| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Good |
| Demographics | 42nd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1335 Vester Ave, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1335 Vester Ave Springfield, OH Multifamily Investment
Neighborhood occupancy is in the mid-90s, pointing to steady renter demand at the submarket level, according to WDSuite’s CRE market data. This positioning supports stable cash flow expectations while leaving room for value-add execution if operations and finishes are tightened.
This Inner Suburb pocket of Springfield carries a B- neighborhood rating and shows competitive occupancy performance among 56 metro neighborhoods. With neighborhood occupancy around 95% (ranked 22 of 56, top 27% locally and 73rd percentile nationally), investors can underwrite with a baseline of demand stability while focusing on operational execution for outperformance.
Livability features are modest within the immediate neighborhood — limited cafes, groceries, parks, and pharmacies in close proximity — so residents typically rely on broader Springfield corridors for daily needs. That said, the area’s renter concentration (32.6% renter-occupied housing units) indicates a meaningful tenant base that can support leasing and retention in workforce-oriented assets.
Within a 3-mile radius, demographics signal a slowly expanding renter pool: population has grown in recent years with additional household growth expected, which generally supports occupancy stability and renewal performance. Forecasts point to further increases in households over the next five years, which should expand the addressable tenant base for small-unit inventory.
The median home value in the neighborhood sits below many national peers, and rent-to-income levels are relatively manageable. For investors, this combination suggests decent retention potential but also emphasizes disciplined rent management, as a more accessible ownership landscape can create periodic competition for value-oriented renters.
Vintage context matters: the surrounding housing stock skews older (average construction year 1929). At 1972, the asset is newer than the neighborhood norm, which can help competitive positioning versus pre-war inventory; however, investors should still plan for system modernization and selective renovations to meet renter expectations and control long-term capex.
Safety metrics for the neighborhood are broadly around the metro average, with overall crime positioning slightly better than the national midpoint (55th percentile). Relative to 56 Springfield neighborhoods, the area is competitive but not top-tier.
Trend signals are constructive: estimated violent and property offense rates have declined year over year, with the pace of improvement testing in the stronger range among peer neighborhoods. For underwriting, this supports a neutral-to-improving view rather than a downside shift in safety-related leasing risk.
Nearby employers blend operations and corporate functions that help support workforce housing demand and commute convenience for renters, including waste services, distribution, industrial manufacturing, and regional retail and healthcare headquarters.
- Waste Management — waste services (3.7 miles)
- Staples Fulfillment Center — distribution (20.8 miles)
- Parker-Hannifin Corporation — industrial manufacturing offices (29.8 miles)
- Big Lots — retail (35.8 miles) — HQ
- Cardinal Health — healthcare distribution (36.6 miles) — HQ
1335 Vester Ave offers a 24-unit footprint with small average unit sizes that align with workforce demand profiles. Neighborhood occupancy trends are competitive within the Springfield metro and above national midpoints; according to CRE market data from WDSuite, the neighborhood’s high-90s occupancy supports underwriting for stable collections while value-add upgrades can target incremental rent and renewal lift.
The 1972 vintage is newer than much of the surrounding pre-war housing stock, providing a relative edge versus older assets, though investors should anticipate targeted system updates and interior refreshes. Within a 3-mile radius, modest population growth and a projected increase in households point to a gradually expanding tenant base. Affordability indicators suggest generally manageable rent burdens, which can aid retention, but also call for disciplined pricing given a more accessible ownership market in this part of Ohio.
- Competitive neighborhood occupancy supports baseline stability and renewal potential.
- 1972 construction is newer than local averages, with value-add and system modernization opportunities.
- 3-mile radius shows population and household growth, expanding the renter pool over the medium term.
- Manageable rent-to-income dynamics favor retention but require disciplined rent setting.
- Risks: limited immediate amenities and periodic competition from homeownership could temper pricing power.