| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Best |
| Demographics | 57th | Good |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 516 E Merry Ave, Bowling Green, OH, 43402, US |
| Region / Metro | Bowling Green |
| Year of Construction | 1978 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
516 E Merry Ave Bowling Green OH Multifamily Investment
Renter demand is supported by a high neighborhood renter concentration and dining access, while occupancy trends are steady according to WDSuite s CRE market data. 1978 vintage offers a competitive edge versus older local stock with potential for modernization to drive returns.
The neighborhood scores A- and ranks 41 out of 244 in the Toledo metro, placing it competitive among Toledo neighborhoods and in the top quartile locally. Dining density is a clear strength (restaurant options rank 4 of 244; 96th percentile nationally), while grocery access is solid (rank 35). Caf e9s, parks, and pharmacies are limited, which investors should weigh when positioning amenities and services.
With 71.5% of housing units renter-occupied (rank 10 of 244; high nationally), the tenant base is deep and supports leasing stability. Neighborhood occupancy is near the metro middle, suggesting balanced supply-demand dynamics that may require active asset management to sustain performance. Median contract rent in the neighborhood is modest and has grown over the past five years, which aligns with broader metro patterns and can support steady renewal strategies.
Demographics aggregated within a 3-mile radius indicate households have increased in recent years and are projected to expand further through 2028, even as population edges lower emdue largely to smaller household sizes. This points to a larger renter pool over time and supports occupancy resilience. In the same 3-mile view, median incomes have risen meaningfully and are projected to continue increasing, a tailwind for rent growth management. These trends are consistent with multifamily property research from WDSuite at the neighborhood-to-metro scale.
Home values in the area are relatively elevated versus local incomes (high value-to-income ratio; 90th percentile nationally), indicating a high-cost ownership market that tends to reinforce reliance on rental housing and can aid retention. The property s 1978 construction is newer than the neighborhood s average vintage (1932), which helps competitive positioning against older stock; investors should still plan for selective system updates and modernization to enhance renter appeal.
Safety indicators compare favorably in the metro and nationally. The neighborhood s crime rank is 12 out of 244 within the Toledo metro, indicating stronger safety relative to most local neighborhoods. Nationally, the area sits in higher safety percentiles for both property and violent offenses, and recent year-over-year trends show notable declines. These comparative signals suggest a supportive backdrop for renter retention without implying block-level conditions.
Proximity to established regional employers supports a steady renter pipeline and commute convenience, with exposure to manufacturing, building materials, and energy. The list below highlights nearby anchors most likely to influence leasing depth.
- Owens-Illinois mdash; glass & packaging (10.2 miles) mdash; HQ
- Dana mdash; automotive components (13.2 miles)
- Dana Holding mdash; automotive components (13.2 miles) mdash; HQ
- Owens Corning mdash; building materials (19.2 miles) mdash; HQ
- Marathon Petroleum mdash; energy & refining (23.8 miles) mdash; HQ
516 E Merry Ave offers a 48-unit footprint in a neighborhood that ranks 41 of 244 in the Toledo metro, a top-quartile local position with strong dining access and a deep renter base. The 1978 vintage is newer than much of the surrounding stock, supporting competitive curb appeal and unit livability, while leaving room for targeted value-add (systems and interiors) to capture rent premiums. According to commercial real estate analysis from WDSuite, elevated ownership costs relative to income bolster reliance on rentals, and a growing household count within a 3-mile radius is set to expand the tenant pool even as average household size trends lower.
Operationally, neighborhood occupancy sits near metro averages, implying stable but actively managed performance. Income growth in the 3-mile area provides headroom for disciplined rent optimization, while proximity to multiple regional employers underpins demand. Key risks include renter affordability pressure (higher rent-to-income ratios locally) and limited nearby parks, pharmacies, and caf e9s, which call for amenity planning and careful lease management.
- Top-quartile local neighborhood (41 of 244) with strong dining access and renter depth
- 1978 vintage newer than area average mdash;positioned for targeted value-add and modernization
- Household growth within 3 miles and rising incomes support occupancy resilience and rent optimization
- Proximity to regional employers supports leasing stability and retention
- Risks: renter affordability pressure and limited nearby parks/pharmacies/caf e9s require thoughtful asset and lease strategy