| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Good |
| Demographics | 42nd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2981 Vester Ave, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1984 |
| Units | 76 |
| Transaction Date | 2012-02-02 |
| Transaction Price | $2,312,700 |
| Buyer | SPRINGFIELD FOX RUN ASSISTED LIVING LLC |
| Seller | BLC SPRINGFIELD GC LLC |
2981 Vester Ave Springfield Multifamily Investment
Neighborhood occupancy trends are competitive within the Springfield metro and sit in the top quartile nationally, supporting stable tenancy according to WDSuite s CRE market data. Positioning skews toward workforce demand and renter retention rather than luxury lease-up.
The property is located in an Inner Suburb of Springfield, Ohio, where neighborhood occupancy has remained resilient and competitive among Springfield neighborhoods while ranking in the top quartile nationally. Based on CRE market data from WDSuite, this backdrop favors steady lease rolls and mitigates downtime risk relative to weaker submarkets.
Renter-occupied housing accounts for a meaningful share of neighborhood units (renter concentration ranks in the top quartile nationally), indicating a durable tenant base for multifamily operators. Within a 3-mile radius, the population and household counts have trended upward and are projected to grow further over the next five years, which implies a larger tenant base and supports occupancy stability.
The area s ownership market is relatively accessible compared with many U.S. neighborhoods, which can introduce some competition with entry-level ownership options. Even so, rent-to-income levels in the neighborhood are toward the favorable side nationally, which can help with lease retention and pricing discipline for value-oriented product.
Amenity density in the immediate neighborhood is modest, with limited cafes, groceries, parks, and childcare within close proximity; residents typically draw on broader metro conveniences. The average neighborhood construction year skews older (1920s), so a 1984 asset like this generally competes well on systems and layouts while still benefiting from targeted renovations to refresh common areas and in-unit finishes for today s renter expectations.
Safety indicators in this neighborhood track around the Springfield metro middle, according to WDSuite s CRE market data. While overall levels are not among the region s leaders, recent year-over-year trends show meaningful improvement, which investors often translate into steadier leasing and tenant retention when paired with professional management and lighting/security upgrades.
Proximity to a mix of operations and corporate offices supports workforce housing demand and practical commute times for residents, including Waste Management, a Staples fulfillment node, Parker-Hannifin, Big Lots, and Cardinal Health.
- Waste Management corporate offices (3.9 miles)
- Staples Fulfillment Center corporate offices (20.7 miles)
- Parker-Hannifin Corporation corporate offices (29.6 miles)
- Big Lots corporate offices (35.7 miles) HQ
- Cardinal Health corporate offices (36.4 miles) HQ
1984 construction provides an advantage versus the older neighborhood housing stock, balancing functional layouts with a clear path for value-add upgrades to kitchens, baths, and common areas. Neighborhood occupancy outperforms most U.S. areas and is competitive within the Springfield metro, pointing to solid cash flow durability when paired with disciplined operations. Within a 3-mile radius, steady population gains and projected household growth suggest continued renter pool expansion, supporting lease-up and retention.
Positioning skews toward value-oriented renters; rent-to-income levels are relatively manageable for the area, which can aid pricing power without overextending residents. According to CRE market data from WDSuite, the neighborhood s renter concentration is meaningful, while homeownership remains accessible enough to warrant close watch on concessions and renewal strategies. Smaller-format units can further align with affordability-focused demand, though amenity-light surroundings reinforce the case for on-site enhancements.
- Occupancy competitive in metro and top quartile nationally supports stable cash flow
- 1984 vintage offers value-add potential versus older neighborhood stock
- 3-mile population and household growth expand the tenant base and support leasing
- Value-oriented positioning benefits from manageable rent-to-income dynamics
- Risks: amenity-light location and accessible ownership options may pressure concessions and renewals