| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Fair |
| Demographics | 38th | Poor |
| Amenities | 7th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 311 E South St, Wayne, OH, 43466, US |
| Region / Metro | Wayne |
| Year of Construction | 1973 |
| Units | 81 |
| Transaction Date | 2011-08-15 |
| Transaction Price | $525,650 |
| Buyer | Wooster Residential Partners LLC |
| Seller | Wooster Towers Ltd. |
311 E South St Wayne, OH Multifamily Opportunity
Neighborhood occupancy is above the metro median, supporting stable leasing fundamentals for a 1973-vintage, 81-unit asset, according to WDSuite’s CRE market data. Investor focus here leans toward durable renter demand and practical value-add positioning rather than amenity-driven premiums.
Wayne sits within the Toledo, OH metro and skews rural, with limited on-the-doorstep amenities and car-oriented living. Neighborhood amenity density ranks below many metro peers, so resident convenience is largely tied to regional corridors rather than walkable retail. That context suggests demand is less lifestyle-driven and more anchored to affordability and commute patterns.
Rents in the surrounding neighborhood benchmark lower than many urban submarkets, and the neighborhood occupancy rate sits above the metro median (rank 71 of 244), indicating steady absorption for workforce-oriented units. For investors, this typically supports lower volatility and consistent lease-up relative to more discretionary locations.
Within a 3-mile radius, demographic statistics show modest population growth and a projected increase in households through the next five years, pointing to a larger tenant base and potential renter pool expansion. The area’s rent-to-income ratio sits on the lower side, which can aid lease retention and provide operational flexibility around renewals and pricing strategy.
Tenure data indicates a moderate renter concentration at the neighborhood level (renter-occupied share below a majority), implying rental demand is present but balanced with ownership options. Median home values in the neighborhood are comparatively low for the region, which can introduce some competition with ownership, but also helps sustain occupancy for renters prioritizing value and flexibility.
The property’s 1973 construction is newer than much of the area’s older housing stock, offering relative competitiveness versus vintage assets while still warranting thoughtful capital planning for building systems and common-area modernization to reinforce leasing performance.
Safety indicators compare favorably in a metro and national context. The neighborhood’s crime rank is 23 out of 244 Toledo metro neighborhoods, placing it among the top quartile locally and aligning with a high national safety percentile. Violent offense rates track in the stronger range nationally, and recent data shows notable improvement in property offenses. For investors, that combination supports renter retention and leasing stability without relying on block-level claims.
Proximity to major Toledo-area corporate offices underpins workforce housing demand and commute convenience, with exposure to packaging, energy, and manufacturing corporate footprints noted below.
- Owens-Illinois — corporate offices (18.3 miles) — HQ
- Marathon Petroleum — corporate offices (20.6 miles) — HQ
- Dana — corporate offices (21.9 miles)
- Dana Holding — corporate offices (21.9 miles) — HQ
- Owens Corning — corporate offices (24.2 miles) — HQ
311 E South St offers an 81-unit, 1973-vintage profile in a rural Toledo-metro setting where neighborhood occupancy trends run above the metro median and rents position toward the value end of the spectrum. Based on CRE market data from WDSuite, this combination points to steady renter demand and an operations-first thesis centered on affordability, retention, and measured rent growth rather than amenity premiums.
Within a 3-mile radius, recent population growth and a projected increase in households indicate a gradually expanding renter base, while a relatively low rent-to-income ratio can support renewal capture and pricing flexibility. The asset’s vintage is newer than much of the area’s older stock, suggesting competitive positioning with targeted system upgrades and common-area improvements, though investors should plan for ongoing capex and acknowledge limited neighborhood amenity depth and potential competition from accessible ownership options.
- Occupancy above the metro median supports stable leasing and cash flow resilience.
- Value-oriented rents and low rent-to-income ratios aid retention and renewal strategy.
- 1973 vintage offers relative competitiveness vs. older stock with value-add through targeted upgrades.
- Regional corporate employers within commuting distance bolster workforce demand.
- Risks: limited local amenities and lower ownership costs can compete with rentals; ongoing capex required for aging systems.