| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 18th | Poor |
| Demographics | 25th | Poor |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 817 N Ontario St, Toledo, OH, 43604, US |
| Region / Metro | Toledo |
| Year of Construction | 1981 |
| Units | 50 |
| Transaction Date | 2015-12-16 |
| Transaction Price | $12,705,900 |
| Buyer | NEW HERITAGE VILLAGE LP |
| Seller | VISTULA HERITAGE VILLAGE LP |
817 N Ontario St, Toledo OH Multifamily Opportunity
Positioned in an inner-suburb setting with a high renter concentration, the asset offers income-oriented potential supported by directional improvements nearby, based on WDSuite’s commercial real estate analysis.
The property sits in an Inner Suburb of Toledo with a B- neighborhood rating. Grocery access is a local strength—the neighborhood ranks 2 out of 244 metro neighborhoods for grocery stores per square mile, placing it among the top tier locally, while restaurants are relatively concentrated (ranked 20 of 244). In contrast, cafes, parks, and pharmacies are limited, indicating fewer lifestyle amenities within the immediate blocks. Local schools rate low on average, which may influence some family renter segments.
Renter-occupied housing is prevalent—the neighborhood’s renter concentration ranks 15 out of 244, a high share that supports depth of the tenant base for multifamily. However, neighborhood occupancy is comparatively soft (ranked 224 of 244), suggesting potential leasing volatility and the need for active asset management to maintain stabilization. In a high-cost ownership context relative to local incomes (among higher national ranges for value-to-income), renter reliance on multifamily tends to persist, supporting retention and steady demand.
Within a 3-mile radius, WDSuite’s CRE market data shows households have edged higher recently and are projected to grow through the next five years, alongside gains in median incomes and contract rents. This points to a larger tenant base over time, supporting occupancy stability and measured rent growth—contingent on maintaining competitive finishes and effective leasing operations.
Built in 1981, the property is newer than much of the area’s older housing stock. That relative vintage can compete well against century-old buildings, though investors should plan for system upgrades and selective renovations to modernize interiors and common areas as part of a value-add strategy.
Safety indicators lag metro norms, with the neighborhood ranked 210 out of 244 Toledo neighborhoods on overall crime and positioned below average nationally. For underwriting, this elevates the importance of security measures, tenant screening, and operating protocols to support resident experience and retention.
Even so, WDSuite’s CRE market data indicates recent year-over-year declines in both violent and property offenses. These directional improvements are constructive but should be validated with on-the-ground observation and trend monitoring to assess durability.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience. The employers below are within a practical radius and can contribute to leasing stability for workforce-oriented units.
- Owens Corning — corporate offices (0.95 miles) — HQ
- Dana Holding Corporation — corporate offices (3.20 miles)
- Dana — corporate offices (10.52 miles)
- Dana Holding — corporate offices (10.53 miles) — HQ
- Owens-Illinois — corporate offices (10.90 miles) — HQ
This 50-unit, 1981-vintage asset in Toledo’s inner-suburban context taps into a deep renter base but competes in a neighborhood with softer occupancy. The value story hinges on operational execution—tight leasing, security focus, and targeted upgrades—to capture demand from households that remain oriented toward rental options as ownership stays high-cost relative to local incomes.
Within a 3-mile radius, projections point to population and household growth alongside higher incomes and contract rents, supporting a larger tenant base and potential for steady absorption. According to CRE market data from WDSuite, the surrounding area’s amenity mix is anchored by strong grocery access, which helps day-to-day livability even as other lifestyle amenities are thinner.
- High renter concentration supports depth of demand for multifamily leasing
- 1981 vintage offers value-add potential via systems updates and interior modernization
- 3-mile projections show household and income growth, bolstering the tenant base
- Strong neighborhood grocery access enhances livability relative to nearby options
- Risks: below-metro safety ranks and soft neighborhood occupancy require disciplined operations