| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Good |
| Demographics | 42nd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1341 Vester Ave, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1977 |
| Units | 100 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1341 Vester Ave Springfield Multifamily Investment
Neighborhood occupancy is stable in the mid-90s, according to WDSuite’s CRE market data, suggesting resilient renter demand around this address. Investor focus centers on steady operations and affordability dynamics measured for the neighborhood, not the property.
Located in an inner-suburb setting of Springfield, the neighborhood posts a B- rating and a neighborhood occupancy rate of 95.4% (top-third nationally by percentile), pointing to durable leasing conditions relative to many U.S. areas. Renter-occupied share at the neighborhood level is roughly one-third of units, indicating a moderate but reliable tenant base for multifamily. Median rents and incomes in the area suggest manageable rent-to-income levels, which can support retention and measured pricing decisions for investors.
The property’s 1977 vintage is newer than the neighborhood’s older housing stock (average year built 1929). That relative age positioning can help competitiveness versus legacy assets while still warranting targeted capital planning for systems, common areas, and unit upgrades to meet current renter expectations.
Within a 3-mile radius, demographics show modest population growth over the last five years with a projected uptick ahead, alongside a slight increase in total households. This points to a gradually expanding renter pool and supports occupancy stability and ongoing leasing activity. Household income trends within 3 miles have improved, and rents have advanced from prior periods, aligning with steady, value-oriented demand rather than premium positioning.
Local amenities are limited within the immediate neighborhood (amenities rank sits below the metro median), though restaurants register a more typical presence. For investors, the amenity profile implies residents may rely on broader Springfield offerings for daily services; leasing narratives can emphasize practical access and value, while on-site improvements can help offset local amenity gaps and aid retention.
Neighborhood safety trends appear roughly in line with broader national patterns overall, with recent year-over-year declines in both property and violent incidents. The area’s improvement in violent-offense rates ranks in a strong cohort nationally, indicating momentum in the right direction. Within the Springfield metro (56 neighborhoods), conditions track near the middle of the pack, and investors should underwrite to steady but not exceptional safety performance, watching trend continuity over multiple periods.
Proximity to a mix of corporate operations and headquarters supports a stable renter base, combining local employment with commutable regional hubs. Nearby employers include Waste Management, Staples a0Fulfillment Center, Parker-Hannifin, Big Lots, and Cardinal Health.
- Waste Management corporate offices (3.7 miles)
- Staples Fulfillment Center fulfillment & logistics (20.8 miles)
- Parker-Hannifin Corporation corporate offices (29.8 miles)
- Big Lots retail headquarters (35.8 miles) — HQ
- Cardinal Health healthcare distribution (36.5 miles) — HQ
The investment case balances stable neighborhood-level occupancy with value-oriented renter demand. Based on CRE market data from WDSuite, the surrounding neighborhood’s occupancy remains elevated, while rent-to-income levels indicate manageable affordability pressure that can support retention and disciplined rent growth. The area’s older housing base positions a 1977-built, 100-unit asset to compete well with legacy stock, provided capital plans target modernization and operating efficiency.
Within a 3-mile radius, gradual population growth and a projected increase in households suggest a steady pipeline of renters. Amenity density is limited near the site, so on-site features and reliable operations become more important to drive leasing and renewals. Home values in the broader area are relatively accessible, which can create some competition with ownership, but also support workforce housing dynamics that favor stable demand for well-run, modestly priced rentals.
- Neighborhood occupancy in the mid-90s supports stable leasing and cash flow potential
- 1977 vintage offers competitive positioning versus older local stock with value-add upside
- 3-mile demographics point to a gradually expanding renter pool and support for renewals
- Manageable rent-to-income dynamics aid retention and measured pricing decisions
- Risks: limited nearby amenities and some competition from homeownership; maintain prudent capex and leasing strategies