| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Good |
| Demographics | 42nd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1311 Vester Ave, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1311 Vester Ave Springfield Multifamily Investment
Neighborhood occupancy is holding in the mid-90s and is competitive among Springfield neighborhoods, according to WDSuite’s CRE market data, supporting stable tenant retention for a 24-unit asset.
Located in an Inner Suburb with a B- neighborhood rating, the area around 1311 Vester Ave shows stable multifamily fundamentals. Neighborhood occupancy trends are above national averages (73rd percentile), indicating resilient renter demand. Rents in the broader area remain accessible relative to incomes, which can help sustain lease-up and retention, per commercial real estate analysis from WDSuite.
Amenities are modest locally. Restaurant density sits around the metro middle, but cafes, groceries, parks, and pharmacies are sparse within the immediate neighborhood. This suggests residents may rely on nearby corridors for daily needs, a manageable trade-off that places a premium on on-site convenience features and parking for tenant satisfaction.
The submarket’s housing stock skews older, with many buildings predating mid-century norms. Against this backdrop, a 1972 vintage can compete effectively versus older properties while still warranting selective modernization of systems and common areas to enhance leasing velocity and support rent positioning.
Within a 3-mile radius, population has edged up in recent years and is projected to rise further over the next five years, with households expected to expand at a faster clip. This points to a larger tenant base and supports occupancy stability. The renter-occupied share is around two-fifths within this 3-mile area, indicating a meaningful renter pool for workforce-oriented product, while the neighborhood-level renter concentration is roughly one-third—adequate depth but suggesting product quality and pricing discipline matter for capture.
Home values in the neighborhood context are comparatively low for the region, which can introduce some competition from entry-level ownership. However, the rent-to-income profile indicates limited affordability pressure for renters, aiding retention, particularly for smaller-format units like studios and one-bedrooms.
Safety indicators are mixed but improving. The neighborhood ranks 22 out of 56 Springfield neighborhoods, which is competitive among local peers but not top-tier. Compared with neighborhoods nationwide, overall crime sits modestly better than average, while violent incidents benchmark below the national middle; both measures have shown notable year-over-year declines, with sharper improvement in violent categories. For investors, the trajectory is constructive and aligns with steady operations assumptions rather than outsized risk premiums.
Proximity to established employers provides a practical commuter base that supports renter demand, particularly for workforce housing. Notable nearby employers include waste services, distribution, industrial manufacturing, large-format retail, and healthcare.
- Waste Management — waste services (3.6 miles)
- Staples Fulfillment Center — distribution (20.9 miles)
- Parker-Hannifin Corporation — industrial manufacturing (29.8 miles)
- Big Lots — retail (35.9 miles) — HQ
- Cardinal Health — healthcare services (36.6 miles) — HQ
This 24-unit, 1972-vintage property offers exposure to a stable renter base in an Inner Suburb where neighborhood occupancy trends outperform national norms. The vintage is newer than much of the surrounding housing stock, offering relative competitiveness versus older properties while leaving room for targeted upgrades to drive rent positioning and retention. According to CRE market data from WDSuite, the neighborhood’s rent-to-income profile points to manageable affordability pressure—supportive of steady operations for smaller-format units.
Demand is reinforced by incremental population growth within a 3-mile radius and a projected increase in households over the next five years, expanding the tenant pool. While nearby amenities are limited and entry-level ownership remains accessible in the broader area, thoughtful capital planning and resident-focused features can help sustain leasing performance.
- Stable neighborhood occupancy with above-national benchmarking supports income durability
- 1972 vintage is competitive versus older local stock; selective upgrades can enhance rents
- Expanding 3-mile household base indicates a larger tenant pool and supports leasing
- Workforce-oriented pricing and smaller units align with manageable rent-to-income dynamics
- Risks: limited nearby amenities and accessible entry-level ownership require disciplined pricing and amenity strategy