| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 28th | Poor |
| Demographics | 41st | Fair |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 19655 Rockside Rd, Bedford, OH, 44146, US |
| Region / Metro | Bedford |
| Year of Construction | 1988 |
| Units | 56 |
| Transaction Date | 1997-05-30 |
| Transaction Price | $1,527,000 |
| Buyer | ROSE VALLEY INC |
| Seller | FNB REAL ESTATE CORP |
19655 Rockside Rd, Bedford OH Multifamily Investment Position
Built in 1988, the asset is newer than much of the inner-suburban stock and benefits from accessible rents and a broad renter base, according to WDSuite’s CRE market data. Neighborhood occupancy has improved in recent years, so leasing execution and tenant retention remain key drivers of performance.
Bedford’s inner-suburb setting offers everyday convenience more than lifestyle flair. Grocery and pharmacy access score above national medians, while parks and cafes are sparse. School ratings trend weaker (average around 1 out of 5), which can temper family-oriented demand and puts a premium on attracting workforce renters.
The property’s 1988 vintage is newer than the neighborhood’s typical 1940s housing stock, giving it relative competitiveness versus older inventory. Investors should still plan for mid-life system updates or common-area refreshes to support leasing and limit downtime.
Tenure patterns signal a durable rental market: at the neighborhood level, roughly one-third of housing units are renter-occupied, indicating a meaningful base of multifamily demand. Within a 3-mile radius, renter concentration is higher, supporting a deeper tenant pool for a 56-unit community.
Demographic statistics aggregated within a 3-mile radius show population growth over the last five years and a projected expansion in households through 2028, pointing to a larger tenant base and potential support for occupancy stability. Median contract rents remain accessible relative to local incomes, and rent-to-income levels suggest manageable payment ratios that can aid lease retention.
Against metro and national CRE trends, neighborhood occupancy has trended up over five years but remains below stronger submarkets, implying that hands-on leasing and renewals management will be important. Home values are comparatively modest for the region, which can introduce some competition from ownership options; effective pricing and value-forward finishes are useful to sustain demand.
Safety indicators compare favorably at the national level, with the neighborhood performing above the U.S. median (higher national percentile). Within the Cleveland–Elyria metro, it is not among the top-tier neighborhoods for safety, so property-level security, lighting, and resident engagement can help support leasing and retention.
Recent trend data from WDSuite shows estimated violent and property offenses declining year over year, an encouraging directional signal. Investors should monitor ongoing trends and compare to nearby submarkets when underwriting renewal assumptions.
Proximity to distribution, transportation, industrial, and corporate offices supports a broad workforce renter base and convenient commutes. Nearby employers include Home Depot’s distribution, Norfolk Southern rail operations, Airgas industrial gases, Parker-Hannifin, and PNC offices.
- Home Depot Distribution Center — logistics/distribution (4.3 miles)
- Norfolk Southern Motor Yard — rail transportation (5.0 miles)
- Airgas Merchant Gases — industrial gases (5.4 miles)
- Parker-Hannifin — diversified manufacturing (8.0 miles) — HQ
- PNC Center — finance offices (10.0 miles)
This 56-unit Bedford asset combines accessible rent positioning with proximity to diverse employment nodes. According to CRE market data from WDSuite, neighborhood occupancy has been improving, while a 3-mile radius shows population growth and a projected increase in households, reinforcing the renter pool and supporting occupancy stability with effective leasing. The home-ownership landscape is relatively low-cost for the region, so thoughtful pricing and resident experience are important to sustain demand versus ownership alternatives.
Built in 1988, the property is newer than much of the surrounding housing stock, offering competitive positioning versus older assets while likely benefiting from targeted modernization and capital planning to enhance leasing velocity and renewals. Amenities nearby skew utilitarian (grocery, pharmacy) rather than lifestyle, which aligns with workforce housing demand profiles.
- Improving neighborhood occupancy and growing 3-mile renter pool support demand and lease-up stability.
- 1988 vintage is newer than local stock, with value-add potential through selective upgrades.
- Accessible rents relative to incomes can aid retention and reduce turnover risk.
- Proximity to logistics, industrial, and corporate employers underpins workforce renter demand.
- Risks: softer neighborhood occupancy versus stronger submarkets and competition from ownership options; active leasing and pricing discipline are important.