| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 44th | Fair |
| Amenities | 23rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5700 Perkins Rd, Bedford, OH, 44146, US |
| Region / Metro | Bedford |
| Year of Construction | 2005 |
| Units | 55 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
5700 Perkins Rd Bedford Multifamily Investment Opportunity
Neighborhood occupancy is strong and renter demand is deep, according to WDSuite’s CRE market data, positioning the asset for stable operations in Bedford, Ohio. Metrics cited are for the surrounding neighborhood and indicate consistent performance relative to the Cleveland–Elyria metro.
This Inner Suburb location in Bedford carries a B- neighborhood rating, with the area’s housing stock skewing older (average built 1970). The subject’s 2005 vintage is newer than the neighborhood norm, which can support competitive positioning versus older stock while limiting near‑term capital exposure; investors may still plan for modernization of systems and common areas to drive rent lift.
Occupancy in the neighborhood is in the top quartile among 569 Cleveland–Elyria neighborhoods and in the higher national percentiles, suggesting steady lease-up and retention. Renter concentration is elevated (share of housing units that are renter-occupied is high by metro standards), indicating a sizable tenant base for multifamily. Median household sizes are smaller locally, which typically supports demand for studios and one-bedrooms.
Within a 3-mile radius, demographic data show modest population growth in recent years and a notable increase in households, with forecasts pointing to additional household gains over the next five years. This expansion translates into a larger tenant base and supports occupancy stability and future leasing velocity. Median contract rents have trended upward locally, though at levels that still read as accessible relative to many metros, aiding lease retention.
Amenities are mixed: restaurants and grocery access are competitive among metro peers, while parks, pharmacies, and childcare are thinner. Average school ratings in the neighborhood trail national norms, which may matter for family-oriented demand mixes. Home values in the area are comparatively low for the nation, which can introduce some competition from entry-level ownership; however, current rent-to-income levels indicate manageable affordability pressure, supporting stable collections and measured pricing power.
Safety indicators for the neighborhood are below the national median, based on WDSuite’s data. Relative to neighborhoods nationwide, overall crime readings fall in the lower national percentiles, so investors should underwrite prudent security and operational practices consistent with urban inner-suburban assets.
Trends are mixed: estimated property offense rates show a meaningful year-over-year decline, an improvement that ranks strongly versus national peers, while violent offense estimates have been more volatile on a recent-year basis. These directional signals suggest monitoring trajectory and coordinating with local property management to align staffing, lighting, and access controls to maintain leasing and retention.
The location draws from a diverse employment base that supports workforce housing demand and commute convenience, including distribution, rail operations, advanced manufacturing, insurance, and coatings headquarters. These anchors can reinforce weekday traffic, resident retention, and leasing depth.
- Home Depot Distribution Center — distribution & logistics (2.4 miles)
- Norfolk Southern Motor Yard — rail operations (4.7 miles)
- Parker-Hannifin — industrial manufacturing (7.4 miles) — HQ
- Progressive — insurance (9.6 miles) — HQ
- Sherwin-Williams — coatings & chemicals (11.9 miles) — HQ
Built in 2005 and comprising a mid-size unit count, the property is newer than the neighborhood’s older housing stock, supporting competitive positioning while offering potential value-add through targeted interior and common-area updates. Neighborhood occupancy sits in the top quartile of the metro and in high national percentiles, indicating durable leasing conditions; according to CRE market data from WDSuite, the area’s high renter concentration deepens the tenant pool and supports retention.
Within a 3-mile radius, recent population growth and a faster rise in households point to renter pool expansion over the medium term, which should support occupancy stability and measured rent growth. Local rents remain relatively accessible in context, aiding collections and lease management, though comparatively low home values may create some competition from ownership alternatives. Investors should also account for below-average school ratings and mixed safety readings when setting operating plans.
- 2005 vintage outperforms older neighborhood stock, with modernization upside
- Top-quartile neighborhood occupancy and high renter concentration support leasing stability
- 3-mile household growth and accessible rent levels reinforce tenant demand
- Proximity to major employers underpins weekday traffic and retention
- Risks: below-average school ratings, mixed safety trends, and potential competition from entry-level ownership