| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 29th | Poor |
| Amenities | 19th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5120 Norwich Rd, Toledo, OH, 43615, US |
| Region / Metro | Toledo |
| Year of Construction | 1977 |
| Units | 77 |
| Transaction Date | 2025-08-04 |
| Transaction Price | $3,280,400 |
| Buyer | NORWICH II 2023 LLC |
| Seller | NORWICH OWNER LLC |
5120 Norwich Rd, Toledo OH Multifamily Value-Add Opportunity
The surrounding neighborhood shows a deep renter base and steady occupancy trends, according to WDSuite’s CRE market data, supporting durable tenant demand for well-managed units. Targeted upgrades can position the asset competitively against older local stock.
This Inner Suburb location draws from a renter-oriented housing mix and commute-friendly access to Toledo job centers. Neighborhood occupancy is solid, while median asking rents sit below many national peers, helping sustain leasing velocity and widening the pool of cost-conscious renters.
Within the Toledo metro, the area’s grocery access is competitive among 244 neighborhoods (ranked 80th), while restaurants are more mixed. Broader amenity density is lighter than in higher-ranking Toledo neighborhoods and below national norms, so on-site features and unit finishes can play an outsized role in retention.
Tenure data points to a high share of renter-occupied housing units in the neighborhood, signaling depth in the tenant base and potential demand stability for multifamily. For investors, this supports consistent absorption and reduces reliance on in-migration to keep units filled.
Demographic statistics aggregated within a 3-mile radius indicate recent population and household growth, with forecasts calling for further increases by 2028. This suggests a larger tenant base over time, which can support occupancy stability and measured rent growth as supply and demand rebalance.
Home values in the neighborhood are relatively low compared with national markets, which can introduce some competition from ownership options. For multifamily owners, this tilts the playbook toward value, service quality, and operations to maintain pricing power and lease retention.
Safety trends should be evaluated carefully. The neighborhood ranks 218 out of 244 Toledo neighborhoods on crime—indicating higher reported crime levels than many areas locally—while national comparisons also point to below-average safety. Recent year-over-year data, however, shows declines in both violent and property offenses, a constructive trend to monitor as part of underwriting and property management planning.
Nearby corporate offices anchor a diverse employment base that supports workforce housing demand and practical commute times. The list below highlights prominent employers within an approximately 9-mile radius that can contribute to tenant stability.
- Dana — corporate offices (4.0 miles)
- Dana Holding — corporate offices (4.0 miles) — HQ
- Owens-Illinois — corporate offices (6.5 miles) — HQ
- Owens Corning — corporate offices (6.9 miles) — HQ
- Dana Holding Corporation — corporate offices (8.7 miles)
Built in 1977, the property is slightly older than the neighborhood average, presenting clear value-add and capital planning angles around interiors, building systems, and common areas. A high neighborhood share of renter-occupied housing units and steady neighborhood occupancy support demand durability, while below-national rent levels can aid lease-up and retention. According to CRE market data from WDSuite, the immediate area offers competitive grocery access but thinner overall amenities, so a strong on-site experience can differentiate the asset.
Demographic statistics aggregated within a 3-mile radius show recent growth in both population and households, with forecasts pointing to additional expansion by 2028—implying a larger tenant base over time. Lower neighborhood home values relative to national markets may create some ownership competition, making operational execution and value positioning key to sustaining pricing and occupancy. Safety ranks below many Toledo neighborhoods, so proactive security and resident engagement are prudent risk mitigants.
- Renter-heavy neighborhood and steady occupancy support demand stability
- 1977 vintage offers value-add levers via renovations and systems upgrades
- Below-national rent levels can aid leasing velocity and retention
- 3-mile radius growth outlook suggests a larger tenant base over time
- Risks: below-average safety and ownership competition require strong operations