| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 33rd | Poor |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5523 Lewis Ave, Toledo, OH, 43612, US |
| Region / Metro | Toledo |
| Year of Construction | 1972 |
| Units | 36 |
| Transaction Date | 2009-08-04 |
| Transaction Price | $1,266,667 |
| Buyer | LOUISVILLE TITLE AGENCY FOR NW OHIO |
| Seller | TRIUMPH SAVINGS BANK SSB |
5523 Lewis Ave Toledo Multifamily Value-Add Potential
Steady renter demand at the neighborhood level and comparatively accessible rents support retention, according to WDSuite’s CRE market data, while value-add upgrades can sharpen competitiveness versus older stock nearby.
Situated in Toledo’s Lucas County, the property benefits from everyday conveniences: grocery, parks, and pharmacy access rank competitive among Toledo neighborhoods (42 of 244 for overall amenities) and land in the upper national percentiles for these categories. Restaurant density also trends above national norms, while cafes and childcare options are thinner, suggesting demand is met primarily by larger-format retail and services.
Vintage matters for positioning. Built in 1972 versus a neighborhood average vintage of 1959, the asset is newer than much of the local stock yet still an older property by today’s standards—implying practical value-add and systems modernization planning to maintain leasing appeal and control long-run capital costs.
Neighborhood occupancy is below the metro median (ranked 187 of 244), so investors should underwrite to disciplined leasing and concessions management. Renter concentration at the neighborhood level is moderate (about one-fifth of housing units are renter-occupied), indicating a tenant base that is present but not dominant; this typically favors workforce-oriented product that competes on function and price rather than extensive amenities.
Demographic statistics within a 3-mile radius show a mixed picture: recent population trends are roughly flat with modest contraction, but forecasts point to population growth and a notable increase in households alongside smaller average household sizes. That combination expands the renter pool over time and supports occupancy stability, though investors should monitor whether projected owner-occupied gains temper multifamily absorption. Median home values are low for the region, which can increase competition from ownership; however, rent-to-income ratios remain comparatively manageable, supporting lease retention.
Safety indicators are mixed. The neighborhood’s crime profile sits below the metro average for safety (crime rank 192 of 244) and below the national median (41st percentile nationally). However, recent trends point to improvement, with estimated violent and property offense rates declining year over year based on CRE market data from WDSuite. Investors should reflect this trajectory in risk assessment while maintaining prudent security and operating protocols.
Nearby industrial and materials employers provide a stable employment base that supports workforce housing demand, notably Dana Holding Corporation, Owens Corning, Dana, Dana Holding, and Owens-Illinois. Proximity can aid retention among residents seeking shorter commutes.
- Dana Holding Corporation — auto parts manufacturing offices (1.8 miles)
- Owens Corning — building materials (5.2 miles) — HQ
- Dana — auto parts manufacturing offices (12.1 miles)
- Dana Holding — auto parts manufacturing offices (12.1 miles) — HQ
- Owens-Illinois — glass packaging (13.6 miles) — HQ
The 36-unit, 1972-vintage asset offers pragmatic value-add potential in a submarket with solid daily-life access (groceries, parks, pharmacies) and service-oriented retail. While neighborhood occupancy sits below metro median levels, rent-to-income dynamics are manageable and household formation within a 3-mile radius is projected to expand as average household sizes edge lower—factors that can enlarge the tenant base and support steady leasing.
According to CRE market data from WDSuite, neighborhood amenities compare competitively within the Toledo metro, but the ownership landscape is relatively accessible. That mix suggests a strategy centered on durable operations, targeted renovations, and disciplined pricing can capture demand from renters prioritizing functionality and value, while acknowledging competition from entry-level ownership options and the need for enhanced property management in a lower-occupancy pocket.
- Value-add path: 1972 construction supports targeted interior and systems upgrades to enhance rentability.
- Everyday convenience: strong access to groceries, parks, and pharmacies underpins renter appeal and retention.
- Demand outlook: projected 3-mile household growth and smaller household sizes expand the renter pool over time.
- Operations-focused thesis: moderate rent-to-income supports lease stability with disciplined pricing and concessions.
- Risks: neighborhood occupancy below metro median and accessible ownership alternatives could temper rent growth without upgrades.