| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Best |
| Demographics | 50th | Good |
| Amenities | 41st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 715 Villa Rd, Springfield, OH, 45503, US |
| Region / Metro | Springfield |
| Year of Construction | 1992 |
| Units | 26 |
| Transaction Date | 2013-02-27 |
| Transaction Price | $5,095,000 |
| Buyer | BUCKEYE 3D LLC |
| Seller | GREENLAWN ARBORS APARTMRNTS LLC |
715 Villa Rd, Springfield OH Multifamily Investment
Neighborhood occupancy is solid and daily-needs retail is nearby, supporting stable renter demand according to WDSuite’s CRE market data. Metrics cited are for the surrounding neighborhood, not the property, and point to steady performance over a full cycle.
This inner-suburb location carries an A+ neighborhood rating and is the top-ranked area among 56 Springfield neighborhoods, indicating strong operating fundamentals for renters and operators. Neighborhood occupancy has trended upward over the past five years, supporting leasing stability and renewals for a 26-unit asset.
Access to daily needs is a relative strength: grocery and pharmacy density are competitive among Springfield neighborhoods (both near the top of 56), and restaurants are also well represented. Lifestyle amenities like cafes and parks are limited in the immediate area, so positioning may lean on convenience and value rather than entertainment clustering. These observations reflect neighborhood conditions, not the specific property.
The building’s 1992 construction is newer than the neighborhood’s average 1979 vintage, offering competitive positioning versus older stock. Investors should still plan for typical 1990s system updates and common-area refreshes, but relatively newer vintage can temper near-term capital outlays versus 1970s properties and help attract renters seeking more modern layouts.
Tenure patterns show a meaningful share of renter-occupied housing units in the neighborhood, which supports depth of demand for multifamily. Within a 3-mile radius, population has been stable with forecasts calling for growth in both population and households over the next five years, implying renter pool expansion and support for occupancy. Area rents remain accessible relative to local incomes, aiding retention and measured rent growth; this commercial real estate analysis is based on neighborhood indicators, not the subject property’s actuals.
Home values are moderate in the local context, which can introduce some competition from ownership options. For multifamily operators, this typically favors value-oriented, well-managed units where pricing power comes from convenience and upkeep rather than premium amenity sets.
Safety signals are mixed but trending positively. Compared with neighborhoods nationwide, the area sits modestly above the national median for safety. Within the Springfield metro, the neighborhood falls closer to the higher-crime half of local areas, so underwriting should account for prudent security measures and insurance assumptions.
Recent momentum is constructive: both property and violent offense rates for the neighborhood have declined year over year, with notable percentage improvements reported in the latest period. These figures are measured at the neighborhood level and can help support resident retention and asset performance when paired with on-site management best practices.
Nearby employers provide a diversified employment base that supports local renter demand and manageable commutes, including Waste Management, Staples Fulfillment Center, Parker‑Hannifin, Big Lots, and Cardinal Health.
- Waste Management — environmental services (3.6 miles)
- Staples Fulfillment Center — logistics & distribution (21.2 miles)
- Parker-Hannifin Corporation — industrial manufacturing (29.9 miles)
- Big Lots — retail corporate offices (36.1 miles) — HQ
- Cardinal Health — healthcare supply chain (36.8 miles) — HQ
715 Villa Rd offers exposure to a top-ranked Springfield neighborhood with steady renter demand, improving neighborhood safety trends, and convenient access to daily-needs retail. Based on CRE market data from WDSuite, neighborhood occupancy has strengthened in recent years, supporting stable cash flow potential for an efficiently sized, 26-unit asset.
The 1992 vintage is newer than much of the surrounding housing stock, which can enhance competitiveness versus older buildings while still calling for targeted system updates typical of 1990s construction. Moderate home values suggest some competition from ownership; in practice, this favors value-oriented positioning and consistent operations over amenity-heavy strategies.
- Top-ranked neighborhood in the Springfield metro with upward-trending occupancy supporting leasing stability
- 1992 construction offers relative advantage versus older local stock, with manageable modernization needs
- Daily-needs retail proximity (grocery, pharmacy) underpins convenience-driven renter demand
- 3-mile demographics point to growth in the renter pool, reinforcing occupancy and retention potential
- Risk: limited lifestyle amenities and some metro-relative safety considerations warrant conservative underwriting