| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 28th | Poor |
| Demographics | 41st | Fair |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 22800 Rockside Rd, Bedford, OH, 44146, US |
| Region / Metro | Bedford |
| Year of Construction | 1984 |
| Units | 64 |
| Transaction Date | 2004-04-20 |
| Transaction Price | $3,250,000 |
| Buyer | 80 LLC |
| Seller | BARRINGTON APARTMENTS OF BEDFORD LTD |
22800 Rockside Rd Bedford Apartment Investment
Positioned in Bedford’s inner-suburban corridor, the asset offers durable workforce demand supported by a renter base that extends across the immediate 3-mile radius, according to WDSuite’s CRE market data.
Bedford is an Inner Suburb within the Cleveland–Elyria metro, rated B- by WDSuite. On a metro basis, the neighborhood ranks 320 out of 569 overall, placing it around the middle of the pack. Amenity access is relatively competitive at 128 of 569, indicating stronger daily-needs coverage than many peers in the region. Grocery and pharmacy density test above national averages, while parks and cafe options are thinner, suggesting convenience for essentials but fewer lifestyle destinations within the neighborhood itself.
Median rents in the neighborhood track below national medians (mid-tier nationally), which can help sustain leasing velocity and retention. The neighborhood’s renter concentration is roughly one-third of housing units being renter-occupied, signaling a meaningful, though not dominant, multifamily tenant base; across the wider 3-mile radius, renter-occupied share is just over half, pointing to deeper demand in the surrounding trade area.
Construction year averages in the area skew older (post-war stock), making a 1984 vintage relatively newer than much of the competitive set. For investors, that positioning can support operating competitiveness versus older comparables, while still warranting capital planning for aging systems and selective modernization to drive rent positioning.
Within a 3-mile radius, WDSuite reports modest recent population growth and a larger increase in household counts, with forecasts indicating continued household expansion through 2028. Rising household incomes in the radius and a rent-to-income profile that appears manageable by national standards reinforce occupancy stability potential, although relatively accessible home values in this part of Cuyahoga County can introduce competition from ownership alternatives. Schools score below national averages, which may temper appeal for some family renters and should be considered in marketing and unit-mix strategy.
Safety outcomes are mixed in context. Within the Cleveland–Elyria metro, the neighborhood’s crime position sits on the less favorable side of the spectrum (ranked 127 out of 569), indicating higher incident rates relative to many local peers. Nationally, however, WDSuite places the area around the upper-mid range for overall safety (approximately the 68th percentile), with property offenses near national averages.
Trend direction is constructive: WDSuite’s most recent reads show year-over-year declines in both violent and property offense rates. For investors, the key takeaway is that while the local ranking suggests caution when benchmarking within the metro, the national comparison and improving trajectory can help support leasing and retention if on-site security, lighting, and community standards are maintained.
Nearby logistics, industrial, and corporate campuses create a diversified employment base that supports workforce housing demand and commute convenience for residents, including Home Depot Distribution Center, Norfolk Southern, Airgas Merchant Gases, Parker-Hannifin, and Progressive.
- Home Depot Distribution Center — distribution & logistics (3.5 miles)
- Norfolk Southern Motor Yard — rail operations (5.0 miles)
- Airgas Merchant Gases — industrial gases (6.5 miles)
- Parker-Hannifin — motion & control manufacturing (7.4 miles) — HQ
- Progressive — insurance (9.5 miles) — HQ
This 64-unit, 1984-vintage asset offers a practical workforce housing play in an inner-suburban location with essential retail access and proximity to diversified employment. The vintage is newer than much of the local competitive set, which can aid leasing versus older stock while leaving room for targeted modernization to enhance rent positioning. Neighborhood rents sit below national levels, and within a 3-mile radius, population growth and a larger household base point to a wider tenant pool. According to CRE market data from WDSuite, neighborhood occupancy trends have improved over the past five years, supporting a case for stabilized performance with solid operations.
Investor considerations include accessible home values in the area that can compete with rentals, below-average school ratings that may affect some family demand, and the need to manage to local safety expectations despite recent improvement trends. Even so, proximity to major employers, manageable rent-to-income dynamics, and value-add potential from selective renovations together outline a credible, durable-income thesis.
- 1984 vintage is newer than nearby stock, supporting competitiveness while offering renovation upside
- Rents below national levels and a growing 3-mile household base support leasing and retention
- Diverse employers within 3–10 miles underpin workforce housing demand
- Improving safety trends and manageable rent-to-income profile aid stability
- Risks: competition from accessible ownership, below-average schools, and the need for continued asset-level security and capital planning