| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 29th | Poor |
| Amenities | 19th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 990 S Byrne Rd, Toledo, OH, 43609, US |
| Region / Metro | Toledo |
| Year of Construction | 1972 |
| Units | 35 |
| Transaction Date | 2024-06-07 |
| Transaction Price | $2,750,000 |
| Buyer | LINDA SUSAN ARMS 24 LLC |
| Seller | DOYCHEV BUILDING GROUP INC |
990 S Byrne Rd Toledo Multifamily Investment
Neighborhood occupancy sits above the national median and a high renter-occupied share indicates a deep tenant base, according to WDSuite’s CRE market data. The 1972 vintage points to potential value-add through targeted renovations and system upgrades.
Located in Toledo s inner-suburb fabric, the surrounding neighborhood is rated C and ranks 196 out of 244 metro neighborhoods, placing it below the metro median. For investors, that positioning suggests careful underwriting but also room for improvement relative to stronger submarkets.
Livability is serviceable: grocery access is competitive for the area (ranked 80 of 244 in the metro; above the national median), while restaurants track near national middle-of-the-pack. Caf e9s, parks, and pharmacies are limited nearby, so resident convenience leans on essentials rather than lifestyle retail.
Multifamily fundamentals are anchored by occupancy measured above the national midpoint and a notably high share of renter-occupied housing units in the neighborhood (ranked 12 of 244 in the metro, top quartile nationally). A larger renter concentration typically supports a deeper tenant base and steadier leasing, though pricing power should be set with local income levels in mind.
The property s 1972 construction predates the neighborhood s average vintage (1979; ranked near the metro middle), which implies near-term capital planning and potential renovation upside to improve competitive positioning versus newer stock.
Within a 3-mile radius, demographic data indicate modest population contraction over the past five years alongside a small increase in households and smaller average household size. That combination can expand the pool of renters per address and support occupancy stability. Looking ahead to 2028, projections call for population growth and a notable increase in households, which would enlarge the prospective renter pool and aid leasing velocity if supply additions remain measured.
Ownership costs in the neighborhood are relatively low compared with many U.S. areas, while median contract rents are also modest. This context can create some competition from entry-level ownership but also supports retention by keeping rent-to-income pressures comparatively contained; investors should calibrate rent growth expectations to local wage trends.
Safety outcomes in the immediate neighborhood trail many parts of the Toledo metro, with a crime rank of 218 out of 244 neighborhoods. Nationally, the area sits below typical safety levels. For underwriting, this suggests a focus on security features and tenant screening to support operations.
Recent momentum is mixed but improving in key areas: estimated violent offenses declined meaningfully year over year (top quartile improvement nationally), while property offenses eased modestly. These trends indicate progress, though the area still compares less favorably than many neighborhoods in the region and nationwide.
Proximity to major employers supports workforce housing demand and commute convenience, notably from Owens Corning, Dana, Dana Holding, Owens d9Illinois, and Dana Holding Corporation.
- Owens Corning building materials (5.1 miles) HQ
- Dana auto parts (5.1 miles)
- Dana Holding auto parts (5.1 miles) HQ
- Owens-Illinois glass packaging (6.6 miles) HQ
- Dana Holding Corporation auto parts (7.4 miles)
990 S Byrne Rd offers a 35-unit, 1972-vintage asset positioned in a renter-heavy neighborhood, where occupancy trends sit above the national midpoint and the renter-occupied share ranks 12 out of 244 metro neighborhoods. The older vintage signals manageable capital planning with clear value-add paths in interiors and building systems to sharpen competitiveness against newer stock. Neighborhood home values and contract rents remain relatively low in national context, which can support payment performance but calls for disciplined rent growth assumptions tied to local income levels.
Within a 3-mile radius, recent history shows slight population contraction but growth in households and smaller household sizes, expanding the effective renter pool and supporting leasing stability. Looking forward, projections to 2028 indicate population growth and a sizable increase in households, which would broaden tenant demand and help sustain occupancy, according to CRE market data from WDSuite. Nearby anchor employers add daily commute demand, reinforcing tenant retention for workforce-oriented units.
- High renter concentration (ranked 12 of 244) supports a deeper tenant base and leasing stability
- 1972 vintage provides value-add potential via renovations and system upgrades
- Household growth and smaller sizes within 3 miles point to a larger renter pool over time
- Proximity to major employers underpins workforce demand and tenant retention
- Risk: Safety metrics lag metro and national norms; plan for security and prudent underwriting