| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Best |
| Demographics | 52nd | Best |
| Amenities | 38th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 488 Eastwood St, Geneva, OH, 44041, US |
| Region / Metro | Geneva |
| Year of Construction | 1973 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
488 Eastwood St, Geneva OH Multifamily Investment
Neighborhood occupancy has been resilient and rents sit at accessible levels for the area, supporting stable collections according to WDSuite’s CRE market data. These are neighborhood metrics, not property performance, but they point to steady renter demand and manageable affordability pressures.
Situated in Geneva, the property benefits from an A-rated neighborhood that is competitive among Ashtabula neighborhoods (3rd of 47). Neighborhood occupancy is 94.5%, which trends above many peer locations, suggesting steadier leasing conditions; this figure reflects the neighborhood, not the property. Renter concentration in the neighborhood is around three in ten units, indicating a smaller but durable tenant base for workforce-oriented housing.
Daily needs are reasonably served: grocery and pharmacy access rank above the metro median, while cafes and parks are sparse—typical for a rural setting. Average school ratings sit near the middle of national comparisons, which is neutral for broad-based family demand.
Rents benchmark on the lower side for the region and the neighborhood rent-to-income ratio of roughly 0.15 points to limited affordability pressure—helpful for retention and collections but implying measured pricing power. Median home values are moderate in context, so ownership remains attainable for some households; for investors, that can mean more renewal focus and amenity positioning to reduce move-outs to ownership.
Within a 3-mile radius, recent trends show a slight population dip alongside indications of smaller household sizes ahead, which can maintain the renter pool even when population growth is flat. Looking forward, neighborhood demographics and income gains could support steady demand for well-managed apartments, based on CRE market data from WDSuite.
Vintage and positioning: Built in 1973, the asset is newer than the neighborhood’s average housing vintage (1951). That relative vintage can be a competitive edge versus older stock, while still leaving room for selective system upgrades and interior refreshes to drive value-add returns.
Safety indicators are mixed in this area. Compared with neighborhoods nationwide, overall safety sits below the national middle, though property-related offenses compare more favorably than violent incidents. Year-over-year trends show a recent uptick in estimated violent incidents at the neighborhood level; investors may wish to monitor local data and incorporate appropriate on-site measures such as lighting, access control, and resident engagement. These comments reflect neighborhood-level patterns, not block-specific conditions.
Commutable access to major Northeast Ohio employers supports workforce housing demand, with proximity to Progressive offices, Parker-Hannifin, and a Home Depot distribution node helping underpin leasing stability for residents employed across these hubs.
- Progressive Greens Building — insurance operations (30.8 miles)
- Progressive Discovery Building — insurance operations (31.4 miles)
- Progressive — insurance (HQ) (32.3 miles)
- Parker-Hannifin — diversified industrials (HQ) (33.9 miles)
- Home Depot Distribution Center — logistics/distribution (39.8 miles)
The investment case centers on stable neighborhood occupancy, accessible rents, and a relative vintage advantage. With neighborhood occupancy around the mid-90s and a renter share near one-third, demand appears steady even in a more owner-leaning submarket. The 1973 vintage is newer than the neighborhood average, creating a positioning edge over older stock while leaving room for targeted value-add. According to CRE market data from WDSuite, affordability signals (including a modest rent-to-income ratio) support retention, though they also suggest a measured approach to rent growth.
Employment access across the Cleveland–Ashtabula corridor, combined with grocery and pharmacy convenience, helps support day-to-day livability despite limited café and park density. Forward indicators show potential for smaller household sizes within a 3-mile radius, which can keep the renter pool resilient even without pronounced population growth.
- Occupancy stability at the neighborhood level supports leasing consistency and collections
- 1973 vintage is newer than area norms, with selective upgrade and value-add potential
- Accessible rents and modest rent-to-income dynamics favor retention and reduce turnover costs
- Regional employers within commuting range reinforce workforce housing demand
- Risks: limited amenity density, mixed safety signals, and owner-leaning tenure may temper rent growth