| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Best |
| Demographics | 48th | Good |
| Amenities | 34th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3001 Middle Urbana Rd, Springfield, OH, 45502, US |
| Region / Metro | Springfield |
| Year of Construction | 1988 |
| Units | 80 |
| Transaction Date | 2011-12-29 |
| Transaction Price | $5,500,000 |
| Buyer | EAGLEWOOD PROPERTY HOLDINIGS LLC |
| Seller | EAGLEWOOD VILLAGE LTD |
3001 Middle Urbana Rd Springfield Multifamily Opportunity
Positioned in an A-rated suburban pocket of Springfield, this 80-unit asset benefits from steady neighborhood renter demand and mid-range occupancy, according to WDSuite’s CRE market data, supporting durable cash flow with prudent operations.
The property sits in an A-rated, suburban neighborhood ranked 4th of 56 within the Springfield metro, indicating competitive positioning versus local peers. Amenity access is mixed: café density ranks 7th of 56 and tracks in the top quartile nationally, while broader amenity depth is competitive among Springfield neighborhoods. Grocery, park, and pharmacy options are sparser within the immediate area, so residents are more car-reliant for daily needs.
Neighborhood occupancy trends are around the national mid-range and near metro norms, suggesting stable leasing conditions rather than outsized volatility. Median contract rents in the neighborhood track close to regional levels, and a rent-to-income profile near mid-range points to manageable affordability that can aid retention and support pricing decisions during renewals.
Construction patterns skew slightly newer locally, with the neighborhood’s average vintage around the early 1990s. With a 1988 build, the asset is a touch older than nearby stock, which creates clear playbooks: targeted capital planning can modernize exteriors, common areas, and building systems to enhance competitive positioning against newer comparables.
Within a 3-mile radius, demographic data show modest population growth to date and a projected increase in both households and incomes through the medium term. A growing household base implies a larger tenant pool, while a balanced tenure mix (with a meaningful share of renter-occupied units) supports ongoing multifamily demand and helps sustain occupancy through cycles based on commercial real estate analysis from WDSuite.
Recent safety indicators point to conditions that are slightly better than national averages, with property-related incidents trending down over the last year. National comparisons place the area above the midpoint for both property and violent offense safety, and year-over-year data indicate notable improvement in property crime, which can support resident retention and leasing stability.
As with most suburban locations, conditions can vary by block and over time. Investors should monitor ongoing trendlines and compare them against the wider Springfield metro to gauge whether the recent improvements continue and how they may influence operating assumptions.
Proximity to regional employers supports a steady workforce renter base and commute convenience. Nearby operations span waste services, distribution, diversified manufacturing, and large corporate headquarters that draw talent across the metro.
- Waste Management — waste services (4.6 miles)
- Staples Fulfillment Center — distribution (19.9 miles)
- Parker-Hannifin Corporation — diversified manufacturing (28.9 miles)
- Big Lots — corporate offices (34.9 miles) — HQ
- Cardinal Health — corporate offices (35.6 miles) — HQ
This 80-unit Springfield asset offers balanced fundamentals driven by an A-rated neighborhood, mid-range occupancy, and a renter base supported by nearby employers. With a 1988 construction year versus an early-1990s neighborhood average, a focused value-add plan around interiors, common areas, and building systems can sharpen competitiveness against newer stock. According to CRE market data from WDSuite, neighborhood affordability sits near mid-range, which can aid lease retention while allowing disciplined rent management.
Within a 3-mile radius, households have inched higher and are projected to grow further alongside income gains, pointing to a gradually expanding tenant pool that supports occupancy stability over time. Headwinds include thinner walkable retail and average school ratings in the immediate area, placing a premium on on-site amenities and professional management to sustain leasing velocity.
- A-rated, competitively ranked neighborhood within the Springfield metro supports demand durability.
- 1988 vintage offers clear value-add and capital planning opportunities versus slightly newer local stock.
- Mid-range affordability and proximity to regional employers underpin retention and steady leasing.
- 3-mile household and income growth expand the tenant base, supporting occupancy stability.
- Risks: limited immediate walkable retail and average school quality require stronger on-site offerings and active leasing management.