| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 30th | Fair |
| Demographics | 30th | Poor |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1275 S Plum St, Springfield, OH, 45506, US |
| Region / Metro | Springfield |
| Year of Construction | 1989 |
| Units | 45 |
| Transaction Date | 2019-12-11 |
| Transaction Price | $1,108,700 |
| Buyer | BUCKEYE COMMUNITY SIXTY ONE LP |
| Seller | BCHF SPRINGFIELD INC |
1275 S Plum St, Springfield OH Multifamily Investment
Neighborhood occupancy is steady with recent improvement, pointing to durable renter demand for smaller units, according to CRE market data from WDSuite. With a 1989 vintage relative to older local stock, the asset can compete on usability while planning selective upgrades.
This Suburban neighborhood is competitive among Springfield, OH neighborhoods (ranked 16 of 56, B+ rating), offering everyday convenience and workforce access that support leasing stability. Local restaurants and cafes rank in the top quartile among 56 metro neighborhoods, while grocery access is also strong; parks and pharmacies are limited within the neighborhood itself. For investors, this mix suggests practical livability with some amenity gaps to account for in marketing and resident services, as highlighted by multifamily property research using WDSuite’s CRE market data.
The property’s 1989 construction is newer than the neighborhood average (1953). That positioning can provide a competitive edge versus older stock, though investors should plan for aging systems and modernization to sustain curb appeal and operational performance.
Within a 3-mile radius, demographics indicate a broad renter base and gradual population growth with a projected increase in households, which can expand the tenant pool and support occupancy. The share of housing units that are renter-occupied in this radius is roughly on par with owners, pointing to a deep pool of prospective renters and potential retention benefits for well-managed, right-sized units.
Ownership costs in the neighborhood are relatively accessible compared with many markets, and neighborhood rent-to-income ratios are low. This context can aid lease retention but may temper near-term pricing power, placing a premium on asset-level upgrades and effective lease management to drive NOI.
Safety indicators sit near the middle of the pack locally (crime rank 28 out of 56), roughly in line with national mid-tier comparisons. According to WDSuite’s CRE market data, both violent and property offense rates have improved year over year, which is a constructive trend to monitor for leasing narratives and insurer discussions.
Investors should frame safety in comparative terms across Springfield submarkets and recent trend lines, rather than block-level claims. Continued improvement would support demand stability, while any reversal could increase marketing and security costs.
Nearby employers feature waste services, logistics, manufacturing, retail headquarters, and healthcare distribution, which together underpin workforce housing demand and convenient commutes for renters. Specifically, this area draws from Waste Management, Staples Fulfillment Center, Parker-Hannifin, Big Lots, and Cardinal Health.
- Waste Management — waste services (1.5 miles)
- Staples Fulfillment Center — logistics (22.3 miles)
- Parker-Hannifin Corporation — manufacturing (33.5 miles)
- Big Lots — retail (37.9 miles) — HQ
- Cardinal Health — healthcare distribution (39.4 miles)
This 45-unit asset offers smaller average unit sizes suited to value-oriented renters, with neighborhood occupancy at 90.8% and improving in recent years. Built in 1989, it stands newer than much of the surrounding inventory, supporting competitive positioning while leaving room for targeted upgrades to enhance rentability and reduce turnover. According to commercial real estate analysis from WDSuite, low neighborhood rent-to-income ratios favor retention, while relatively accessible ownership costs mean pricing strategies should balance occupancy and renovation-driven rent lifts.
Forward-looking 3-mile demographics point to an increase in households and higher incomes, suggesting a larger tenant base and potential for step-up units if renovations align with local budgets. Amenity gaps (parks and pharmacies) and mid-pack safety performance are manageable with property-level programming and resident services, but they remain underwriting considerations.
- Newer 1989 vintage versus neighborhood average, supporting competitive positioning with selective modernization
- Neighborhood occupancy of 90.8% with recent improvement supports leasing stability
- 3-mile radius shows household growth and income gains, expanding the renter pool
- Low rent-to-income ratios aid retention; pricing power likely tied to value-add execution
- Risks: accessible ownership alternatives, limited park/pharmacy amenities, and mid-pack safety requiring proactive management