| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Good |
| Demographics | 42nd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2936 Derr Rd, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1994 |
| Units | 24 |
| Transaction Date | 2003-03-07 |
| Transaction Price | $2,526,514 |
| Buyer | NORTH BROOK APARTMENTS PMF INVESTMENTS |
| Seller | ANTIGONE LLC |
2936 Derr Rd, Springfield OH Multifamily Positioning
Neighborhood occupancy is competitive for Springfield and has trended upward, according to WDSuite’s CRE market data, supporting a stable renter base for thoughtfully managed assets.
This Inner Suburb pocket of Springfield shows competitive occupancy within the metro (ranked 22 of 56 neighborhoods) and a national positioning that is above the midpoint, indicating demand stability for well-run units. Median contract rents in the neighborhood sit on the lower side relative to national benchmarks, which can support lease retention while requiring disciplined revenue management. The property’s 1994 vintage is newer than the neighborhood’s older average housing stock, suggesting relatively stronger unit functionality today, though systems may still benefit from targeted modernization over a hold period.
Livability is auto-oriented with limited retail and daily-needs density immediately nearby, while restaurant access is closer to the metro median. Investors should underwrite convenience more on drive-time access than walkability. Home values in this area are lower than many U.S. submarkets, which can introduce some competition from ownership options; however, lower rent-to-income readings locally point to manageable affordability pressure that can aid retention.
Within a 3-mile radius, population has inched higher over the past five years and is projected to continue growing, with households also expected to expand. This points to a larger tenant base over time and supports occupancy stability. Renter-occupied housing comprises roughly two-fifths of units in this radius, providing depth for multifamily demand. As incomes are forecast to rise, operators may find room for measured rent steps while maintaining renewal rates, per multifamily property research trends reflected in WDSuite’s dataset.
Safety indicators for the neighborhood track near the national middle and are competitive among Springfield neighborhoods (22 of 56), based on WDSuite’s data. Recent-year trends point to declines in both violent and property offenses at the neighborhood level, which, if sustained, can support renter sentiment and renewal probability.
As with any micro-location, performance varies by block and asset operations; investors should pair these directional trends with property-level controls (lighting, access management, and tenancy standards) to support consistent outcomes.
The area draws from a diversified employment base that supports workforce housing demand and commute convenience, led by Waste Management locally and regional corporate operations from Staples, Parker-Hannifin, Big Lots, and Cardinal Health.
- Waste Management — environmental services (3.6 miles)
- Staples Fulfillment Center — distribution (20.9 miles)
- Parker-Hannifin Corporation — manufacturing offices (29.9 miles)
- Big Lots — retail HQ operations (35.9 miles) — HQ
- Cardinal Health — healthcare services (36.6 miles) — HQ
This 1994-vintage, 24-unit asset benefits from a neighborhood where occupancy is competitive within Springfield and trending upward, supporting cash flow durability for well-managed operations. The asset’s relative youth versus the area’s older housing stock can reduce near-term capital intensity, while still offering selective value-add through interior updates and systems modernization. Lower relative rent levels and a rent-to-income profile around the national midpoint reinforce renewal potential and pricing flexibility.
Within a 3-mile radius, modest population growth to date and projected household expansion point to a gradually enlarging renter pool. According to CRE market data from WDSuite, home values remain comparatively accessible versus national benchmarks, which may create some competition from ownership but also supports steady workforce demand. Balanced underwriting that prioritizes operational execution, curb appeal, and unit livability should position the property to capture demand and sustain occupancy.
- Competitive neighborhood occupancy with upward trend supports leasing stability
- 1994 vintage offers lower relative capex needs with targeted value-add upside
- Expanding 3-mile household counts indicate a growing tenant base
- Accessible ownership market requires disciplined pricing and retention strategy
- Auto-oriented location; success depends on drive-time access and on-site appeal