| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Good |
| Demographics | 48th | Good |
| Amenities | 11th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 700 E McCreight Ave, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 2000 |
| Units | 65 |
| Transaction Date | 2016-09-28 |
| Transaction Price | $1,440,000 |
| Buyer | MCCREIGHT ASSOCIATES LLC |
| Seller | FELLOWS TERRACE LP |
700 E McCreight Ave Springfield Multifamily Investment
Renter demand in the surrounding neighborhood is steady with a renter-occupied share above the metro median, supporting a durable tenant base, according to WDSuite's CRE market data. Positioned in an inner-suburban setting, the asset benefits from accessible rents that can aid retention and occupancy management.
Located in Springfield, OH's inner-suburban fabric, the neighborhood is rated B and ranks above the metro median (23 of 56 neighborhoods), indicating balanced fundamentals for workforce housing. Restaurant density is comparatively stronger than many local peers, while day-to-day amenities like groceries, parks, and pharmacies are thinner, which investors should factor into leasing positioning and resident services.
The property's 2000 vintage is newer than the neighborhood's average construction year (1965). That positioning can help competitiveness versus older stock, though investors should still plan for targeted system updates or modernization as part of ongoing asset management.
Neighborhood occupancy trends sit near the national middle with modest softening over five years, suggesting stable yet competitive leasing conditions. The renter-occupied share is elevated relative to many U.S. areas (top quartile nationally), which points to depth in the tenant pool and supports ongoing demand for multifamily units.
Within a 3-mile radius, demographics show a largely stable population recently, with projections indicating household growth and rising incomes over the next five years. This implies a larger tenant base and potential renter pool expansion, which can help support occupancy stability and measured pricing power.
Ownership costs in the area are relatively accessible compared with high-cost metros. While that can introduce some competition from entry-level ownership, the neighborhood's rent-to-income profile is manageable, which can support lease retention and reduce turnover risk when paired with disciplined revenue management.
School ratings in the immediate neighborhood trail regional averages, which may matter for family-oriented prospects. However, for workforce renters prioritizing commute and value, the submarket's fundamentals remain serviceable, and targeted amenity upgrades can further differentiate the asset.
Safety indicators are mixed but improving. The neighborhood's overall crime positioning is around the national middle, and its metro rank sits near the center of Springfield's 56 neighborhoods. Encouragingly, both violent and property offense measures have trended down over the past year, with declines that compare favorably to national patterns.
In plain terms, this area is not among the highest-safety cohorts in the metro, nor among the weakest. The recent downward trend in incidents suggests improving conditions, but investors should still underwrite prudent security measures and resident experience initiatives consistent with inner-suburban assets.
Proximity to regional employers supports workforce housing demand and commute convenience for residents. Notable nearby employers include Waste Management, Staples Fulfillment Center, Parker-Hannifin, Big Lots, and Cardinal Health.
- Waste Management — environmental services (2.1 miles)
- Staples Fulfillment Center — retail distribution (21.2 miles)
- Parker-Hannifin Corporation — industrial & motion control (31.4 miles)
- Big Lots — discount retail (36.6 miles) — HQ
- Cardinal Health — healthcare distribution (37.8 miles) — HQ
Built in 2000 with 65 units, this asset offers competitive positioning versus the neighborhood's older housing stock, with potential to capture steady workforce demand. Based on commercial real estate analysis from WDSuite, the area's renter concentration is above the metro median and occupancy trends are near national mid-range, indicating stable but competitive leasing dynamics. Accessible rents relative to incomes can support retention, while selective renovations or amenity upgrades may enhance pricing power.
Looking ahead, within a 3-mile radius, projections point to growth in households and incomes, implying a larger tenant base and support for occupancy stability. While amenity density and local school ratings are modest, targeted capex, resident services, and value-focused positioning can help the property compete effectively against nearby alternatives and entry-level ownership options.
- Newer 2000 vintage versus older neighborhood stock supports competitive positioning
- Renter pool depth above metro median supports demand and leasing continuity
- Accessible rents relative to incomes aid retention and measured pricing power
- 3-mile projections for household and income growth support occupancy stability
- Risks: thinner amenity base, softer school ratings, and competitive pressure from entry-level ownership