| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Good |
| Demographics | 42nd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2940 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 |
2940 Derr Rd, Springfield OH Multifamily Investment
Neighborhood occupancy has held firm with recent improvement, pointing to steady leasing fundamentals, according to WDSuite s CRE market data. For investors, the key takeaway is durable renter demand at the neighborhood level with room to compete on quality and operations.
This Inner Suburb neighborhood in Springfield carries a B- rating and shows stable renter demand. Neighborhood occupancy is strong and has improved in recent years, supporting day-to-day cash flow stability versus more volatile submarkets, based on CRE market data from WDSuite. Restaurants are reasonably present relative to similar areas nationwide, while other amenities are thinner, so most residents likely rely on short drives for daily needs.
The property s 1994 construction is newer than the neighborhood s older housing stock (average vintage 1929 across 56 Springfield neighborhoods). That positioning can help it compete for tenants seeking more contemporary layouts and systems, though investors should still underwrite routine modernization as building systems approach mid-life.
Within a 3-mile radius, demographics point to a stable and gradually expanding renter pool. Population and household counts have inched up and are projected to continue rising, which generally supports occupancy stability and absorption. Median household incomes in the 3-mile area have grown and are projected to climb further, while rents are expected to trend upward at a measured pace factors that can aid retention and reduce turnover risk when paired with disciplined lease management.
Home values in the immediate neighborhood sit below many higher-cost metros, which can introduce some competition from more attainable ownership options. For multifamily owners, that typically translates to focusing on convenience, unit quality, and professional management to sustain pricing power and renewal rates, rather than relying solely on cost-of-ownership spreads.
Safety metrics are mixed but improving. The neighborhood s crime profile is competitive among Springfield neighborhoods (ranked 22 out of 56 locally, where lower ranks indicate more reported crime), yet it trends slightly better than the national average overall (mid-50s percentile nationwide). Recent year-over-year data from WDSuite shows meaningful declines in both violent and property offenses, suggesting a constructive trajectory rather than a deterioration.
For investors, the directional improvement and middle-of-the-pack local standing point to prudent, not punitive, underwriting: consider standard security measures and lighting upgrades, monitor trends, and lean on professional management practices to maintain resident confidence.
Nearby employers provide a diversified employment base that supports workforce renter demand and commute convenience, including Waste Management, Staples, Parker-Hannifin, Big Lots, and Cardinal Health.
- Waste Management environmental services (3.6 miles)
- Staples Fulfillment Center logistics & distribution (20.8 miles)
- Parker-Hannifin Corporation diversified manufacturing (29.9 miles)
- Big Lots retail HQ & corporate offices (35.8 miles) HQ
- Cardinal Health healthcare distribution & corporate (36.6 miles) HQ
2940 Derr Rd offers a 24-unit footprint with compact layouts that can appeal to value-oriented renters. The surrounding neighborhood has demonstrated stable occupancy with recent improvement, and the asset s 1994 vintage is newer than much of the local housing stock a relative advantage versus older comparables, while still warranting selective system upgrades and interior refreshes to drive rent and retention. According to CRE market data from WDSuite, neighborhood-level occupancy remains firm, and offense rates have been trending down, supporting consistent operations with standard risk controls.
Within a 3-mile radius, modest population and household growth, rising incomes, and measured rent gains point to a durable tenant base and manageable affordability pressure. Ownership remains comparatively accessible in this part of Ohio, so the investment thesis favors operational execution unit quality, convenience, and resident services to sustain pricing power and renewal rates rather than relying solely on cost barriers to ownership.
- Neighborhood occupancy is strong with recent improvement, supporting leasing stability.
- 1994 vintage is newer than area stock, with value-add potential via targeted upgrades.
- 3-mile demographics indicate steady renter pool expansion and income growth to support absorption.
- Employment access to regional corporate nodes underpins workforce demand and retention.
- Risks: amenity depth is limited nearby and ownership costs are accessible, requiring stronger service and convenience to maintain pricing power.