| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 30th | Fair |
| Demographics | 30th | Poor |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 17 W Johnson St, Springfield, OH, 45506, US |
| Region / Metro | Springfield |
| Year of Construction | 1974 |
| Units | 99 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
17 W Johnson St Springfield, OH Multifamily with Stable Renter Demand
Neighborhood occupancy has held near metro norms with a renter-occupied share that trends above many U.S. areas, according to WDSuite’s CRE market data. The 1974 vintage positions the asset competitively versus older local stock while leaving room for targeted modernization.
This suburban Springfield neighborhood is rated B+ and ranks 16 out of 56 locally, placing it competitive among Springfield neighborhoods. Food-and-beverage access is a relative strength: restaurants and cafes rank 9 and 4 out of 56, respectively, indicating better depth than much of the metro. Grocery access sits above the metro median (rank 13 of 56). By contrast, parks and pharmacies are sparse, which may affect lifestyle convenience.
The neighborhood’s housing stock is older on average (1953), and this property’s 1974 construction is newer than much of the immediate area—supporting relative competitiveness while still warranting capital planning for aging systems and common-area refresh. Neighborhood occupancy is near the national middle with modest improvement in recent years, a constructive backdrop for lease stability.
Within a 3-mile radius, renter-occupied housing represents roughly half of units, signaling a deep tenant base for multifamily. Population has been broadly steady and is projected to grow modestly with a larger household count and smaller average household size by 2028, expanding the renter pool and supporting absorption. Household incomes in the 3-mile area have trended higher and are expected to continue rising, which can underpin rent collections and measured rent growth.
Ownership costs are relatively accessible in this part of the metro, which can create some competition with for-sale options. However, rent-to-income levels for the neighborhood are favorable for renters (high national percentile), suggesting room for thoughtful pricing while maintaining retention—especially for smaller, more attainable units.
Safety metrics for the neighborhood are around the Springfield metro median (ranked 28 out of 56) and roughly middle-of-the-pack nationally. Recent year-over-year trends are constructive: estimated violent and property offenses both declined, with improvement that compares favorably to many neighborhoods nationwide. These are neighborhood-level indicators and can support leasing stability when paired with on-site security and property management best practices.
Nearby employers provide a diversified employment base that supports workforce housing demand and practical commute times. Notable names include Waste Management, Staples, Parker-Hannifin, Big Lots, and Cardinal Health.
- Waste Management — environmental services (2.3 miles)
- Staples Fulfillment Center — distribution (21.9 miles)
- Parker-Hannifin Corporation — industrial/manufacturing offices (33.7 miles)
- Big Lots — retail corporate offices (37.6 miles) — HQ
- Cardinal Health — healthcare distribution (39.5 miles) — HQ
Built in 1974 with 99 units and compact average floor plans, the property is positioned for attainable rentals that align with the area’s renter demand and favorable rent-to-income dynamics. According to CRE market data from WDSuite, the neighborhood sits competitive within the metro, with occupancy near national midpoints and improving. The vintage is newer than the area’s older housing base, creating a platform for targeted value-add to common areas, unit finishes, and building systems to enhance competitiveness without overextending capital.
Within a 3-mile radius, households and incomes are projected to rise while average household size trends lower—signals of a gradually expanding renter pool and sustained absorption potential. Amenities skew toward everyday convenience (restaurants, cafes, and groceries) even as park and pharmacy access lag, which argues for an operational focus on on-site services and resident retention programs. Ownership remains relatively accessible locally, so positioning on value, service quality, and unit functionality should help preserve pricing power and stabilize occupancy.
- 1974 vintage offers clear value-add levers while remaining competitive versus older neighborhood stock.
- Occupancy near national midpoints with recent improvement supports steady leasing, per WDSuite data.
- Growing 3-mile household base and rising incomes expand the tenant pool and support rent collections.
- Everyday amenities (restaurants, cafes, groceries) bolster livability and retention for workforce renters.
- Risks: limited parks/pharmacy access and relatively accessible ownership; success depends on operational execution and targeted capex.