| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 17th | Poor |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 337 Chestnut Ave, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1981 |
| Units | 64 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
337 Chestnut Ave, Springfield OH Multifamily Investment
Renter-occupied housing is prevalent in the surrounding neighborhood, supporting a consistent tenant base even as neighborhood occupancy trends run below metro medians, according to WDSuite’s CRE market data.
Situated in Springfield’s inner-suburb fabric, the property benefits from strong daily-needs access: grocery and pharmacy density ranks among the top quartile of 56 metro neighborhoods, with parks density competitive at the very top nationally. These amenities help with resident retention and day-to-day livability for workforce renters.
Neighborhood renter concentration is high (the share of housing units that are renter-occupied ranks first among 56 Springfield neighborhoods), indicating a deep tenant pool for multifamily. At the same time, neighborhood occupancy levels track below the metro median, so leasing strategies should prioritize retention and consistent marketing to stabilize turnover.
Within a 3-mile radius, recent population levels have held roughly flat while forecasts point to population growth and an increase in households over the next five years, implying a larger tenant base ahead. This outlook, combined with modest rent-to-income levels locally, suggests manageable affordability pressure that can support occupancy stability in professionally managed assets.
Home values in the area are lower compared with many U.S. neighborhoods, which can introduce some competition from ownership options. For investors, that typically places a premium on renovated finishes, convenience to employment, and value-focused rents to sustain leasing velocity.
Safety indicators for the neighborhood are around the national middle, and relative to the Springfield metro (56 neighborhoods total), crime levels sit modestly on the more challenged side of the spectrum. However, recent year-over-year trends show meaningful declines in both property and violent offenses, an improving trajectory that investors can monitor as part of underwriting and asset management.
- Waste Management — environmental services (1.7 miles)
- Staples Fulfillment Center — distribution (21.5 miles)
- Parker-Hannifin Corporation — industrial/manufacturing offices (32.0 miles)
- Big Lots — retail headquarters (36.9 miles) — HQ
- Cardinal Health — healthcare distribution (38.3 miles) — HQ
Nearby employers provide a diversified employment base that supports workforce housing demand and reasonable commute times. Notable names include Waste Management, a Staples fulfillment facility, Parker-Hannifin offices, Big Lots, and Cardinal Health.
Built in 1981, this 64‑unit asset is newer than much of the surrounding housing stock, offering competitive positioning versus older properties while still presenting potential value-add through targeted modernization and system updates. Based on CRE market data from WDSuite, the neighborhood shows a high share of renter-occupied units that supports demand, though overall neighborhood occupancy trends are below metro medians, reinforcing the need for hands-on leasing and retention.
Livability fundamentals are solid for a workforce offering: strong access to groceries, pharmacies, and parks ranks among the better-performing areas locally and compares well nationally. Within a 3‑mile radius, forecasts call for population and household growth, which points to a larger renter pool over time. Given relatively accessible ownership costs in the area, competitive rent positioning and refreshed interiors can help sustain pricing power and limit move-outs to ownership.
- Newer 1981 vintage versus local stock, with value-add and system-upgrade potential
- High neighborhood renter concentration supports depth of tenant demand
- Strong daily-needs access (groceries, pharmacies, parks) aids retention
- 3-mile forecasts indicate population and household growth, expanding the renter base
- Risk: neighborhood occupancy below metro medians and ownership alternatives require disciplined leasing and competitive finishes