| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 47th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 415 Cole St, Wauseon, OH, 43567, US |
| Region / Metro | Wauseon |
| Year of Construction | 1983 |
| Units | 46 |
| Transaction Date | 2014-07-29 |
| Transaction Price | $825,000 |
| Buyer | WAUSEON I LLC |
| Seller | WAUSEON MANOR APARTMENTS |
415 Cole St, Wauseon OH Multifamily Investment
Neighborhood occupancy is reported at the high end of the metro, supporting stable leasing conditions for this asset, according to CRE market data from WDSuite. This positioning suggests durable renter demand at the neighborhood level rather than the property specifically.
Located in suburban Wauseon within the Toledo metro, the neighborhood posts an A- rating and ranks 42 out of 244 metro neighborhoods, indicating competitive positioning among Toledo neighborhoods. Neighborhood occupancy is at the top of the metro cohort (ranked 1 of 244), a signal of steady renter demand at the neighborhood level that can support consistent tenancy for multifamily assets.
Daily needs are well covered for a small market: grocery, parks, and pharmacies sit above metro medians, and the area’s amenity profile is around the middle of national peers (amenities roughly 59th percentile nationally). Average school ratings trend above the national midpoint (about the 70th percentile), which can reinforce neighborhood stability and family-oriented leasing.
The asset’s 1983 vintage is newer than the neighborhood’s average construction year of 1973. That relative youth can help competitiveness versus older local stock, while investors should still plan for system updates and selective renovations to meet current renter expectations.
Renter concentration in the neighborhood is below half (roughly one-quarter to one-third of housing units are renter-occupied), implying a defined but not saturated tenant base. Within a 3-mile radius, demographics indicate a broadly stable population and a modest shift toward more households over the next five years, which points to smaller household sizes and a potential incremental renter pool expansion that can support occupancy stability.
Home values in the neighborhood are lower relative to national benchmarks, which can introduce some competition from ownership options. At the same time, a low rent-to-income ratio (among the stronger readings nationally) suggests manageable affordability pressure for renters, supporting retention and measured pricing power for well-maintained units.
Safety indicators are mixed. The neighborhood’s overall crime standing is weaker relative to many Toledo neighborhoods (ranked 227 out of 244), and its national position is below the median (around the 31st percentile). Property crime levels benchmark closer to average nationally (about the 60th percentile for property offenses), while violent crime sits near the national midpoint. Recent year-over-year changes show some volatility, so underwriting should incorporate prudent assumptions and review the latest local reports and trends.
Regional corporate offices and headquarters in the Toledo area provide a diversified employment base that can support renter demand through commute-accessible jobs, including Dana, Owens-Illinois, Owens Corning, and Marathon Petroleum. Proximity to these employers can aid leasing and retention for workforce-oriented units.
- Dana Holding — corporate offices (22.9 miles) — HQ
- Dana — corporate offices (23.0 miles)
- Owens-Illinois — corporate offices (25.5 miles) — HQ
- Owens Corning — corporate offices (31.7 miles) — HQ
- Marathon Petroleum — corporate offices (44.3 miles) — HQ
415 Cole St offers 46 units with a 1983 vintage in a neighborhood that ranks competitively within the Toledo metro and shows top-of-cohort occupancy at the neighborhood level. This backdrop supports leasing stability for well-managed properties. According to CRE market data from WDSuite, the area’s rent burden is comparatively low, which can aid tenant retention and measured rent growth from a sustainable base.
Within a 3-mile radius, population is broadly steady while households are projected to increase, indicating smaller household sizes and a gradual shift that can expand the renter pool. Lower relative home values may create some competition from ownership, but they also anchor a cost-conscious market where updated units can compete effectively. The asset’s newer-than-average vintage for the area provides a platform for targeted value-add—focused updates to interiors and building systems—to enhance positioning versus older nearby stock.
- Neighborhood occupancy at the top of the metro cohort supports leasing stability
- 1983 vintage offers a competitive edge versus older local stock with clear value-add angles
- Low rent-to-income levels point to manageable affordability pressure and potential retention upside
- 3-mile demographics indicate more households even with flat population, expanding the tenant base
- Risks: modest ownership costs can compete with rentals; crime trends show some volatility—underwrite conservatively