| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Fair |
| Demographics | 38th | Fair |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5214 Old Lake Rd, Geneva, OH, 44041, US |
| Region / Metro | Geneva |
| Year of Construction | 1998 |
| Units | 62 |
| Transaction Date | 2019-11-18 |
| Transaction Price | $575,000 |
| Buyer | LUKAS ON THE LAKE LLC |
| Seller | ADDAH ENTERPRIZES LLC |
5214 Old Lake Rd Geneva Multifamily Opportunity
Positioned in a rural Geneva submarket with modest rents and a stable service- and industrial-leaning workforce, this asset’s demand profile is supported by renter households in the surrounding area, according to WDSuite’s CRE market data. The neighborhood’s amenities skew toward dining options, while homeownership remains relatively accessible—factors that suggest steady leasing with disciplined pricing and tenant retention focus.
The property sits in a rural part of Ashtabula County where neighborhood fundamentals are competitive among Ashtabula, OH, neighborhoods and place the area in the top quartile among 47 metro neighborhoods. Dining density scores well versus national peers, while everyday services are more limited, consistent with a lower-intensity, small-market setting.
Amenity access trends favor restaurants (nationally strong) and basic groceries, but options for childcare and pharmacies are limited. For investors, this mix points to convenience for daily needs and entertainment, with some resident drive-times required for specialized services—typical for workforce housing in rural nodes.
Construction patterns nearby skew older on average, and a 1998-vintage asset can compete well against 1970s-era stock, while still warranting capital planning for systems modernization and selective interior refresh to support leasing and renewal performance.
Within a 3-mile radius, demographics indicate a smaller population base and a renter share that supports a defined, but not deep, tenant pool. Household counts have trended lower, yet incomes have improved, which can sustain rent levels even as operators should prioritize retention and leasing efficiency. Home values in the neighborhood are comparatively accessible versus many U.S. markets, which may introduce some competition from ownership; this typically argues for thoughtful rent positioning and value-add features that reinforce the convenience of multifamily.
Safety indicators benchmark favorably at the national level. Estimated violent and property offense rates are in the top quartile nationally for safer outcomes, based on CRE market data from WDSuite, though one-year changes show some recent increases. For investors, this combination suggests broadly supportive safety perception with a need to monitor trend momentum.
Relative to other Ashtabula neighborhoods (47 total), the area aligns closer to the metro middle on broad crime measures, reinforcing a practical view: marketing should highlight the broader rural setting and community familiarity while maintaining standard security measures and resident engagement to support long-term retention.
Regional employment access is anchored by corporate offices west and southwest of Geneva, providing commuting options that can support renter demand and lease stability. Notable employers include Progressive’s campus buildings, Parker-Hannifin, and a large-scale Home Depot distribution facility.
- Progressive Greens Building — corporate offices (33.0 miles)
- Progressive Discovery Building — corporate offices (33.7 miles)
- Progressive — corporate offices (34.5 miles) — HQ
- Parker-Hannifin — corporate offices (36.3 miles) — HQ
- Home Depot Distribution Center — distribution (42.7 miles)
This 1998-vintage, 62-unit multifamily asset offers competitive positioning versus older neighborhood stock while benefiting from a service-oriented employment base within commuting distance. According to CRE market data from WDSuite, nearby amenities lean toward dining and basic groceries, and safety benchmarks compare favorably at the national level. The rural setting and comparatively accessible homeownership landscape point to a defined renter pool where leasing success relies on operational discipline, value-add differentiation, and resident retention.
Demographic data aggregated within a 3-mile radius shows a smaller—and gradually contracting—population base paired with improving household incomes and a measurable share of renter-occupied units. Together, these trends support steady day-to-day demand for well-managed workforce housing while underscoring the importance of right-sizing capital plans and amenities to sustain occupancy and renewal rates through cycles.
- 1998 vintage competes well against older local stock; plan targeted system upgrades and interior refresh to maintain an edge
- Amenity mix and nationally favorable safety benchmarks support leasing narratives for workforce renters
- Renter base exists but is not deep; focus on retention, service quality, and efficient turn processes
- Accessible ownership options can compete with renting; emphasize convenience, maintenance-free living, and upgraded finishes
- Small-market exposure and population drift present leasing risk; conservative underwriting and expense control are prudent