| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 25th | Poor |
| Demographics | 23rd | Poor |
| Amenities | 41st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 151 W Perrin Ave, Springfield, OH, 45506, US |
| Region / Metro | Springfield |
| Year of Construction | 2013 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
151 W Perrin Ave 44-Unit Springfield Multifamily
2013 construction stands out versus older nearby stock, pointing to competitive positioning and potentially lower near-term capital needs, according to WDSuite’s CRE market data. Neighborhood occupancy has trended up, supporting a practical, cash-flow focused thesis.
This Inner Suburb location balances everyday convenience with value-driven rents. Parks are a relative strength (high among national peers), while restaurants are present but grocery, pharmacy, and cafe density are thin in the immediate area—factors to consider for resident retention and daily needs. Average school ratings are low for the area, which can influence the mix of family-oriented demand.
The property’s 2013 vintage is materially newer than the neighborhood’s older housing stock (early-1900s on average). For investors, that typically means stronger curb appeal and fewer near-term system overhauls than legacy assets, while acknowledging that mid-life updates and repositioning may still be part of the business plan.
Within a 3-mile radius, the renter-occupied share is roughly on par with owners (about half of housing units renter-occupied), indicating a broad tenant base and depth for leasing. Neighborhood occupancy is in the mid-80% range and has improved over the last five years, which supports stability in a workforce-oriented context based on CRE market data from WDSuite.
Demographic indicators within 3 miles show modest population growth recently and a projected increase in households, pointing to incremental renter pool expansion over the next few years. Median contract rents have risen modestly alongside income gains, keeping rent-to-income at manageable levels in this submarket and aiding lease retention.
Ownership costs in this part of Springfield remain comparatively low versus many U.S. markets. That can create some competition from entry-level ownership, yet also sustains demand for well-managed rentals that deliver convenience and predictable monthly housing costs.
Safety conditions in the neighborhood sit below the national median (around the mid-40s percentile nationally), placing it on the less-safe side compared with neighborhoods nationwide. Within the Springfield metro’s 56 neighborhoods, the area is not among the stronger performers for safety.
That said, recent trend data from WDSuite indicates meaningful year-over-year declines in both violent and property offense rates, an improvement that investors can monitor as part of ongoing risk management and leasing strategy.
Nearby employment is anchored by industrial services, logistics, and corporate offices, supporting workforce housing demand and commute convenience for residents. Key employers include Waste Management, Staples Fulfillment Center, Parker-Hannifin, Big Lots, and Cardinal Health.
- Waste Management — environmental services (1.7 miles)
- Staples Fulfillment Center — logistics/fulfillment (22.0 miles)
- Parker-Hannifin Corporation — industrial manufacturing offices (33.4 miles)
- Big Lots — retail corporate offices (37.6 miles) — HQ
- Cardinal Health — healthcare distribution offices (39.1 miles)
151 W Perrin Ave offers a newer-vintage, 44-unit multifamily profile in a value-focused Springfield submarket. Based on commercial real estate analysis from WDSuite, the neighborhood shows improving occupancy and modest rent growth, while the 2013 construction provides a competitive edge versus much older nearby housing stock. Within a 3-mile radius, renter concentration is sizable and households are projected to rise, supporting leasing depth and occupancy stability.
Affordability metrics indicate manageable rent-to-income levels, which can aid retention and steady absorption. Counterbalancing factors include below-median national safety readings, limited neighborhood retail amenities, and relatively accessible ownership costs that can compete with rentals. For investors, the thesis centers on durable workforce demand, mid-life asset operations, and selective value-add to enhance finishes and operational efficiency.
- Newer 2013 vintage versus older local stock supports competitiveness with moderate near-term CapEx
- Improving neighborhood occupancy and a sizable renter base underpin leasing stability
- Workforce-oriented affordability and manageable rent-to-income favor retention potential
- Value-add opportunity through targeted unit refreshes and operating efficiencies
- Risks: below-median safety, limited immediate amenities, and competition from entry-level ownership