| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 55th | Best |
| Amenities | 37th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1480 Westmont Dr, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1986 |
| Units | 20 |
| Transaction Date | 2012-12-26 |
| Transaction Price | $527,000 |
| Buyer | SPRINGFIELD NORTHRIDGE APARTMENTS LLC |
| Seller | HOPPES JOSEPH ERIC |
1480 Westmont Dr, Springfield OH Multifamily Investment
Neighborhood occupancy is strong and rents trend manageable for local incomes, pointing to steady leasing conditions according to WDSuite’s CRE market data. Investor focus: stable tenant retention with measured pricing power rather than outsized growth.
The property sits in an Inner Suburb of Springfield where neighborhood fundamentals skew stable: the area’s occupancy is high (top quartile nationally) and renter-occupied housing is roughly one-third of units, signaling a meaningful but not saturated tenant base. Parks are a relative strength—ranked 2 of 56 neighborhoods in the metro and in the 91st percentile nationally—supporting day-to-day livability that helps with retention.
Daily needs access is serviceable rather than destination-driven. Grocery presence ranks 9 of 56 locally (above metro median) and restaurants 12 of 56 (competitive among Springfield neighborhoods), while cafes and pharmacies are sparse by count within the neighborhood. Average school ratings are comparatively favorable within the region—ranked 3 of 56—and sit modestly above national norms, which can support longer stays among households seeking stability.
Relative affordability underpins demand. Neighborhood rent-to-income sits near mid-national levels, implying lower affordability pressure and potential for measured rent increases without materially elevating turnover risk. Median home values track below the national midpoint, which can introduce some competition from ownership; however, it also suggests rentals that are price-accessible, aiding lease retention during softer cycles.
Demographic statistics aggregated within a 3-mile radius show households have grown recently and are projected to expand further over the next five years, alongside rising median incomes and rents. Even with a renter concentration near one-third today and a slight tilt toward ownership in forecasts, the expected increase in households points to a larger tenant base over time, which supports occupancy stability for well-positioned properties.
Comparable neighborhood crime ranks are not available in WDSuite for this location, so investors should benchmark safety using city and county trends and on-the-ground diligence. Property-level measures (lighting, access control, and resident policies) remain important levers for retention and operations regardless of the broader context.
Nearby employers provide a diversified employment base that supports renter demand through commute convenience, including waste services, distribution, manufacturing, and retail headquarters noted below.
- Waste Management — waste services (5.5 miles)
- Staples Fulfillment Center — distribution (20.7 miles)
- Parker-Hannifin Corporation — manufacturing (28.2 miles)
- Big Lots — retail HQ operations (35.3 miles) — HQ
- Cardinal Health — healthcare distribution (35.5 miles) — HQ
Built in 1986, this 20-unit asset offers value-add potential relative to a neighborhood housing stock that trends newer, with scope to modernize interiors and systems to sharpen competitive position. High neighborhood occupancy and a renter-occupied share near one-third indicate a stable but disciplined demand profile—conducive to steady leasing rather than volatility—while the neighborhood’s parks and basic retail access support resident retention.
Within a 3-mile radius, modest recent population movement is paired with growth in households and rising incomes, and WDSuite’s forecasts point to further household expansion and rent increases—factors that can enlarge the tenant base and sustain occupancy. According to CRE market data from WDSuite, rent-to-income levels suggest manageable affordability pressure, enabling measured rent growth alongside upgrades. Key risks include competition from homeownership options and a limited café/pharmacy mix; underwriting should reflect conservative lease-up assumptions and targeted capital plans.
- 1986 vintage presents clear value-add and system upgrade opportunities versus newer local stock
- High neighborhood occupancy supports leasing stability with balanced pricing power
- 3-mile household and income growth expand the tenant base and support retention
- Parks and everyday retail access enhance livability and reduce turnover risk
- Risk: competition from ownership and limited specialty amenities warrants conservative underwriting