| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 33rd | Poor |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5535 Lewis Ave, Toledo, OH, 43612, US |
| Region / Metro | Toledo |
| Year of Construction | 1977 |
| Units | 63 |
| Transaction Date | 2009-08-04 |
| Transaction Price | $1,266,667 |
| Buyer | LOUISVILLE TITLE AGENCY FOR NW OHIO |
| Seller | TRIUMPH SAVINGS BANK SSB |
5535 Lewis Ave, Toledo OH Multifamily Investment
Positioned for workforce demand with accessible rents and proximity to daily needs, according to WDSuite’s CRE market data. Neighborhood occupancy figures are measured at the neighborhood level and suggest attention to leasing strategy.
The property’s Toledo suburban setting offers everyday convenience: grocery, restaurant, and pharmacy access rank competitive among 244 Toledo neighborhoods (ranks near the top third), and grocery and parks availability sit in the top quartile nationally. For investors, these amenity fundamentals help support retention and day-to-day appeal.
Neighborhood occupancy is below the metro median (ranked 187 out of 244), signaling some lease-up effort may be required; this metric reflects the neighborhood, not the property. Median contract rents in the neighborhood trend on the lower side nationally, which can aid leasing velocity and stabilize collections when managed with disciplined renewal strategies.
Within a 3-mile radius, demographics point to a large, diversified renter base and steady renter demand: renter-occupied housing comprises a meaningful share of units (about two-fifths), and recent forecasts indicate population growth alongside an increase in the number of households. Smaller projected household sizes suggest more households entering the market, which can expand the tenant base and support occupancy stability.
Home values in the neighborhood are relatively low by national comparison, which can introduce some competition from entry-level ownership. For multifamily operators, this dynamic calls for careful pricing and value positioning while leveraging the area’s accessible rent-to-income profile to support renewals and reduce turnover risk.
Built in 1977, the asset is newer than the neighborhood’s average vintage (1959). This positioning can be competitively favorable versus older stock in the area; however, investors should still plan for selective modernization and systems updates to meet current renter expectations and protect the rent roll.
Safety indicators for the neighborhood track below the metro median (ranked 192 out of 244 Toledo neighborhoods) and below the national median. That said, recent trends show improvement: estimated violent incidents declined year over year at a pace that outperformed many U.S. neighborhoods, and property incidents also moved lower. These figures are neighborhood-level and can vary block to block; investors commonly address this through lighting, access controls, and community standards to support leasing and retention.
Nearby employment includes manufacturing and building materials corporate offices that underpin a broad workforce tenant base and shorten commutes for residents. The list below reflects the closest concentrations relevant to the property: Dana, Owens Corning, Dana Holding, and Owens-Illinois.
- Dana Holding Corporation — corporate offices (1.7 miles)
- Owens Corning — building materials (5.2 miles) — HQ
- Dana — corporate offices (12.2 miles)
- Dana Holding — corporate offices (12.2 miles) — HQ
- Owens-Illinois — glass packaging (13.7 miles) — HQ
5535 Lewis Ave is a 63-unit, 1977-vintage community positioned in a suburban Toledo neighborhood with everyday amenities and proximity to major employers. Neighborhood occupancy sits below the metro median, indicating leasing focus is important, but accessible rents and a sizable 3-mile renter pool support stable demand and renewals when paired with active management. According to CRE market data from WDSuite, the area’s grocery, parks, and restaurant access compares well locally and stacks up competitively at the national level, reinforcing day-to-day livability.
The 1977 vintage is newer than the neighborhood’s average, offering relative competitiveness versus older stock, with potential upside from targeted renovations and systems updates. Low local home values may introduce competition from ownership, so operators should emphasize value, service, and convenience to maintain pricing power while monitoring neighborhood safety perceptions that, while improving, remain an operating consideration.
- Suburban location with strong everyday amenities supports retention and leasing
- Large 3-mile renter base and accessible rent levels can sustain occupancy
- 1977 vintage offers competitiveness versus older stock with value-add potential
- Proximity to major employers underpins workforce demand
- Risks: below-metro neighborhood occupancy, ownership competition from low home values, and safety perception management