| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Fair |
| Demographics | 51st | Fair |
| Amenities | 13th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 640 Turney Rd, Bedford, OH, 44146, US |
| Region / Metro | Bedford |
| Year of Construction | 1977 |
| Units | 39 |
| Transaction Date | 2005-03-01 |
| Transaction Price | $62,400 |
| Buyer | NEXTGEN GROUP LTD |
| Seller | WXI/MCN SUBS II REAL ESTATE LP |
640 Turney Rd, Bedford OH Multifamily Investment
Stabilized renter demand in Bedford’s inner-suburban setting supports consistent leasing, according to WDSuite’s CRE market data, with neighborhood occupancy trending slightly above national norms and a deep renter pool for small-unit product.
Bedford sits within the Cleveland–Elyria metro’s inner suburbs, offering cost-conscious housing and commutability to major job nodes. Neighborhood-level occupancy is reported at 92.8%, a touch above national benchmarks (per WDSuite), which supports near-term leasing stability for a 39-unit property with smaller average floor plans.
The neighborhood shows a high concentration of renter-occupied housing units: at 58.4%, it places in the top quartile among 569 Cleveland–Elyria neighborhoods. For investors, this depth of renter demand typically broadens the tenant base and can aid renewal performance, though it also means more direct competition from nearby rentals.
Local amenities skew lean for retail, dining, and parks, but pharmacy access is comparatively stronger versus national peers. Nearby home values are on the lower side for the region, which creates a high-cost-ownership contrast in fewer cases and more often translates to renters prioritizing value and predictability; paired with a rent-to-income ratio around 0.24 at the neighborhood level, this suggests manageable affordability pressure and room for disciplined revenue management.
Demographics aggregated within a 3-mile radius indicate modest recent population growth alongside an increase in total households, with forecasts pointing to further population and household gains over the next five years. This trajectory implies a gradually expanding tenant base, supporting occupancy stability for well-managed multifamily assets.
Safety signals are mixed but improving. The neighborhood’s overall crime positioning is better than average nationally (66th percentile), with property offenses nearer the national middle (58th percentile) and violent offenses below average safety levels (35th percentile). Year over year, both property and violent offense rates have declined materially, placing the area among stronger improvers nationwide, according to WDSuite.
For underwriting, this pattern supports a cautious but constructive view: current safety stands competitively relative to many urban submarkets, and recent downward trends reduce near-term volatility risk, though prudent security and lighting upgrades may still be warranted depending on asset condition and tenant profile.
Proximity to diversified employers underpins workforce housing demand and commute convenience for renters, including industrial gases, rail operations, distribution, advanced manufacturing, and coatings headquarters.
- Airgas Merchant Gases — industrial gases (4.2 miles)
- Norfolk Southern Motor Yard — rail operations (4.5 miles)
- Home Depot Distribution Center — distribution & logistics (5.2 miles)
- Parker-Hannifin — manufacturing & engineering (9.5 miles) — HQ
- Sherwin-Williams — coatings & specialty chemicals (9.9 miles) — HQ
Built in 1977, the asset is slightly newer than the neighborhood’s average vintage, offering a competitive edge versus older stock while still presenting potential value-add through targeted modernization of interiors and building systems. Neighborhood occupancy is modestly above national norms and the renter-occupied share sits in the top quartile metro-wide, indicating durable demand for multifamily units of efficient size. According to CRE market data from WDSuite, nearby home values and rent-to-income dynamics point to manageable affordability pressure, supporting pricing discipline without overreliance on aggressive rent growth.
Within a 3-mile radius, recent gains in population and households—and forecasts for additional growth—signal gradual expansion of the tenant base. Employer connectivity across manufacturing, logistics, and corporate HQs supports steady leasing, while lean nearby amenity density places a premium on on-site features and management to drive retention.
- Demand base: renter-occupied share in the top quartile among metro neighborhoods supports depth of tenant pool and renewal potential.
- Occupancy stability: neighborhood occupancy trends slightly above national benchmarks, aiding cash flow consistency.
- Vintage positioning: 1977 construction offers competitive standing vs. older stock with clear value-add via selective upgrades.
- Location fundamentals: proximity to logistics, manufacturing, and HQ employers supports workforce renter demand.
- Risks: lean walkable amenities and mixed safety metrics require operational focus on on-site features, security, and tenant experience.