| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Good |
| Demographics | 48th | Good |
| Amenities | 11th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2550 N Limestone St, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1990 |
| Units | 22 |
| Transaction Date | 2003-03-07 |
| Transaction Price | $3,660,549 |
| Buyer | BUCKEYE 3D LLC |
| Seller | GREENLAWN ARBORS APARTMRNTS LLC |
2550 N Limestone St Springfield Multifamily Investment
Neighborhood metrics indicate a sizable renter-occupied base and below-national rent levels that can support leasing and retention — according to WDSuite’s CRE market data — noting these figures reflect the surrounding neighborhood, not the property. The 1990 vintage competes against older local stock and may offer selective value-add opportunities for modernization.
Located in an Inner Suburb pocket of Springfield (neighborhood rating: B), the area surrounding 2550 N Limestone St skews renter-friendly, with renter-occupied housing representing a meaningful share of units and ranking above the metro median (14 out of 56 Springfield neighborhoods). For investors, that depth of renter concentration points to a steady tenant base, while neighborhood rents sit below national benchmarks, helping sustain demand and lease retention.
The property s 1990 construction is newer than the neighborhood s average vintage (1965), offering competitive positioning versus older stock. That said, investors should plan for routine modernization to common areas and systems to meet contemporary renter expectations and support pricing power.
Operating fundamentals at the neighborhood level signal mixed, but manageable dynamics. Neighborhood occupancy is in the high-80s and trails stronger Springfield subareas (ranked 39 of 56), suggesting room for property-level execution to drive stabilization. Median contract rents in the neighborhood are modest and the rent-to-income ratio sits in a manageable range, which supports retention but may temper near-term rent growth relative to higher-cost submarkets.
Local convenience is limited for certain daily-needs categories (few groceries, pharmacies, parks, and childcare within the immediate neighborhood), though restaurant density is competitive among Springfield neighborhoods (ranked 11 of 56 and above the national middle). Average school ratings trend low, which can influence unit mix strategy and marketing to households, but proximity to employment corridors can still underpin workforce renter demand. Demographic statistics within a 3-mile radius show a stable population today with a projected increase in households over the next five years, indicating a larger tenant base even as household sizes edge slightly smaller; this supports occupancy stability for well-managed assets.
Neighborhood safety measures are broadly in line with national mid-range comparisons. Within the Springfield metro, the area s overall crime rank sits near the middle of 56 neighborhoods, indicating neither an outlier risk nor a clear safety premium. On a national basis, the neighborhood s position is around the middle as well.
Recent trend data points to improvement: estimated year-over-year declines in both violent and property offenses are notable, placing the neighborhood in stronger improvement brackets nationally. Investors should view safety as stable-to-improving at the neighborhood scale and continue to underwrite standard security measures and lighting, while monitoring citywide trends and property-level incident reports over time.
Nearby employment nodes span environmental services, distribution, industrial manufacturing, and large corporate headquarters presence in the Columbus corridor, supporting workforce housing demand and commute convenience for renters. The list below highlights representative employers by proximity.
- Waste Management environmental services (2.8 miles)
- Staples Fulfillment Center distribution & e-commerce (21.7 miles)
- Parker-Hannifin Corporation industrial manufacturing (30.8 miles)
- Big Lots retail corporate (36.8 miles) HQ
- Cardinal Health healthcare distribution (37.6 miles) HQ
This 22-unit, 1990-vintage asset competes against older neighborhood stock, creating an opportunity to capture renters seeking functional layouts with targeted upgrades. Neighborhood-level data points to a solid renter base (above the metro median renter concentration) and below-national rent levels that support leasing and retention. According to CRE market data from WDSuite, neighborhood occupancy sits below Springfield s stronger subareas, so asset-specific execution and selective improvements can be key to driving stabilization and cash flow durability.
Within a 3-mile radius, population remains stable and households are projected to increase, implying renter pool expansion even as household sizes trend slightly smaller. Ownership remains relatively accessible in the metro context, which can add competition from entry-level ownership, but it also places a premium on well-managed, upgraded rentals with convenience to employment corridors.
- Competitive vintage vs. older neighborhood stock supports positioning with targeted renovations
- Above-metro-median renter concentration indicates depth of tenant demand
- Below-national rent levels aid lease-up and retention strategies
- Household growth within 3 miles points to a larger future renter base
- Risk: neighborhood occupancy trails stronger Springfield subareas; execution and upgrades are important