| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 18th | Poor |
| Demographics | 30th | Poor |
| Amenities | 16th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 721 Dorr St, Toledo, OH, 43604, US |
| Region / Metro | Toledo |
| Year of Construction | 1978 |
| Units | 26 |
| Transaction Date | 2015-01-05 |
| Transaction Price | $2,600,000 |
| Buyer | NEW TOWN APARTMENTS 2013 LP |
| Seller | NEW TOWN LP |
721 Dorr St Toledo Multifamily Value-Add Potential
Neighborhood occupancy has trended upward in recent years and the surrounding 3-mile area shows a solid renter-occupied housing base, according to WDSuite s CRE market data. This concise commercial real estate analysis points to durable workforce demand with operational upside for a well-executed renovation plan.
721 Dorr St sits within a Toledo neighborhood where day-to-day amenities are limited, with few restaurants, groceries, or parks in the immediate area. School ratings trend below national averages, which can affect family renter appeal, though childcare density is comparatively strong. For investors, this positioning favors workforce tenants prioritizing value and proximity to core employment nodes over lifestyle retail.
Neighborhood performance indicators run below the metro median across several categories, including overall neighborhood rank (228 out of 244 Toledo neighborhoods) and occupancy (ranked 220 of 244), signaling competitive leasing conditions relative to stronger Toledo submarkets. Even so, neighborhood occupancy has improved over the last five years, a constructive trend that supports stabilization efforts, based on CRE market data from WDSuite.
The property s vintage is 1978, materially newer than the neighborhood s older housing stock (average construction year skews early 1900s). This positioning can enhance competitive appeal versus legacy assets while still warranting capital plans for systems modernization and targeted unit upgrades to capture value-add premiums.
Within a 3-mile radius, demographics indicate a meaningful renter-occupied share of housing units and a modest average household size. While recent population counts have softened, forecasts point to household growth over the next five years, implying a larger tenant base and support for occupancy stability. Median rents in the 3-mile area remain accessible relative to incomes, suggesting manageable affordability pressure that can aid retention while leaving room for disciplined rent growth as renovations are executed.
Relative to neighborhoods nationwide, this area sits below average on safety measures (national safety percentile in the low 40s). Compared with Toledo peers, it ranks in the lower half for safety (crime rank is in the bottom tier among 244 neighborhoods), so prudent security, lighting, and access controls should be part of asset and operations planning.
Recent momentum is constructive: both violent and property offense rates have improved year over year, trending in the stronger quartile for improvement nationally. While conditions remain more challenging than higher-ranked Toledo neighborhoods, the downward trend in incidents is a positive signal for long-term stabilization if reinforced by on-site measures and community engagement.
The location serves a broad workforce tenant base with proximity to key corporate employers, supporting leasing durability and commute convenience for residents. Nearby anchors include Owens Corning, Dana, Owens-Illinois, and Marathon Petroleum.
- Owens Corning corporate offices (1.5 miles) HQ
- Dana Holding Corporation corporate offices (3.9 miles)
- Owens-Illinois corporate offices (9.7 miles) HQ
- Marathon Petroleum corporate offices (42.8 miles) HQ
This 26-unit, 1978-vintage asset offers an attainable basis and clear value-add path relative to older neighborhood stock. The 3-mile trade area shows a sizable renter-occupied share and forecasts indicate household growth, supporting a deeper tenant base and potential occupancy stability as units are upgraded. According to CRE market data from WDSuite, neighborhood occupancy has been improving despite ranking below stronger Toledo submarkets, suggesting room for operational gains with focused leasing and renovations.
Ownership costs in the surrounding area are comparatively low, which can create competition from entry-level ownership; however, accessible rent levels, projected household income gains, and proximity to major employers can sustain renter reliance on multifamily housing. Executing thoughtful renovations and pragmatic expense controls can position the property competitively versus older local inventory while managing retention and pricing power carefully.
- 1978 construction offers competitive positioning versus older neighborhood stock with targeted modernization
- 3-mile area renter concentration and forecast household growth support demand depth and lease-up
- Improving neighborhood occupancy trends provide a tailwind for stabilization, per WDSuite data
- Proximity to major employers underpins workforce demand and commute convenience
- Risk: below-median neighborhood safety and lower amenity density require enhanced on-site management and careful leasing strategy