| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3600 Northfield Rd, Beachwood, OH, 44122, US |
| Region / Metro | Beachwood |
| Year of Construction | 1982 |
| Units | 81 |
| Transaction Date | 2010-08-10 |
| Transaction Price | $2,896,373 |
| Buyer | SHAKER PLACE VOA AFFORDABLE HOUSING LP |
| Seller | UCC V INC |
3600 Northfield Rd Beachwood Multifamily with Stable Renter Base
Neighborhood renter demand is durable and occupancy trends sit near national medians, according to WDSuite s CRE market data, supporting consistent leasing for an 81-unit asset. The property s 1982 vintage offers competitive positioning versus older local stock with potential for targeted upgrades.
Located in Beachwood within the Cleveland Elyria metro, the neighborhood is competitive among 569 metro neighborhoods (ranked 188), signaling balanced fundamentals for multifamily investors. Local occupancy for the neighborhood is around the national midpoint, which typically supports steady leasing without outsized volatility.
Amenities are a relative strength: restaurants and everyday services score above national midpoints (e.g., restaurants near the 81st percentile; groceries, parks, cafes, and pharmacies in the upper-middle percentiles). This breadth of conveniences can aid retention and day-to-day livability for residents.
Tenure patterns point to a deep renter base: an estimated 63.7% of housing units in the neighborhood are renter-occupied (above most peers, 35th of 569). For investors, a higher renter concentration expands the pool of prospective tenants and can help sustain occupancy through cycles. Median neighborhood rents sit below national medians, which can position units as value options and support leasing velocity.
Within a 3-mile radius, demographics show population growth over the past five years (+3.2%) and a notable increase in households (+9.5%), with additional household growth forecast through 2028 (+36.1%). Smaller average household sizes are projected, which typically adds more households to the market and broadens the renter pool. Median and mean household incomes have risen meaningfully, supporting rent levels while still requiring attention to affordability management.
Home values in the neighborhood sit well below national medians, indicating a more accessible ownership market. That landscape can introduce competition with entry-level ownership, so underwriting should account for pricing discipline and differentiators in finishes, amenities, or management service. Average school ratings are below national averages, which may limit family-driven demand but has less impact on studios and smaller formats often associated with workforce-oriented properties.
Vintage considerations: the property was built in 1982, slightly newer than the neighborhood s average vintage (1980). This positioning can reduce immediate modernization needs versus older stock while still leaving room for targeted systems updates and interior refreshes to drive rent premiums.
Neighborhood safety indicators are near the metro median (crime rank 265 out of 569), and the area sits modestly above the national midpoint for safety (54th percentile nationwide). Recent data also shows meaningful year-over-year declines in both violent and property offenses, a constructive trend for resident perception and leasing stability.
Investors should view safety as comparable to many inner-suburb locations in the region, monitoring trend persistence rather than assuming linear improvement. Comparative positioning suggests day-to-day operations can proceed without outsized security costs, though proactive property management and lighting/design measures remain prudent.
The surrounding employment base includes corporate headquarters and major operations that help support renter demand through commute convenience and diversified job nodes. Nearby anchors include Parker Hannifin, Home Depot Distribution Center, Progressive, Airgas Merchant Gases, and Progressive s Discovery Building.
- Parker-Hannifin diversified manufacturing HQ (4.9 miles) HQ
- Home Depot Distribution Center distribution (6.5 miles)
- Progressive insurance HQ (6.8 miles) HQ
- Airgas Merchant Gases industrial gases (7.2 miles)
- Progressive Discovery Building insurance operations (7.7 miles)
This 81-unit 1982 asset in Beachwood sits within a neighborhood that ranks competitive among metro peers and tracks near national occupancy medians. A high share of renter-occupied units at the neighborhood level supports depth of demand, while amenity access and diversified job nodes bolster retention. According to CRE market data from WDSuite, local rents trend below national medians, positioning the asset as a value option with room for targeted upgrades to capture incremental pricing.
Within a 3-mile radius, household counts have increased and are projected to rise further through 2028, effectively enlarging the tenant base even as household sizes edge lower. Lower neighborhood home values suggest potential competition from ownership alternatives, so business plans should emphasize operations, finish quality, and service to maintain pricing power.
- Neighborhood is competitive among 569 metro areas with occupancy near national medians, supporting stable leasing
- 1982 vintage offers relative competitiveness versus older stock with value-add potential via targeted upgrades
- Large, growing 3-mile household base expands the renter pool and supports absorption
- Rents below national medians enable a value positioning that can aid occupancy and retention
- Risk: lower local home values may compete with rentals, requiring disciplined pricing and service differentiation