| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 55th | Best |
| Amenities | 37th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1568 Westmont Dr, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2012-12-26 |
| Transaction Price | $2,801,500 |
| Buyer | SPRINGFIELD NORTHRIDGE APARTMENTS LLC |
| Seller | HOPPES APARTMENTS LTD |
1568 Westmont Dr Springfield OH Value-Add Multifamily
Neighborhood occupancy trends remain resilient, supporting leasing stability for a 1973-vintage, 24-unit asset, according to WDSuite’s CRE market data. A smaller average unit size suggests attainable rents that can help maintain demand through cycles.
Located in Springfield’s inner-suburban fabric, the property benefits from an A+ neighborhood rating and steady renter demand signals. Neighborhood occupancy is competitive among Springfield’s 56 neighborhoods and sits in the top quartile nationally, according to CRE market data from WDSuite, which supports pricing discipline and lower downtime between turns. Renter-occupied housing accounts for roughly one-third of neighborhood units, indicating a meaningful but not saturated tenant pool for multifamily operators.
The property’s 1973 construction is older than the neighborhood’s average vintage (1995), pointing to potential capital planning needs alongside value-add or modernization upside. Smaller average unit sizes can position the asset competitively against larger, higher-rent alternatives if finishes and systems are kept current.
Local amenity access is mixed: parks density ranks 2 of 56 metro neighborhoods and is in the 91st percentile nationally, and grocery access ranks 9 of 56 with above-average national standing. By contrast, café and pharmacy density are limited within the neighborhood. For investors, this combination tends to favor daily-living convenience and outdoor access while suggesting the micro-location is more residential than retail-driven.
Within a 3-mile radius, households have grown even as population was roughly flat in recent years, expanding the potential tenant base through smaller household sizes. Forward-looking data points to additional household growth over the next five years, which should support occupancy stability and steady leasing. Home values are lower relative to many U.S. markets, so ownership is comparatively accessible; however, rent-to-income levels are manageable in this area, which can aid retention and reduce turnover sensitivity.
Comprehensive neighborhood crime metrics were not available in WDSuite for this location at the time of publication. Investors typically benchmark property-level security features and recent city and county trend reports to contextualize risk, comparing the neighborhood against broader Springfield and regional patterns rather than relying on block-level assumptions.
Proximity to regional employers supports a steady renter base by shortening commutes to corporate, logistics, and headquarters nodes noted below.
- Waste Management — corporate offices/operations (5.5 miles)
- Staples Fulfillment Center — fulfillment/logistics (20.7 miles)
- Parker-Hannifin Corporation — corporate offices (28.2 miles)
- Big Lots — corporate offices (35.3 miles) — HQ
- Cardinal Health — corporate offices (35.5 miles) — HQ
1568 Westmont Dr presents a classic value-add profile: a 1973 garden asset with smaller average unit sizes in a neighborhood that posts top-quartile national occupancy. This positioning can translate into durable leasing and the ability to calibrate rents to maintain velocity. According to WDSuite’s CRE market data, the surrounding area shows a meaningful renter-occupied share alongside household growth within a 3-mile radius, reinforcing depth in the tenant base even as ownership remains comparatively accessible.
The asset’s older vintage implies near- to medium-term capital planning for interiors and building systems, but also offers an avenue to refresh finishes and common areas to capture demand from residents prioritizing value and convenience. Amenity access skews toward parks and groceries rather than cafés and pharmacies, suggesting a residential setting with everyday necessities and potential to differentiate through on-site features and management execution.
- Neighborhood occupancy trends are strong nationally, supporting leasing stability
- 1973 vintage offers value-add and modernization upside with targeted capex
- Smaller average unit sizes support attainable rents and steady demand
- Household growth within 3 miles expands the renter pool and supports retention
- Risks: older building systems, limited nearby café/pharmacy density, and competition from accessible homeownership