| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Fair |
| Demographics | 68th | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 633 State St, Elmore, OH, 43416, US |
| Region / Metro | Elmore |
| Year of Construction | 1979 |
| Units | 61 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
633 State St, Elmore OH Multifamily Opportunity
Neighborhood occupancy is in the low-90s and renter affordability appears favorable, according to WDSuite’s CRE market data, pointing to steady lease retention with measured pricing power. The rural setting suggests a value-driven renter profile, with demand supported by proximity to Toledo-area employers.
Elmore sits within the Toledo, OH metro and is characterized as a rural neighborhood with limited immediate retail and services. WDSuite data shows very few cafes, grocery options, or parks inside the neighborhood boundary, so residents typically drive for daily needs. This dynamic favors properties that emphasize on-site convenience and parking while competing on value.
Neighborhood occupancy trends hover around the low-90% range, indicating generally stable tenancy without clear signs of overheating. The share of housing units that are renter-occupied is modest at the neighborhood level, which means the tenant base is thinner than in urban submarkets; operators typically win on dependable product, responsive management, and competitive rents to maintain absorption.
The property’s 1979 vintage is newer than much of the area’s housing stock (average construction year skews to the 1940s). For investors, this can translate into relative competitiveness versus older comparables, while still planning for modernization of building systems and common areas to sustain leasing and reduce long-run capital surprises.
Within a 3-mile radius, demographics indicate slight population contraction over the last five years with households holding roughly flat, suggesting smaller household sizes and a stable renter pool rather than broad expansion. Median household incomes have been trending higher, and rent-to-income levels are low for the neighborhood, which supports retention and reduces near-term affordability pressure. Median home values are moderate for the region, implying some competition from ownership; in practice this places a premium on well-managed operations, unit finishes, and convenience to preserve pricing power.
Schools serving the area average around mid-level ratings in WDSuite benchmarking, which aligns with workforce housing positioning. Looking ahead, WDSuite’s multifamily property research points to upward pressure on contract rents in the surrounding area, though rural demand growth is expected to be measured; underwriting should reflect steady operations rather than outsized rent growth.
Neighborhood-level crime metrics are not available in WDSuite for this location, so investors should review local law enforcement reports and historical trend data during diligence. Given the rural context, comparative safety can vary widely across Toledo-metro neighborhoods; a property-level assessment (lighting, access control, and visibility) remains the most reliable indicator for operations and resident retention.
Regional employment anchors in the Toledo area support commuting renters, with concentration in building materials, packaging, and energy. Key nearby employers include Owens Corning, Owens-Illinois, Dana Holding, and Marathon Petroleum.
- Owens Corning — building materials (17.3 miles) — HQ
- Owens-Illinois — glass packaging (18.9 miles) — HQ
- Dana Holding — auto components (21.9 miles) — HQ
- Marathon Petroleum — energy & refining (35.8 miles) — HQ
633 State St offers scale at 61 units in a value-oriented rural neighborhood where occupancy trends are steady and rent-to-income levels are low, supporting resident retention. According to CRE market data from WDSuite, the property’s 1979 construction is newer than much of the surrounding housing stock, which can provide a competitive edge versus older assets when paired with targeted system upgrades and cosmetic refreshes.
Within a 3-mile radius, recent population drifted slightly lower while households held roughly stable and incomes advanced, implying a consistent renter pool with capacity to absorb measured rent increases. Moderate regional home values mean some households may consider ownership, so the investment case centers on operational execution, durable tenancy, and workforce access to nearby Toledo employers rather than expectation of outsized growth.
- Stable neighborhood occupancy and low rent-to-income support retention and predictable cash flow management.
- 1979 vintage is newer than much of local stock, with value-add potential via system upgrades and common-area improvements.
- Commuter access to Toledo-area anchors (materials, packaging, energy) underpins workforce renter demand.
- Risk: Rural, amenity-light location may temper rent growth; performance hinges on operations and service quality.
- Risk: Accessible ownership options can compete with rentals; emphasize convenience, maintenance, and leasing experience to sustain occupancy.