| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 18th | Poor |
| Demographics | 25th | Poor |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 826 N Erie St, Toledo, OH, 43604, US |
| Region / Metro | Toledo |
| Year of Construction | 1982 |
| Units | 54 |
| Transaction Date | 2006-03-22 |
| Transaction Price | $7,236,600 |
| Buyer | VISTULA HERITAGE VILLAGE II |
| Seller | VISTULA |
826 N Erie St Toledo Multifamily Investment
Downtown-proximate asset with deep renter demand drivers at the neighborhood level and commuting access to major employers, according to WDSuite’s CRE market data. Focus is on stable tenant base potential rather than premium rent positioning.
The property sits in an Inner Suburb neighborhood of Toledo rated B- and positioned near the city core. Within the neighborhood, amenities rank 49th out of 244 metro neighborhoods — competitive among Toledo neighborhoods — with strong access to daily needs. Grocery availability is a particular strength, placing near the top of the metro and in the top quartile nationally, while restaurants are present at levels above many areas of the region. By contrast, parks, pharmacies, and cafes are limited in the immediate area, which can modestly reduce lifestyle appeal for some tenants.
Housing stock in the surrounding neighborhood skews older (average construction year 1897), which can make 1982-vintage assets relatively competitive versus legacy buildings. For investors, that tilt suggests fewer near-term repositioning needs compared with pre-war stock, though capital planning for systems typical of early-1980s construction may still be prudent.
Renter concentration at the neighborhood level is high (a large share of housing units are renter-occupied), supporting depth of the tenant base and potential leasing resilience. Aggregated within a 3-mile radius, households have inched higher recently and are projected to grow further by 2028, indicating a larger tenant pool over time even as average household size trends slightly smaller — dynamics that generally support occupancy stability for multifamily.
Home values in the neighborhood are relatively low by national standards, but incomes are also modest, resulting in a high value-to-income ratio locally. For multifamily investors, this mix often sustains reliance on rental housing while also calling for thoughtful rent setting and lease management to mitigate affordability pressure and support retention.
Safety indicators for the neighborhood track below metro and national benchmarks, with crime ranked 210th out of 244 Toledo neighborhoods and national percentiles indicating a less safe profile. However, recent trend data shows improvement: both violent and property offense estimates declined year over year, placing these decreases above the median of U.S. neighborhoods on improvement pace. Investors should incorporate security measures and tenant communication into operations while recognizing the directional improvement.
Proximity to downtown Toledo anchors a diverse employment base that supports workforce housing demand and commute convenience, notably in building materials, automotive, and packaging. The following nearby employers are most relevant to day-to-day renter demand:
- Owens Corning — building materials (0.9 miles) — HQ
- Dana Holding Corporation — auto parts (3.3 miles)
- Dana — auto parts (10.5 miles)
- Dana Holding — auto parts (10.6 miles) — HQ
- Owens-Illinois — packaging (10.9 miles) — HQ
826 N Erie St offers 54 units with an average unit size near 760 square feet, positioned near downtown Toledo and anchored by proximity to major employers. The 1982 vintage is newer than much of the surrounding neighborhood stock, which can provide a relative competitive edge against older buildings while still warranting prudent planning for mid-life systems and potential value-add upgrades. Neighborhood data points to a high share of renter-occupied housing units and strong grocery and restaurant access, which together reinforce tenant base depth. Based on commercial real estate analysis and CRE market data from WDSuite, the neighborhood’s safety metrics remain below national averages but have improved recently, suggesting operational focus on security alongside leasing and retention strategies.
Demographics aggregated within a 3-mile radius indicate recent increases in households with further growth projected by 2028, implying a larger renter pool over time. At the same time, modest household incomes and elevated rent-to-income dynamics locally argue for disciplined rent setting and expense control to balance occupancy and retention. Overall, the asset’s location, employment access, and renter demand fundamentals present a pragmatic value-oriented thesis with clear operational considerations.
- Downtown-proximate location near major employers supports day-to-day renter demand and leasing velocity.
- 1982 vintage is newer than surrounding stock, offering relative competitiveness with potential value-add via targeted upgrades.
- High renter-occupied share at the neighborhood level and strong grocery/restaurant access support tenant base depth.
- Demographic outlook within 3 miles points to a larger renter pool by 2028, supporting occupancy stability over time.
- Risks: below-average safety (though improving), modest incomes and rent-to-income pressure, and limited parks/cafes may temper premium rent potential.