| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 939 S Byrne Rd, Toledo, OH, 43609, US |
| Region / Metro | Toledo |
| Year of Construction | 1978 |
| Units | 33 |
| Transaction Date | 2011-06-03 |
| Transaction Price | $3,987,100 |
| Buyer | TOLEDO PROPERTIES OWNER LLC |
| Seller | TOLEDO PROPERTIES LLC |
939 S Byrne Rd Toledo Multifamily Investment
Neighborhood occupancy of 94.2% and a high renter-occupied share point to a deep tenant base for stabilized operations, according to WDSuite’s CRE market data; these indicators describe the surrounding neighborhood, not the property.
Positioned in an Inner Suburb of Toledo, the area combines everyday convenience with modest amenity density. Restaurant options are relatively stronger than average locally (top quartile nationally), while cafes, groceries, parks, and pharmacies are limited—an operational consideration for resident convenience and leasing narratives.
Neighborhood occupancy stands at 94.2%, which is above the metro median among 244 Toledo neighborhoods and in the 66th percentile nationally. Renter concentration is high, with 78.7% of housing units renter-occupied—supportive of multifamily demand depth and ongoing leasing activity at comparable assets.
Demographic statistics aggregated within a 3-mile radius show households are projected to expand by 36.8% by 2028, even as average household size trends smaller. Population is also projected to grow by 7.2%, together indicating a larger tenant base and more renters entering the market, which can support occupancy stability and absorption. Incomes have trended higher and asking rents are projected to advance, suggesting potential for disciplined revenue management alongside vigilant monitoring of affordability.
Neighborhood housing stock skews older (average vintage 1959). With a 1978 construction year, the property is relatively newer than the local average, which can aid competitive positioning versus older product, while still warranting capital planning for systems, finishes, and potential repositioning to capture durable demand.
Home values are comparatively low for the metro, which can introduce some competition from ownership options; however, rent-to-income levels in the neighborhood remain manageable, a positive for lease retention and pricing discipline when paired with effective asset management.
Neighborhood safety trends are mixed. Overall crime conditions sit near the national middle, but the violent offense profile is weaker (lower national percentile) and the area ranks below the metro average for safety (crime rank 148 out of 244 Toledo neighborhoods). Recent momentum is constructive: both violent and property offenses show year-over-year improvement, with reductions placing the neighborhood in stronger national percentiles for improvement. Investors should underwrite with conservative assumptions while recognizing the trend direction.
Proximity to established corporate offices supports renter demand via commute convenience and a stable employment base. Nearby employers include Owens Corning, Dana, Dana Holding, and Owens-Illinois—all reflected below.
- Owens Corning — corporate offices (5.0 miles) — HQ
- Dana — corporate offices (5.2 miles)
- Dana Holding — corporate offices (5.2 miles) — HQ
- Owens-Illinois — corporate offices (6.6 miles) — HQ
- Dana Holding Corporation — corporate offices (7.4 miles)
This 33-unit, 1978-vintage asset offers a balanced value proposition: a relatively newer product versus the neighborhood’s older housing stock, a high share of renter-occupied units in the surrounding area, and neighborhood occupancy above the metro median supporting stable leasing. Nearby corporate offices contribute to a steady employment base, while 3-mile demographics point to household growth and a larger tenant base over the next five years. Based on commercial real estate analysis from WDSuite, these conditions suggest potential for durable cash flows with selective capital improvements.
Key considerations include amenity gaps in the immediate area and a safety profile that trails the metro average, alongside comparatively low area home values that can increase competition from ownership. Prudent underwriting, targeted upgrades, and expense discipline can position the asset to capture demand while managing these risks.
- Neighborhood occupancy above metro median supports leasing stability
- High renter-occupied share nearby indicates deep tenant base for multifamily
- 1978 vintage is newer than local average, with value-add potential via modernization
- Employment access to nearby corporate offices supports retention and absorption
- Risks: amenity gaps, below-metro-average safety, and competition from more accessible ownership