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 24th | Poor |
| Demographics | 23rd | Poor |
| Amenities | 41st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 502 N 12th St, Toledo, OH, 43620, US |
| Region / Metro | Toledo |
| Year of Construction | 1988 |
| Units | 22 |
| Transaction Date | 2016-04-01 |
| Transaction Price | $3,162,500 |
| Buyer | BEACON PLACE USA LLC |
| Seller | VANCLEEF GARY |
502 N 12th St Toledo Multifamily Investment
According to WDSuite’s CRE market data, the neighborhood shows a high renter-occupied share that supports tenant demand, while overall occupancy trends indicate the need for active leasing and retention strategies.
The property’s 1988 vintage is newer than the neighborhood’s predominantly early-20th-century housing stock, which can offer a competitive edge in unit quality and building systems; investors should still underwrite routine modernization as needed. Nearby daily-needs access is a relative strength: grocery and pharmacy density ranks competitive among Toledo’s 244 neighborhoods and tracks in the top quartile nationally, according to WDSuite’s commercial real estate analysis.
Dining, cafes, and park space are limited within the neighborhood, which may reduce some lifestyle appeal; investors may wish to focus on functional amenities and value-forward positioning rather than lifestyle-driven premiums. Average school ratings in the immediate area are weak; positioning toward workforce renters may align better with local demand.
Neighborhood occupancy is below the metro median, but renter concentration is high (renter-occupied housing share ranks near the top among 244 Toledo neighborhoods). That mix suggests a deep tenant base with leasing potential, but underscores the importance of hands-on management to support occupancy stability and renewals.
Within a 3-mile radius, historical trends show modest population slippage and stable household counts, with forecasts pointing to population and household growth through 2028. This outlook, paired with rising median incomes and rent levels in WDSuite’s CRE market data, indicates a gradually expanding renter pool that can support multifamily absorption. Low home values in the neighborhood context may create some competition from ownership, so pricing and retention should emphasize value, convenience to employers, and reliable operations.
Safety indicators in the surrounding neighborhood track below metro and national norms. Based on WDSuite’s data, the area ranks in the lower tier among 244 Toledo neighborhoods, placing it below the metro median for safety and well outside the top quartile nationally.
Recent momentum is more encouraging: estimated violent offense rates declined year over year and are competitive on improvement versus many neighborhoods nationwide, and property offenses also trended down. Investors should budget for standard security measures, lighting, and tenant engagement to support retention while monitoring whether the downward trend persists.
Proximity to established employers anchors workforce demand and supports leasing, with nearby roles spanning building materials, auto parts, and glass packaging. The following employers reflect the commutable base most relevant to this neighborhood.
- Owens Corning — building materials (1.2 miles) — HQ
- Dana Holding Corporation — auto parts (3.0 miles)
- Dana — auto parts (10.4 miles)
- Dana Holding — auto parts (10.4 miles) — HQ
- Owens-Illinois — glass packaging (10.9 miles) — HQ
This 22-unit asset offers scale for professional management and a relative quality advantage versus older neighborhood stock given its 1988 construction year. High renter concentration in the neighborhood and proximity to major employers support a durable tenant base, while below-metro occupancy levels highlight the need for focused leasing and renewal strategies. According to CRE market data from WDSuite, daily-needs access (groceries, pharmacies) is a local strength, and forward-looking demographics within 3 miles point to population and household growth that can aid demand.
Operationally, investors should underwrite value-add through targeted interior updates, curb appeal, and security enhancements to improve leasing velocity and retention. The ownership landscape is relatively low-cost locally, so competitive pricing and consistent service are important to maintain occupancy and reduce turnover.
- 1988 vintage offers competitive positioning versus older neighborhood stock with targeted modernization upside
- High renter-occupied share indicates depth of tenant demand and supports leasing
- Daily-needs access (groceries, pharmacies) is strong for resident convenience and retention
- Forecast population and household growth within 3 miles supports a larger renter pool
- Risk: Neighborhood safety and below-metro occupancy require proactive management, security, and competitive pricing