| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 25th | Poor |
| Demographics | 24th | Poor |
| Amenities | 87th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10401 Superior Ave, Cleveland, OH, 44106, US |
| Region / Metro | Cleveland |
| Year of Construction | 1988 |
| Units | 72 |
| Transaction Date | 1986-03-26 |
| Transaction Price | $61,300 |
| Buyer | GREATER ABYSSINIAN HOUSING |
| Seller | --- |
10401 Superior Ave, Cleveland OH Multifamily Investment
Positioned in an inner-suburb corridor with strong everyday amenities and a deep renter base, the asset offers income stability potential at approachable rents, according to WDSuite’s CRE market data. The combination of smaller unit formats and proximity to job centers supports steady leasing even as operators manage capex and operational efficiency.
The property sits in a B-rated neighborhood that ranks 241 out of 569 in the Cleveland–Elyria metro, placing it above the metro median. Local convenience is a differentiator: parks are top quartile nationally, and grocery, pharmacy, and cafe density score well compared to U.S. neighborhoods, supporting day-to-day livability that helps retention.
Rents in the immediate neighborhood trend below national averages, which can support pricing power while keeping resident affordability manageable for lease management. Within a 3-mile radius, an estimated 62–66% of housing units are renter-occupied, indicating a sizable renter-occupied base that can deepen the tenant pool for small-format units and support occupancy stability.
Vintage matters here. Built in 1988, the asset is materially newer than much of the surrounding housing stock (early-20th-century average), giving it a relative competitiveness edge versus older buildings. Investors should still plan for targeted modernization of systems and common areas to sustain positioning against renovated comparables. This balance of livability and value positioning resonates in commercial real estate analysis for workforce-oriented assets.
Demographic statistics aggregated within a 3-mile radius show recent population softness but projections point to an increase in households and a modest reduction in average household size over the next five years. That shift typically expands the renter pool and can support absorption for efficient studio and one-bedroom layouts, reinforcing demand for a 72-unit property with smaller average unit sizes.
Safety indicators are mixed and should be factored into underwriting. Relative to other Cleveland–Elyria neighborhoods, the area’s crime rank (394 out of 569) falls below the metro average for safety, and national comparison percentiles indicate higher-than-typical crime exposure. Operators should anticipate practical measures around lighting, access control, and community engagement.
Recent trend data provides context: both violent and property offense rates have declined meaningfully year over year, according to WDSuite’s CRE market data. While levels remain elevated compared to many U.S. neighborhoods, improving trajectories can support leasing and retention when combined with visible on-site safety investments and professional management.
Proximity to major employers supports workforce housing demand and commute convenience, with access to corporate offices such as Time Warner Cable, PNC, KeyCorp, Sherwin-Williams, and Parker-Hannifin that anchor regional employment.
- Time Warner Cable Payment Center — corporate offices (2.9 miles)
- PNC Center — financial services offices (4.1 miles)
- Keycorp — banking HQ (4.3 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (4.4 miles) — HQ
- Parker-Hannifin — industrial & corporate offices (8.1 miles) — HQ
10401 Superior Ave offers a 72-unit, small-format multifamily profile in an inner-suburb Cleveland location with strong everyday amenities and a large renter-occupied base within 3 miles. Built in 1988, the asset is newer than much of the surrounding housing stock, which can reduce immediate competitive pressure from older properties while leaving room for targeted value-add upgrades. According to CRE market data from WDSuite, neighborhood rents are relatively low versus national benchmarks, creating a path to incremental rent growth through renovations and improved operations without overextending affordability.
Forward-looking neighborhood dynamics show household growth and slightly smaller household sizes within a 3-mile radius, which can expand the tenant base for studios and one-bedrooms and support occupancy stability. Investors should underwrite with eyes open to safety considerations and pockets of vacancy in the submarket, balancing those risks against amenity access, workforce employer proximity, and below-national rent levels.
- Newer 1988 vintage versus older neighborhood stock, with clear modernization and value-add pathways
- Large renter-occupied share within 3 miles supports a deep tenant base and leasing velocity
- Amenity-rich setting (parks, groceries, pharmacies, cafes) aids retention and resident satisfaction
- Below-national rent levels provide room for operational uplift tied to renovations
- Risks: elevated crime relative to many U.S. neighborhoods and submarket vacancy require active management