| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Good |
| Demographics | 42nd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3340 Vester Ave, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1989 |
| Units | 49 |
| Transaction Date | 2016-10-27 |
| Transaction Price | $1,325,000 |
| Buyer | MIDWEST ESTATES LLC |
| Seller | WILMAX PROPERTIES LLC |
3340 Vester Ave Springfield Multifamily Investment
Neighborhood occupancy is in the mid-90s, indicating stable renter demand in this Inner Suburb of Springfield, according to WDSuite’s CRE market data. The area’s renter-occupied share is modest, so positioning and value-add can be important to capture demand without over-reliance on lease-up velocity.
3340 Vester Ave sits in an Inner Suburb of Springfield with a B- neighborhood rating. Neighborhood-level occupancy is 95.4% with recent gains, suggesting steady leasing and limited downtime relative to broader U.S. conditions, per WDSuite’s CRE market data. Note that these are neighborhood metrics, not property performance.
Vintage positioning matters here: the property was built in 1989, while the neighborhood’s average construction year trends much older (1929). Being newer than much of the local stock can support competitive positioning versus older assets, though investors should still underwrite for system updates, common-area refreshes, or light unit renovations to meet renter expectations.
Local livability is car-oriented. Amenity density for daily needs (grocery, pharmacies, childcare, cafés) is limited within the immediate neighborhood, while restaurants are present but not clustered. For multifamily, this typically emphasizes on-site conveniences, parking, and ease of access to arterials over walkable retail.
Within a 3-mile radius, demographics show recent population growth and a small increase in households, with projections pointing to further population and household gains over the next five years. These trends support a larger tenant base and occupancy stability. The renter-occupied share within this radius is below half, indicating a moderate renter pool; ownership is relatively accessible in this market, which can create some competition for higher-earning households but also supports retention where rents remain aligned with incomes.
Home values in the neighborhood are lower than national norms (around the lower quartiles nationally), and the rent-to-income ratio sits near the national mid-to-upper range. For investors, this mix can support resident retention and measured rent growth, provided unit quality and operations align with value expectations.
Safety indicators are competitive among Springfield neighborhoods (ranked 22 out of 56), and compare slightly better than the national median (around the 55th percentile), based on WDSuite’s neighborhood benchmarks. Year-over-year, both violent and property offense rates have moved downward at the neighborhood level, with violent incidents showing a pronounced decline. These are neighborhood-level indicators and not block-specific conditions.
For investors, the directional improvement is constructive for leasing and retention narratives. Continue to underwrite standard security measures, lighting, and property management presence consistent with Inner Suburb assets to support resident confidence.
Proximity to established employers supports a steady renter base and commute convenience. Nearby anchors include waste services, distribution and fulfillment, advanced manufacturing, and retail and healthcare headquarters operations.
- Waste Management — waste services (3.9 miles)
- Staples Fulfillment Center — distribution and fulfillment (20.7 miles)
- Parker-Hannifin Corporation — motion & control manufacturing (29.6 miles)
- Big Lots — discount retail (35.6 miles) — HQ
- Cardinal Health — healthcare distribution (36.4 miles) — HQ
3340 Vester Ave offers exposure to an Inner Suburb submarket where neighborhood occupancy trends in the mid-90s, signaling consistent leasing conditions. The area’s renter-occupied share is moderate, so well-executed positioning and operations are key to capturing demand. According to commercial real estate analysis from WDSuite, the neighborhood compares slightly safer than the national median with improving trends, which helps support resident retention.
Built in 1989, the asset is materially newer than much of the local housing stock, providing a relative edge versus older competing properties while still leaving room for targeted value-add and modernization to meet current renter expectations. Within a 3-mile radius, recent and projected increases in population and households point to a growing tenant base. Ownership remains relatively accessible in this market, so investors should underwrite measured rent growth tied to unit quality, value, and management execution.
- Stable neighborhood occupancy supports leasing consistency
- 1989 vintage is newer than local stock, with value-add potential
- 3-mile population and household growth expand the renter base
- Slightly improving neighborhood safety trends aid retention
- Risk: moderate renter concentration and accessible ownership can temper rent upside; execution and unit quality are pivotal