| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Fair |
| Demographics | 55th | Good |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5631 Secor Rd, Toledo, OH, 43623, US |
| Region / Metro | Toledo |
| Year of Construction | 1976 |
| Units | 60 |
| Transaction Date | 2019-06-12 |
| Transaction Price | $3,973,000 |
| Buyer | ALEXIS SECOR APARTMENTS LTD |
| Seller | R J LLOYD & CO LTD |
5631 Secor Rd, Toledo OH Multifamily Investment
Neighborhood occupancy trends are stable and supportive of cash flow, according to WDSuite’s CRE market data, with renter demand reinforced by a broad workforce base. Pricing remains competitive for the metro, offering room for operational execution rather than reliance on outsized market appreciation.
Located in an inner-suburban pocket of Toledo, the neighborhood ranks 55 out of 244 metro neighborhoods (A-), signaling competitive fundamentals among local peers. Neighborhood occupancy is reported at roughly the mid-90% range (measured for the neighborhood, not the property), pointing to stable leasing conditions and reduced downtime risk for multifamily operators.
Livability is anchored by everyday conveniences more than boutique retail: restaurants score well relative to national peers while pharmacies and parks are accessible, though cafes and grocery options are thinner in the immediate area. Average public school ratings in the neighborhood are lower, which may shift the resident mix more toward value-seeking renters rather than family-driven school selection; investors should calibrate marketing and amenity strategies accordingly.
Construction vintage averages around the mid‑1970s locally, and the subject’s 1976 vintage fits that profile. This typically implies ongoing capital planning for building systems and common-area refreshes, with potential value‑add upside through interior upgrades to differentiate against similarly aged stock.
Tenure data indicates that roughly one-quarter of neighborhood housing units are renter‑occupied, suggesting a defined but not saturated tenant pool that can support steady absorption when product is priced correctly. Within a 3‑mile radius, demographic data shows slightly smaller average household sizes over time and forecasts point to growth in the number of households alongside modest rent increases—factors that can expand the renter base and support occupancy stability. With home values relatively accessible versus many U.S. markets, ownership alternatives may compete with Class B rentals; however, a favorable rent‑to‑income profile in the area supports retention and measured rent pushes where renovations add clear utility.
Safety conditions are mixed in context. The neighborhood’s safety rank sits in the lower half of Toledo’s 244 neighborhoods, indicating more reported crime than many local peers. Nationally, the area tracks below the midrange for safety comparisons. That said, recent year‑over‑year data indicates declining estimated rates for both property and violent offenses, which is a constructive directional trend investors can monitor over subsequent periods.
For underwriting, position security measures and lighting as standard risk‑management tools and consider leasing strategies that align with workforce demand patterns. Track multi‑year trends rather than single‑period readings to assess whether the recent improvement persists relative to the metro.
Proximity to established corporate offices underpins workforce rental demand and commute convenience, led by Dana, Owens Corning, and Owens‑Illinois. These employers support a steady tenant base across automotive components and building materials.
- Dana Holding Corporation — automotive components (4.6 miles)
- Owens Corning — building materials (6.8 miles) — HQ
- Dana Holding — automotive components (10.9 miles) — HQ
- Owens‑Illinois — glass packaging (13.2 miles) — HQ
This 60‑unit, 1976‑vintage asset aligns with the neighborhood’s mid‑1970s stock, positioning it for a straightforward value‑add plan focused on systems, interiors, and curb appeal to stand out against comparable product. According to CRE market data from WDSuite, neighborhood occupancy trends sit in the mid‑90s, which supports cash flow durability when combined with a measured rent‑to‑income profile that can aid retention. Household patterns within a 3‑mile radius indicate a gradual shift toward smaller households and an expected increase in total households, which can translate into a larger renter base over time.
Counterbalancing strengths, school ratings are lower on average and ownership remains relatively accessible, which can create competition for entry‑level renters. Safety metrics trail many metro peers but have improved year over year, warranting pragmatic on‑site measures and monitoring. Overall, the thesis favors durable occupancy with operational upside from targeted renovations and disciplined expense control.
- Mid‑90% neighborhood occupancy supports stable leasing and cash flow
- 1976 vintage creates clear value‑add levers via unit and system upgrades
- Workforce employers nearby bolster renter demand and retention
- Household growth within 3 miles expands the tenant base over time
- Risks: below‑median safety and ownership competition; mitigate with security, positioning, and targeted amenity investments